In respect of the International Standards on Auditing $($ISAs$),$ which of the following statements is most accurate?

Please select the right answer.

ISAs are only applicable to the audit of listed and other public interest companies

ISAs contain the general responsibilities of an auditor to be applied in the audit of financial statements

ISAs should always be adhered to by ACCA members irrespective of the country in which the audit is taking place

In the most part ISAs only represent formalisation of existing good practice