International Standards on Auditing (ISA)
The International Standards on Auditing (ISA) are a series of rules, established by the International Federation of Accountants (IFAC). These standards seek uniformity in the practices carried out by the auditors.
International Auditing Standards, in other words, are a set of rules that seek to harmonize or unify the tasks that auditors perform. That is to say, they try to make these tasks more homogeneous worldwide, with the aim of facilitating their reading in the face of globalization that the planet is experiencing and global interests. However, it should be noted that these standards are not an imposition, but rather that each country is sovereign to decide whether to adopt them or not.
The ISAs are issued, as we said previously, by the International Federation of Accountants or IFAC, for the acronym of its name in English (International Federation of Accountants). Institution that today is known as the "International Auditing and Assurance Standards Board" or "IAASB", by its name in English (International Auditing and Assurance Standards Board).
International Standards on Auditing (ISA)
The content set out in the International Standards on Auditing (ISA) is as follows:
- General principles and responsibilities
- ISA 200: Basic Objectives and Principles Governing the Audit of Financial Statements.
- ISA 210: Agreement on the Terms of Audit Engagements.
- ISA 220: Quality Control of Audit Engagement.
- ISA 230: Documentation.
- ISA 240: Auditor's Responsibility for Audit Fraud and Error.
- ISA 250: Laws and Regulations on the Audit of Financial Statements.
- ISA 260: Communicating Audit Matters with Those Charged with Governance.
- ISA 265: Communication of deficiencies in internal control to those charged with governance and to the entity's management.
- ISA 300: Planning an Audit of Financial Statements.
- ISA 315: Identifying and Assessing the Risk of Material Misstatement and Consistency and Consequential Amendments.
- ISA 320: Materiality or Materiality in Planning and Performing the Audit.
- ISA 330: The Auditor's Responses to Assessed Risks.
- Risk assessment and response to assessed risks / internal control
- ISA 402: Audit Considerations Related to an Entity Using a Service Organization.
- ISA 450: Assessing Misstatements Identified During Audit.
- Audit evidence
- ISA 500: Audit Evidence.
- ISA 501: Specific Audit Evidence Considerations for Selected Items.
- ISA 505: External Confirmations.
- ISA 510: Initial Audit Engagements: Opening Balances.
- ISA 520: Analytical Procedures.
- ISA 530: Audit Sampling.
- ISA 540: Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures.
- ISA 550: Related Parties.
- ISA 560: Subsequent Events.
- ISA 570: Current Concern.
- ISA 580: Written Representations.
- Using the work of others
- ISA 600: Using the Work of Another Auditor.
- ISA 610: Considerations for Internal Audit Engagement.
- ISA 620: Using the Work of an Expert.
- Conclusions and audit opinion
- ISA 700: The Auditor's Report on the Financial Statements.
- ISA 701: Amendments to the Independent Auditor's Report.
- ISA 705: Modified Opinion in the Report Issued by an Independent Auditor.
- ISA 706: Emphasis Paragraphs and Other Matter Paragraphs in the Report Issued by an Independent Auditor.
- ISA 710: Comparatives.
- ISA 720: Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements.
- Specialized areas
- ISA 800: The Auditor's Report on Special Purpose Audit Engagements.
- ISA 805: Special Considerations - Audits of Individual Financial Statements and of Specific Items, Accounts, or Items of a Financial Statement.
- ISA 810: Engagements to Report on Summary Financial Statements.
Objectives of International Standards on Auditing (ISA)
The objective of the International Auditing Standards is that, in an increasingly globalized world, the task of auditors can be standardized. Thus, an audit carried out in country A should have the same (or very similar) result as in country B.
We must also remember that these standards are under constant review. In addition, there are other rules about quality control and related services.
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