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International Standards on Auditing
Auditing
(ISA) are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants
International Federation of Accountants
(IFAC) through the International Auditing
Auditing
and Assurance Standards Board (IAASB). According to Olung M (CAO - L) ISA guides the auditor to add value to the assignment hence building confidence of investors.

Contents

1 List of the Standards (ISAs)

1.1 Respective responsibilities 1.2 Audit
Audit
planning 1.3 Internal Control 1.4 Audit
Audit
evidence 1.5 Using work of other experts 1.6 Audit
Audit
conclusions and Audit
Audit
report 1.7 Specialized areas

2 Use of the ISAs 3 See also 4 Notes and references 5 External links

List of the Standards (ISAs)[edit] Respective responsibilities[edit]

ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit
Audit
in Accordance with International Standards on Auditing ISA 210 Agreeing the Terms of Audit
Audit
Engagements ISA 220 Quality Control for an Audit
Audit
of Financial Statements ISA 230 Audit
Audit
Documentation ISA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements ISA 250 Consideration of Laws and Regulations in an Audit
Audit
of Financial Statements ISA 260 Communication with Those Charged with Governance ISA 265 Communicating Deficiencies in Internal Control
Internal Control
to Those Charged with Governance and Management ISA 299 Responsibility of Joint Auditors

Audit
Audit
planning[edit]

ISA 300 Planning an Audit
Audit
of Financial Statements ISA 315 Identifying and assessing the risks of material misstatement through understanding the entity and its environment ISA 320 Materiality in planning and performing an audit ISA 330 The auditor's responses to assessed risks

Internal Control[edit]

ISA 402 Audit
Audit
Considerations Relating to an Entity Using a Service Organization ISA 450 Evaluation of Misstatements Identified during the Audit

Audit
Audit
evidence[edit]

ISA 500 Audit
Audit
Evidence ISA 501 Audit
Audit
Evidence – Additional Considerations for Specific Items ISA 505 External Confirmations ISA 510 Initial Engagements - Opening Balances ISA 520 Analytical Procedures ISA 530 Audit
Audit
Sampling and Other Means of Testing ISA 540 Auditing
Auditing
Accounting
Accounting
Estimates, Including Fair Value Accounting Estimates, and Related Disclosures ISA 550 Related Parties ISA 560 Subsequent Events ISA 570 Going Concern ISA 580 Written Representations

Using work of other experts[edit]

ISA 600 Special
Special
Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors) ISA 610 Using the Work of Internal Auditors ISA 620 Using the Work of an Auditor's Expert

Audit
Audit
conclusions and Audit
Audit
report[edit]

ISA 700 Forming an Opinion and Reporting on Financial Statements ISA 701 Communicating Key Audit
Audit
Matters in the Independent Auditor's Report ISA 705 Modifications to the Opinion in the Independent Auditor's Report ISA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report ISA 710 Comparative Information - Corresponding Figures and Comparative Financial Statements ISA 720 The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements

Specialized areas[edit]

ISA 800 Special
Special
Considerations-Audits of Financial Statements Prepared in Accordance with Special
Special
Purpose Frameworks ISA 805 Special
Special
Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement ISA 810 Engagements to Report on Summary Financial Statements International Standard on Quality Control (ISQC) 1, Quality Controls for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements

Use of the ISAs[edit]

European Union: The Audit
Audit
Directive of 17 May 2006 enforces the use of the International Standards on Auditing
Auditing
for all Statutory audit
Statutory audit
to be performed in the European Union.

The Audit
Audit
Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international auditing standards. The Directive has given implementing powers to the European Commission, in order to adopt "en bloc" the ISAs in accordance with the Council Decision
Council Decision
of 28 June 1999, also known as the "Comitology Decision".

European Court of Auditors: the European Court of Auditors
European Court of Auditors
performs its audits in accordance with the IFAC and INTOSAI
INTOSAI
International Auditing
Auditing
Standards and Codes of Ethics, in so far as these are applicable in the European Community
European Community
context. The United Nations
United Nations
Board of Auditors (the external audit of the UN) has adopted the ISAs [1] although this Board is composed of three Supreme Audit
Audit
Institutions chairmen, usually using the INTOSAI Auditing
Auditing
Standards.[2]

See also[edit]

External audit
External audit
standards

Hong Kong Standards on Auditing The INTOSAI
INTOSAI
Auditing
Auditing
Standards or ISSAI of the International Organization of Supreme Audit
Audit
Institutions, which are public sector external audit standards. Generally Accepted Auditing
Auditing
Standards Engagement Letter

Financial reporting
Financial reporting
standards (referred to by the Internal and External Auditors; contain also audit considerations)

International Financial Reporting Standards, of the International Accounting
Accounting
Standards Board (IASB) International Public Sector Accounting
Accounting
Standards, of the IPSASB standard-setting board of the IFAC

Internal audit
Internal audit
standards

Self-regulation initiative by the Institute of Internal Auditors: the International Standards for the Professional Practice of Internal Auditing, the ÍIA's Definition of Internal Auditing, and the IIA's Code of ethics

Notes and references[edit]

^ https://www.un.org/auditors/board/modusop.shtml#soa ^ The INTOSAI
INTOSAI
Financial Audit
Audit
Guidelines are based on the International Standards on Auditing
Auditing
(ISA) issued by the IAASB http://www.afrosai-e.org.za/HOME/Menu/TechnicalAdvancement/INTOSAIauditingstandards/tabid/82/Default.aspx

"The Clarified Standards". International Federation of Accountants.

External links[edit]

List of the Standards (ISAs) at ifac.org Institution for public sector aud

.