Auditing standards are divided in series of following:
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| What are audit standards? (200 and 300) |
Series
200
Series
300
Series
400
Series
500
Series
600
Series 700
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| standards |
Importance of International standards of Audit
Some of the standards
which are really important to understand the flow of auditing and anticipate
its introduction following standards would help us for sure.
The audit is
such applicative subject that which comes in front of us to understand in a
flow. If the flow of audit is disturbed , the whole audit performance is
disturbed.
As the Audit
of each entity varies in nature because each entity deals in difference
platforms and in variety of products and services as well, hence the standards
provide us the guidance of an ideal audit that should be performed to meet the
standards of Quality control.
It is a kind
of challenge for an auditor to comply with all standards but the auditor is
trained due to his professional experience and his professional skepticism to
perform the standards and apply them of actual audit flow. The Quality control
reviewer play its role to examine whether the audit is performed in accordance
with standards or not.
Series of 200
ISA 200-Overall objectives of Auditing
This standard
help to understand the objective of audit. It answers the following QUESTIONS
1-Why audit
is done?
2- What is
audit?
3-what is
the flow of audit?
ISA 210-Agreeing
the terms of Audit Engagement
This ISA
helps to understand that what are the conditions that an auditor has to meet to
be involved in engagement of audit relationship between client and audit firms.
ISA-220-Quality
control for an audit of Financial Statements
ISA 220 (Revised) contracts with the appointment partner and
engagement team’s farm duties for quality management for an audit of monetary reports.
The revised average modernizes the advance to quality organization and demand
the engagement partner and appointment team to be practical in managing and attain
quality.
ISA
230-Audit documentation
This
standard is all about the guidance that what kind of documents are needed to be
kept and what are the merits of that documents because we all know that audit
is all about documentation of following
1. Planning
2. Execution
3. Reporting
4. Quality Control
ISA
240-Auditor’s responsibility related to FRAUD
It is
perceived to be one of the most important standards of auditing as it refinely
guides about the responsibility of an auditor that helps to remove the expectation
gap.
This standard
explains that to detect fraud is not the actual responsibility of auditor and
it is actually ironical.
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| What are audit standards? (200 and 300) |
ISA
250-Consideration of Laws and Regulations
1. Perform specific
audit procedures to identify the instances of non-compliance which have a
direct impact on the financial statements;
2. To obtain sufficient
appropriate audit evidence regarding the laws and regulations which have a
direct impact on the Financial Statements;
3. To respond
appropriately to non-compliance or suspected non-compliance with laws and
regulations identified during the audit
ISA 265-Communicating the deficit of interior organizes to TCWG
This Average on Auditing (SA) contracts with the auditor’s liability
to converse appropriately to those charged with governance and organization lack
in interior control that the auditor has recognized in an audit of monetary reports.
ISA
299-Joint Audit of financial statements
The practice
of appointing more than one auditor to conduct the audit of large entities is
in vogue these days. Such auditors, known as joint auditors, conduct the audit
jointly and report on the financial statements of the entity. This Standard
deals with the professional responsibilities.
Series of 300
ISA
300-Planning an audit
It gives a clear
direction of planning methods and the importance of planning in audit. It
comprise of Audit Strategy and planning.
ISA 315- Recognize and Assessing the danger of material
misstatements
This standard deals with the basic concept of misstatements in
financial statements and identification of risks related to it. It provides
understanding of assessment of risk with its materiality..
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| What are audit standards? (200 and 300) |
ISA 320-Materiality
Materiality is
the important concept of audit. This standard tells about the performance materiality
,level of materiality and the merits of benchmark of materiality
ISA
330-Response of an auditor towards risk assessment
This standard is about “How the assessor should react towards the
assessed Danger?”
It tells
about the material misstatements and pervasive misstatements and their effects on
the audit report.