ISA 505 (Revised) DEALS with the auditor’s use of external confirmation procedures to OBTAIN audit evidence in accordance with the Requirements of ISA 330 and ISA 500. ISA 505 (Revised) – Introduction 1. Scope of this ISA It does NOT address inquiries regarding litigation and claims, which are dealt with … 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
ISA 500 (Revised) EXPLAINS what constitutes Audit Evidence in an ‘Audit‘ of Financial Statements and DEALS with the auditor’s responsibility to DESIGN and PERFORM audit procedures to obtain sufficient appropriate audit evidence. ISA 500 (Revised) – Introduction 1. Scope of this ISA It is APPLICABLE to all the audit evidence … Read More
ISA 450 (Redrafted) DEALS with the auditor’s responsibility to EVALUATE the effect of identified Misstatements on the ‘Audit‘ and of uncorrected misstatements on the Financial Statements. ISA 450 (Redrafted) – Introduction 1. Scope of this ISA It deals with the auditor’s responsibility to evaluate the effect of identified Misstatements on … Read More
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 (Revised and Redrafted) – Introduction 1. Scope of this ISA It expands on how the ‘User Auditor’ applies … Read More
ISA 330 (Redrafted) 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 (Redrafted) – Introduction 1. Scope of this ISA It deals with the auditor’s responsibility to design and implement responses to the risks of … 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 (Revised) – Introduction 1. Scope of this ISA ISA 450 explains how Materiality is applied in evaluating the effect of identified Misstatements on the audit … Read More
ISA 315 (Revised) DEALS with the auditor’s responsibility to identify and assess the risks of Material Misstatement in the ‘Financial Statements’, through understanding the Entity and its Environment, INCLUDING the entity’s internal control. ISA 315 (Revised) – Introduction 1. Scope of this ISA It deals with the auditor’s responsibility to … Read More
ISA 300 DEALS with the auditor’s responsibility to PLAN an ‘Audit‘ of Financial Statements. ISA 300 – Introduction 1. Scope of this ISA It is written in the context of ‘Recurring Audits’. Additional considerations in an initial audit engagement are SEPARATELY identified. 2. Effective Date This ISA is EFFECTIVE for … Read More
ISA 265 DEALS with the auditor’s responsibility to COMMUNICATE appropriately to those charged with governance and Management deficiencies in internal control that the auditor has identified in an ‘Audit’ of Financial Statements. ISA 265 – Introduction 1. Scope of this ISA It does NOT Impose ‘Additional Responsibilities‘ on the auditor … Read More