ISA 402 (Revised and Redrafted) DEALS with the user auditor’s responsibility to obtain SUFFICIENT appropriate audit evidence when a ‘User Entity’ uses the services of one or More service organizations. ISA 402 – Audit Considerations Relating to an Entity Using a Service Organization | Complete Guide International Standard on Auditing … Read More
ISA 330 DEALS with the auditor’s responsibility to DESIGN and IMPLEMENT responses to the risks of Material Misstatement identified and assessed by the ‘Auditor‘. ISA 330 – The Auditor’s Responses to Assessed Risks | Complete Guide International Standards on Auditing Standard: ISA 330 Issued by: IAASB Applies to: All Audits … Read More
ISA 510 DEALS with the Auditor’s responsibilities RELATING to Opening Balances in an ‘Initial Audit Engagement’. ISA 510 – Initial Audit Engagements and Opening Balances: Complete Guide Home › Auditing Standards › ISA 510 International Standard on Auditing Table of Contents What Is ISA 510? Key Definitions Objective of ISA … Read More
ISA 705 (Revised) DEALS with the auditor’s responsibility to ISSUE an appropriate report in circumstances when in forming an opinion in accordance with ISA 700 (Revised), the Auditor concludes that a MODIFICATION to the auditor’s opinion on the Financial Statements is necessary. ISA 705 (Revised) – Modifications to the Opinion … Read More
ISA 200 DEALS with the Independent Auditor’s overall responsibilities when conducting an ‘Audit‘ of Financial Statements in accordance with ISAs. ISA 200: Overall Objectives of the Independent Auditor – Complete Guide International Standards on Auditing Issued by IAASB Effective: Dec 15, 2009 Revised: Ongoing Table of Contents What Is ISA … Read More
ISA 320 (Revised) DEALS with the auditor’s responsibility to APPLY the Concept of Materiality in planning and performing an ‘Audit‘ of Financial Statements. ISA 320: Complete Guide to Materiality in Audit Planning | 2025 Update Table of Contents Introduction to ISA 320 What is ISA 320? Key Objectives Types of … Read More
ISA 501 DEALS with SPECIFIC considerations by the auditor in obtaining sufficient appropriate audit evidence in accordance with ISA 330, ISA 500 and other relevant ISAs with respect to certain aspects of ‘Inventory‘, ‘Litigation and Claims‘ involving the entity and ‘Segment Information‘ in an Audit of Financial Statements. ISA 501 … Read More
The Statement of Cash Flows Indirect Method PRESENTS the SOCF beginning with Net income or loss, with subsequent ADDITIONS to or DEDUCTIONS from that amount for Non-cash revenue and expense items, Resulting in cash flow from operating activities. International Accounting Standard (IAS 7) STATES that SOCF is a vital ‘Financial Statement‘ … Read More
Fair Value through Profit and Loss a Concept that MEANS that at each ‘Balance Sheet date’ the asset or liability is Re-Measured to fair value (FV) and any Movement in that fair value is taken directly to the Income Statement. Fair Value through Profit and Loss – Accounting (As Per IFRS … Read More
Variable Consideration IFRS 15 REFERS to the portion of the ‘transaction price’ that depends on uncertain future events, i.e. Performance Obligations, Warranties, Discounts, and Other Incentives that May AFFECT the final payment received by the seller. IFRS 15 [Revenue from Contracts with Customers] ESTABLISHES the criteria of ‘Revenue Recognition‘, effective from … Read More