Jhanzayb (ACA)
ISA 810 (Revised) DEALS with the auditor’s responsibilities RELATING to an engagement to report on ‘Summary Financial Statements’ derived from Financial Statements audited in accordance with ISAs by that Same auditor. ISA 810 (Revised) – Introduction 1. Scope of this ISA It deals with the auditor’s responsibilities relating to an … Read More
ISA 720 (Revised) DEALS with the auditor’s responsibilities relating to other information, Whether financial or non-financial information (other than ‘Financial Statements‘ and the ‘Auditor’s Report‘ thereon) INCLUDED in an entity’s Annual Report. ISA 720 (Revised) – Introduction 1. Scope of this ISA It deals with the auditor’s responsibilities relating to … Read More
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 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 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 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
ISA 250 DEALS with the auditor’s responsibility to CONSIDER laws and regulations in an ‘Audit‘ of Financial Statements. ISA 250 – Introduction 1. Scope of this ISA It does NOT apply to Other Assurance Engagements in which the auditor is specifically engaged to test and report separately on compliance with … Read More
IAS 37 OUTLINES the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). IAS 37 – Provisions A liability of UNCERTAIN timing or amount. Provisions are RECOGNIZED when all … Read More
SIC 32 concludes that a WEBSITE developed by an entity using internal expenditure, whether for ‘internal or external access’, is an internally generated intangible asset as per IAS 38. SIC 32 Website Costs 1. Issue When ‘accounting for internal expenditure‘ on the development and operation of the entity’s own website for … Read More
IAS 38 STATES the ‘accounting criteria‘ for intangible assets, which are non-monetary assets that are without physical substance and identifiable (EITHER being separable or arising from contractual or other legal rights). IAS 38 – Intangible Assets An Intangible Asset is (a) Identifiable; (b) Non-Monetary Asset; AND (c) Without Physical Substance An … Read More