Guide to Using International Standards on Auditing in - IFAC

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170 <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 Paragraph # Relevant Extracts from ISAs 570.24 If there is significant delay in the approval of the financial statements by management or those charged with governance after the date of the financial statements, the audi<strong>to</strong>r shall inquire as <strong>to</strong> the reasons for the delay. If the audi<strong>to</strong>r believes that the delay could be related <strong>to</strong> events or conditions relating <strong>to</strong> the going concern assessment, the audi<strong>to</strong>r shall perform those additional audit procedures necessary, as described in paragraph 16, as well as consider the effect on the audi<strong>to</strong>r’s conclusion regarding the existence of a material uncertainty, as described in paragraph 17. The final step is <strong>to</strong> determine the impact of identified events/conditions on the audit report and communicate the decision <strong>to</strong> management and those charged with governance, where applicable. The following exhibit summarizes the requirements. Exhibit 14.5-1 Use of Going-Concern Assumption Appropriate but a Material Uncertainty Exists Do financial statements fully describe events/ conditions and disclose existence of material uncertainty? Yes Unmodified opinion plus “Emphasis of Matter” paragraph No Express a qualified or adverse opinion, and state material uncertainty exists Use of Going-Concern Assumption Inappropriate Express an adverse opinion
171 15. Summary of Other ISA Requirements Chapter Content A summary of audit requirements in specific ISAs that are not addressed elsewhere in this <strong>Guide</strong>. Relevant ISAs 250, 402, 501, 510, 600, 610, 620, 720 15.1 Overview This chapter contains a summary of the audit requirements contained in the ISAs that have not been specifically addressed elsewhere in the <strong>Guide</strong>, as set out in the exhibit below. Exhibit 15.1-1 ISA Title Chapter Reference 250 Consideration of Laws and Regulations in an Audit of Financial Statements V1-15.2 402 Audit Considerations Relating <strong>to</strong> an Entity <strong>Using</strong> a Service Organization V1-15.3 501 Audit Evidence—Specific Considerations for Specific Items V1-15.4 510 Initial Audit Engagements—Opening Balances V1-15.5 600 Special Considerations—Audits of Group Financial Statements (including the Work of Component Audi<strong>to</strong>rs) V1-15.6 610 <strong>Using</strong> the Work of Internal Audi<strong>to</strong>rs V1-15.7 620 <strong>Using</strong> the Work of an Audi<strong>to</strong>r’s Expert V1-15.8 720 Other Information in Documents Containing Audited Financial Statements V1-15.9
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Guide to Using International Standards on Auditing in - IFAC

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