Auditing

ISA 620 (Revised) DEALS with the auditor’s responsibilities RELATING to the work of an individual or organization in a field of expertise OTHER than accounting or auditing, when that work is used to assist the ‘auditor’ in obtaining sufficient appropriate audit evidence. ISA 620 (Revised) – Introduction 1. Scope of … Read More

ISA 610 (Revised) DEALS with the external auditor’s responsibilities if USING the work of internal auditors. ISA 610 (Revised) – Introduction 1. Scope of this ISA As per ISA 610, the responsibilities INCLUDE (a) Using the work of the internal audit function in obtaining audit evidence and (b) Using internal … Read More

ISA 580 (Revised and Redrafted) DEALS with the auditor’s responsibility to OBTAIN written representations from management and where appropriate, those charged with governance in an ‘audit‘ of Financial Statements. ISA 580 (Revised and Redrafted) – Introduction 1. Scope of this ISA It deals with the auditor’s responsibility to obtain ‘Written … Read More

ISA 570 (Revised) DEALS with the auditor’s responsibilities in the ‘audit‘ of Financial Statements RELATING to going concern and the implications for the auditor’s report. ISA 570 (Revised) – Introduction 1. Scope of this ISA It deals with the auditor’s responsibilities in the audit of financial statements relating to going … Read More

ISA 560 (Redrafted) DEALS with the auditor’s responsibilities RELATING to subsequent events in an ‘audit‘ of Financial Statements. ISA 560 (Redrafted) – Introduction 1. Scope of this ISA It does NOT deal with matters relating to the auditor’s responsibilities for ‘Other Information’ obtained after the date of the auditor’s report … Read More

ISA 550 (Revised) DEALS with the auditor’s responsibilities RELATING to related party relationships and transactions in an ‘audit‘ of Financial Statements. ISA 550 (Revised) – Introduction 1. Scope of this ISA It EXPANDS on how ISA 315 (Revised), ISA 330 and ISA 240 are to be applied in relation to … Read More

ISA 540 (Revised) DEALS with the auditor’s responsibilities RELATING to accounting estimates and related disclosures in an ‘audit‘ of Financial Statements. ISA 540 (Revised) – Introduction 1. Scope of this ISA It INCLUDES requirements and guidance that refer to or expand on how ISA 315 (Revised), ISA 330, ISA 450, … Read More

ISA 530 APPLIES when the ‘auditor’ has decided to USE audit sampling in performing audit procedures. ISA 530 – Introduction 1. Scope of this ISA It deals with the auditor’s USE of statistical and non-statistical sampling when ‘designing and selecting the audit sample‘, ‘performing Tests of Controls and Tests of … Read More

ISA 520 DEALS with the auditor’s USE of analytical procedures as substantive procedures (‘Substantive Analytical Procedures’). ISA 520 – Introduction 1. Scope of this ISA It also deals with the auditor’s responsibility to perform analytical procedures near the end of the audit that assist the auditor when forming an overall … Read More

ISA 510 DEALS with the auditor’s responsibilities RELATING to opening balances in an ‘Initial Audit Engagement‘. ISA 510 – Introduction 1. Scope of this ISA It states that ‘Opening Balances’ INCLUDE matters requiring disclosure that existed at the beginning of the period, such as Contingencies and Commitments. When the Financial … Read More