S.L. 281.2 Art. 4Meaning of compliance with generally accepted auditing standards.

Compliance with "generally accepted auditing standards"

shall mean adherence to international auditing standards:

Provided that international auditing standards as adopted by the EU on a particular subject-matter shall apply instead and to the exclusion of international auditing standards covering the same subject-matter: Provided further that in conducting the statutory audit of small undertakings, the application of the auditing standards is to be proportionate to the scale and the complexity of the activities of such undertakings. The Board may take measures in order to ensure the proportionate application of the auditing standards of the statutory audits of small undertakings.