LeAccountant
Auditor expert definition An individual or organization possessing expertise in a field other than accounting or auditing, whose work in that field is used by the auditor to assist the auditor in obtaining sufficient appropriate audit evidence. An auditor’s expert may be either an auditor’s internal expert who is a partner or staff, including temporary […]
Initial audit engagement – definition An engagement in which either: The financial statements for the prior period were not audited; or The financial statements for the prior period were audited by a predecessor auditor. ISA 510 Scope ISA 510 deals with the auditor’s responsibilities relating to opening balances in an initial audit engagement. In addition […]
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 […]