Guide to Using International Standards on Auditing in - IFAC

15
<strong>Guide</strong> <strong>to</strong> <strong>Using</strong> <strong>International</strong> <strong>Standards</strong> on Auditing in the Audits of Small- and Medium-Sized Entities Volume 1—Core Concepts
The following table cross-references the ISAs (relevant <strong>to</strong> SME auditing) and ISQC 1 <strong>to</strong> the corresponding
chapters in the <strong>Guide</strong>. Note that many ISAs (such as the use of analytical procedures) apply at various
stages of the audit. This table only includes cross-references <strong>to</strong> the principal chapters in the <strong>Guide</strong> in which
the requirements are addressed. Some of the material in the ISAs is also addressed in other chapters, in
recognition of the fact that many of the ISA requirements have some (but not primary) application in many
chapters (such as the use of professional judgment).
ISA/
ISQC 1
Reference
ISQC 1
Quality Control for Firms that Perform Audits and Reviews of Financial
Statements, and Other Assurance and Related Services Engagements
Volume and Chapters
V1 = Volume 1
V2 = Volume 2
V1-4, 16
V2-4
200 Overall Objectives of the Independent Audi<strong>to</strong>r and the Conduct of an
V1-3, 4
Audit in Accordance with <strong>International</strong> <strong>Standards</strong> on Auditing
210 Agreeing on the Terms of Audit Engagements V2-4
220 Quality Control for an Audit of Financial Statements V1-16, V2-4, 21
230 Audit Documentation V1-4, 16, V2-18
240 The Audi<strong>to</strong>r’s Responsibilities Relating <strong>to</strong> Fraud in an Audit of Financial
Statements
250 Consideration of Laws and Regulations in an Audit of Financial
Statements
V1-8, 9, 16
V2-7, 8, 9, 10
V1-15
260 Communication with Those Charged with Governance V2-16, 22
265 Communicating Deficiencies in Internal Control <strong>to</strong> Those Charged
V2-13
with Governance and Management
300 Planning an Audit of Financial Statements V1-9, 16
V2-4, 5, 7, 10, 16
315 Identifying and Assessing the Risks of Material Misstatement through
Understanding the Entity and its Environment
V1-3, 5, 6, 8, 16
V2-7, 8, 9, 10, 11, 12, 14
320 Materiality in Planning and Performing an Audit V1-7, V2-6
330 The Audi<strong>to</strong>r’s Responses <strong>to</strong> Assessed Risks V1-3, 9, 10, 16
V2-16, 17, 21
402 Audit Considerations Relating <strong>to</strong> an Entity <strong>Using</strong> a Service Organization V1-15
450 Evaluation of Misstatements Identified during the Audit V2-6, 21, 22
500 Audit Evidence V1-9, V2- 16, 17, 18
501 Audit Evidence—Specific Considerations for Selected Items V1-15
505 External Confirmations V1-10
510 Initial Audit Engagements—Opening Balances V1-15
520 Analytical Procedures V1-10, V2-21
530 Audit Sampling V2-17
540 Auditing Accounting Estimates, Including Fair Value Accounting
Estimates, and Related Disclosures
V1-11, V2-21