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International Standards on Auditing (ISA) are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants.
List of the Standards (ISAs)
[edit]- Audit checklist, Job rotation, Non-audit services, proper supervisory, Conflict of interest
- Fraud, Management integrity, Respective responsibility of directors and auditor.
- Audit plan, Time budget, Analytical Review at audit planning stage. To consider risk and materiality and then determine the nature, timing and extent of audit procedures. Sample size.
- Continuous audit, Interim audit and Final audit. Risk-based approach, System-based approach.
ISA 315 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement
[edit]- Third party, Independence, sufficient and adequate evidence.
- Purchase cycle and Payment, Sales cycle and Receipt, Payroll cycle and Production cycle etc. Events after the balance sheet date.
- Valuation, less than one year.
- Objective, Independence, Internal audit, Control risk, Review of the economy, efficiency and effectiveness of operations. External laws and regulations compliance. Walk through test of internal policy and procedures.
- True and fair view, Modified opinion, Qualified audit report. Expectations gap
Contents of auditors' report
[edit]- Name of addressee
- Scope paragraph
- Respective responsibilities of directors and auditors
- Basis of opinion
- Opinion
- Signature and name of auditors
- Date of auditors' report
- Scope, particular users of the report, Audit risk, Materiality, Professional liability