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ISA 265 Summary : Communicating deficiencies in internal control to those charged with governance and management ISA 265 Definitions Deficiency in Internal control – definition This exists when: A control is designed, implemented or operated in such a way that it is unable to prevent, or detect and correct, misstatements in the financial statements on […]
ISA 260 standard is the property of IAASB and this summary is only for educational purposes. For some sections where summary may not give exact meaning, extracts of the standard are posted here. ISA 260 definitions Those charges with governance ISA 260 defines those charged with governance as the person(s) or organization(s) (for example, a […]
ISA 250 distinguishes the auditor’s responsibilities in relation to compliance with two different categories of laws and regulations as follows; The provisions of those laws and regulations generally recognized to have a direct effect on the determination of material amounts and disclosures in the financial statements such as tax and pension laws and regulations; and […]
Audit Documentation Audit documentation – definition The record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as “working papers” or “work papers” are also sometimes used). ISA 230 Scope ISA 230 deals with the auditor’s responsibility to prepare audit documentation for an audit of financial statements. Effective Date […]
Quality Control for an Audit of Financials ISA 220 Scope ISA 220 deals with the specific responsibilities of the auditor regarding quality control procedures for an audit of financial statements. It also addresses, where applicable, the responsibilities of the engagement quality control reviewer. This ISA is to be read in conjunction with relevant ethical requirements. […]