ISA 550 Related Parties – Effective date 15 December 2009 ISA 550 Related Parties Requirements ISA 550 Scope ISA 550 deals with the auditor’s responsibilities relating to related party relationships and transactions in an audit of financial statements. Specifically, it expands on how ISA 315, ISA 330, and ISA 240 are to be applied in relation to risks of material misstatement […]
Category: International Auditing Standards
ISA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, And Related Disclosures – Effective date 15 December 2009 ISA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, And Related Disclosures Requirements Risk Assessment Procedures and Related Activities ISA 540 require auditor to obtain following understanding as part of its understanding of entity under […]
ISA 530 Audit sampling – Effective date 15 December 2009 ISA 530 Audit Sampling Requirements ISA 530 requires auditor to; consider the purpose of the audit procedure and the characteristics of the population from which the sample will be drawn; determine a sample size sufficient to reduce sampling risk to an acceptably low level; select […]
ISA 520 Summary Analytical procedures ISA 520 definitions Analytical procedures – definition Means evaluations of financial information through analysis of plausible relationships among both financial and non-financial data. Analytical procedures also encompass such investigation as is necessary of identified fluctuations or relationships that are inconsistent with other relevant information or that differ from expected values by […]
ISA 500 Summary Audit Evidence ISA 500 definitions Accounting records – definition The records of initial accounting entries and supporting records, such as checks and records of electronic fund transfers; invoices; contracts; the general and subsidiary ledgers, journal entries and other adjustments to the financial statements that are not reflected in journal entries; and records […]