Jhanzayb (ACA)

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 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 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 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

ISA 240 (Redrafted) DEALS with the auditor’s responsibilities relating to FRAUD in an ‘Audit‘ of Financial Statements. ISA 240 (Redrafted) – Introduction 1. Scope of this ISA ISA 240 EXPANDS on how ISA 315 and ISA 210 are to be applied in relation to Risks of Material Misstatement due to … Read More

ISA 230 DEALS with the auditor’s responsibility to PREPARE audit documentation for an ‘Audit‘ of Financial Statements. ISA 230 – Introduction 1. Scope of this ISA The specific documentation Requirements of other ISAs do NOT limit the application of this ISA. Law or regulation May establish additional documentation Requirements. 2. … Read More