Guide to Using International Standards on Auditing in - IFAC

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16 <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 Volume and Chapters ISA/ ISQC 1 V1 = Volume 1 Reference V2 = Volume 2 550 Related Parties V1-12 560 Subsequent Events V1-13 570 Going Concern V1-14 580 Written Representations V2-19 600 Special Considerations—Audits of Group Financial Statements V1-15 (Including the Work of Component Audi<strong>to</strong>rs) 610 <strong>Using</strong> the Work of Internal Audi<strong>to</strong>rs V1-15 620 <strong>Using</strong> the Work of an Audi<strong>to</strong>r’s Expert V1-15 700 Forming an Opinion and Reporting on Financial Statements V1-3, 17 705 Modifications <strong>to</strong> the Opinion in the Independent Audi<strong>to</strong>r’s Report V2-23 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the V2-24 Independent Audi<strong>to</strong>r’s Report 710 Comparative Information—Corresponding Figures and Comparative V2-25 Financial Statements 720 The Audi<strong>to</strong>r’s Responsibilities Relating <strong>to</strong> Other Information in V1-15 Documents Containing Audited Financial Statements 800 Special Considerations—Audits of Financial Statements Not addressed Prepared in Accordance with Special Purpose Frameworks 805 Special Considerations—Audits of Single Financial Statements and Not addressed Specific Elements, Accounts, or Items of a Financial Statement 810 Engagements <strong>to</strong> Report on Summary Financial Statements Not addressed ISAs 800, 805, and 810 were considered <strong>to</strong> have limited application in the audits of SMEs at the present time, so this edition of the <strong>Guide</strong> does not specifically address them. The following table cross-references the <strong>Guide</strong>’s chapters <strong>to</strong> the principal ISA Chapters addressed. Note: This table provides a general cross-reference only. Many chapters in this <strong>Guide</strong> cover aspects addressed by more than one particular ISA. Chapter Title ISA /ISQC 1 Reference V1 – 3 The Risk-Based Audit—Overview Multiple V1 – 4 Ethics, ISAs, and Quality Control ISQC 1, 200, 220 V1 – 5 Internal Control—Purpose and Components 315 V1 – 6 Financial Statement Assertions 315 V1 – 7 Materiality and Audit Risk 320 V1 – 8 Risk Assessment Procedures 240, 315
17 <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 Chapter Title ISA /ISQC 1 Reference V1 – 9 Responding <strong>to</strong> Assessed Risks 240, 300, 330, 500 V1 – 10 Further Audit Procedures 330, 505, 520 V1 – 11 Accounting Estimates 540 V1 – 12 Related Parties 550 V1 – 13 Subsequent Events 560 V1 – 14 Going Concern 570 V1 – 15 Summary of Other ISA Requirements 250, 402, 501, 510, 600, 610, 620, 720 V1 – 16 Audit Documentation ISQC 1, 220, 230, 240, 300, 315, 330 V1 – 17 Forming an Opinion on Financial Statements 700 V2 – 4 Client Acceptance and Continuance ISQC 1, 210, 220, 300 V2 – 5 Overall Audit Strategy 300 V2 – 6 Determining and <strong>Using</strong> Materiality 320, 450 V2 – 7 Audit Team Discussions 240, 300, 315 V2 – 8 Inherent Risks—Identification 240, 315 V2 – 9 Inherent Risk—Assessment 240, 315 V2 – 10 Significant Risks 240, 315, 300 V2 – 11 Understanding Internal Control 315 V2 – 12 Evaluating Internal Control 315 V2 – 13 Communicating Deficiencies in Internal Control 265 V2 – 14 Concluding the Risk Assessment Phase 315 V2 – 16 The Responsive Audit Plan 260, 300, 330, 500 V2 – 17 Determining the Extent of Testing 330, 500, 530 V2 – 18 Documenting Work Performed 230, 500 V2 – 19 Written Representations 580 V2 – 21 Evaluating Audit Evidence 220, 330, 450, 520, 540 V2 – 22 Communicating with Those Charged with Governance 260, 450 V2 – 23 Modifications <strong>to</strong> the Audi<strong>to</strong>r’s Report 705 V2 – 24 Emphasis of Matter and Other Matter Paragraphs 706 V2 – 25 Comparative Information 710
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Guide to Using International Standards on Auditing in - IFAC

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