Guide to Using International Standards on Auditing in - IFAC
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Guide to Using International Standards on Auditing in - IFAC

Guide to Using International Standards on Auditing in - IFAC Guide to Using International Standards on Auditing in - IFAC

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Small and Medium Practices Committee ong>Internationalong> Federation of Accountants 545 Fifth Avenue, 14th Floor New York, NY 10017 USA This Implementation ong>Guideong> was prepared by the Small and Medium Practices Committee of the ong>Internationalong> Federation of Accountants (IFAC). The committee represents the interests of professional accountants operating in small- and medium-sized practices and other professional accountants who provide services ong>toong> small- and medium-sized entities. This publication may be downloaded free of charge from the IFAC website: www.ifac.org. The approved text is published in the English language. The mission of IFAC is ong>toong> serve the public interest, strengthen the worldwide accountancy profession, and contribute ong>toong> the development of strong international economies by establishing and promoting adherence ong>toong> high-quality professional standards, furthering the international convergence of such standards, and speaking out on public interest issues where the profession’s expertise is most relevant. For further information, please email paulthompson@ifac.org. Copyright@ Ocong>toong>ber 2010 by the ong>Internationalong> Federation of Accountants (IFAC). All rights reserved. Permission is granted ong>toong> make copies of this work provided that such copies are for use in academic classrooms or for personal use and are not sold or disseminated and provided that each copy bears the following credit line: “Copyright © Ocong>toong>ber 2010 by the ong>Internationalong> Federation of Accountants. All rights reserved. Used with permission.” Otherwise, written permission from IFAC is required ong>toong> reproduce, song>toong>re, or transmit this document, except as permitted by law. Contact permissions@ifac.org. ISBN: 978-1-60815-076-2

3 ong>Guideong> ong>toong> ong>Usingong> ong>Internationalong> ong>Standardsong> on Auditing in the Audits of Small- and Medium-Sized Entities Volume 1—Core Concepts Contents Volume 1 Primary ISA Reference Page Number Preface 5 Request for Comments 6 1. How ong>toong> Use the ong>Guideong> 8 2. Clarified ISAs 13 Core Concepts 19 3. The Risk-Based Audit—Overview Multiple 20 4. Ethics, ISAs, and Quality Control ISQC 1, 200, 220 38 5. Internal Control—Purpose and Components 315 51 6. Financial Statement Assertions 315 77 7. Materiality and Audit Risk 320 84 8. Risk Assessment Procedures 240, 315 94 9. Responding ong>toong> Assessed Risks 240, 300, 330, 500 104 10. Further Audit Procedures 330, 505, 520 115 11. Accounting Estimates 540 136 12. Related Parties 550 145 13. Subsequent Events 560 154 14. Going Concern 570 161 15. Summary of Other ISA Requirements 250, 402, 501, 510, 600, 610, 171 620, 720 16. Audit Documentation ISQC 1, 220, 230, 240, 300, 205 315, 330 17. Forming an Opinion on Financial Statements 700 218

3<br />

<str<strong>on</strong>g>Guide</str<strong>on</strong>g> <str<strong>on</strong>g>to</str<strong>on</strong>g> <str<strong>on</strong>g>Us<strong>in</strong>g</str<strong>on</strong>g> <str<strong>on</strong>g>Internati<strong>on</strong>al</str<strong>on</strong>g> <str<strong>on</strong>g>Standards</str<strong>on</strong>g> <strong>on</strong> <strong>Audit<strong>in</strong>g</strong> <strong>in</strong> the Audits of Small- and Medium-Sized Entities Volume 1—Core C<strong>on</strong>cepts<br />

C<strong>on</strong>tents<br />

Volume 1<br />

Primary ISA Reference<br />

Page<br />

Number<br />

Preface 5<br />

Request for Comments 6<br />

1. How <str<strong>on</strong>g>to</str<strong>on</strong>g> Use the <str<strong>on</strong>g>Guide</str<strong>on</strong>g> 8<br />

2. Clarified ISAs 13<br />

Core C<strong>on</strong>cepts 19<br />

3. The Risk-Based Audit—Overview Multiple 20<br />

4. Ethics, ISAs, and Quality C<strong>on</strong>trol ISQC 1, 200, 220 38<br />

5. Internal C<strong>on</strong>trol—Purpose and Comp<strong>on</strong>ents 315 51<br />

6. F<strong>in</strong>ancial Statement Asserti<strong>on</strong>s 315 77<br />

7. Materiality and Audit Risk 320 84<br />

8. Risk Assessment Procedures 240, 315 94<br />

9. Resp<strong>on</strong>d<strong>in</strong>g <str<strong>on</strong>g>to</str<strong>on</strong>g> Assessed Risks 240, 300, 330, 500 104<br />

10. Further Audit Procedures 330, 505, 520 115<br />

11. Account<strong>in</strong>g Estimates 540 136<br />

12. Related Parties 550 145<br />

13. Subsequent Events 560 154<br />

14. Go<strong>in</strong>g C<strong>on</strong>cern 570 161<br />

15. Summary of Other ISA Requirements 250, 402, 501, 510, 600, 610, 171<br />

620, 720<br />

16. Audit Documentati<strong>on</strong> ISQC 1, 220, 230, 240, 300, 205<br />

315, 330<br />

17. Form<strong>in</strong>g an Op<strong>in</strong>i<strong>on</strong> <strong>on</strong> F<strong>in</strong>ancial Statements 700 218

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