ISA Summaries

EveT

anyone know if theres such a thing available anywhere?!

ants09

for summaries of ias's http://www.iasplus.com/standard/standard.htm

for full standards the following link http://www.ifrs.org/IFRSs/IFRS.htm

please note you have to registered to be able to view the full standards

EveT

ants09 wrote: »

for summaries of ias's http://www.iasplus.com/standard/standard.htm

for full standards the following link http://www.ifrs.org/IFRSs/IFRS.htm

please note you have to registered to be able to view the full standards

thanks for that, I think they are IASs though right? are there any for the auditing standards - the ISAs?

ants09

dont know if this helps http://web.ifac.org/clarity-center/the-clarified-standards#isas-and-isqc-1

ants09

for full internation auditing standards try this site http://www.frc.org.uk/apb/publications/isa/oct2009.cfm

R0N BURGUNDY

Here is the syllabus below - there are a few new standards in it from last year. Paying it alot more attention this time around!!

I'm writing a few bits and pieces and sticking them onto the front page of each ISA or the last page of the previous ISA (usually guff) so if a question comes up about something, I can just flick to the relevant ISA and have a few handy things all on the one page. And then cross reference to other ISAs and IASs. What sort of preparation is everyone else doing>?

I need to remind myself the best answers obviously answer the question while relating it to assertions and the ISA and IAS involved and maybe categorising the risk IR/CR/DR. Any other general guidelines to follow>?

Is this years text book any better than last years?




1.
Audit and Assurance Environment (8% - 15%)

1.1
Corporate Governance & Statutory Audit
Understand the historic development of auditing, corporate governance and regulation
Describe the statutory framework in which audit is conducted with reference to the relevant legislation
Identify and explain the various statutory & regulatory agencies governing the responsibilities of directors & auditors
1.2
Ethical Framework
Display an awareness of the ethical framework in which auditors perform their duties
1.3
Audit Standard Setting Process
Understand the audit standard setting process, including the scope and authority of APB announcements
1.4
Audit Process
Understand the stages involved in the audit process and their role within that process, to include:
Understanding the business & internal control
Concept of materiality
Assessment of the risks of material misstatement
Developing responses to risks at financial statement and assertion levels
Audit testing
Audit completion
Communication with those charged with governance

2.
Audit and Assurance Process and Evidence (75% - 80%)
2.1
Risk Assessment Process
Understand the risk assessment process used at specific points in the audit process and the process of developing responses to those risks; to include:
Understanding the business and related business risk
Obtaining an understanding of the system of internal control (to include evaluating the design of the controls and determining whether they have been implemented)
Assessing the risks of material misstatement
Developing overall responses to risks
Developing responses to risks at the assertions level

2.2
Evidence
Apply evidence gathering principles and procedures
Explain the distinction between the testing of controls and substantive testing, including analytical procedures
Identify circumstances where control tests vs tests of details vs analytical procedures are appropriate
Describe the factors which influence judgements about the extent of substantive testing (i.e.: sampling)

2.3
Audit Procedures
Obtain an understanding of typical systems of internal control
Identify the critical risks and related controls within those systems
Select and apply appropriate tests to identified controls
Select and apply appropriate substantive audit tests to typical financial accounts captions, which address identified risks at the assertions level
Describe the types of audit evidence available to support accounting estimates
Select and apply audit procedures to typical/simple accounting estimates

2.4
Audit Work Conclusions
Demonstrate a clear understanding of the appropriate framework for concluding an area of audit work
Distinguish between specific issues which can arise when concluding on an area of audit work:
Disagreement over amount of an account caption or relating to the adequacy of a disclosure
Limitation of scope where evidence ought reasonably to be available to the auditor but is unavailable
Significant uncertainty, where the auditor is required to make a professional judgement based on the evidence available.
Describe the potential Financial Statement implications of the issues above, where appropriate
Formulate the appropriate double entry for proposed adjustments

3.
Audit Reporting (8% - 15%)
3.1
Audit Reports
Have an appreciation of the principles underpinning audit reports, with reference to the relevant standards and legislation
Display an appreciation of the differences between Unqualified, Modified & Qualified audit reports
Identify typical scenarios in which audit reports may need to be modified/qualified
Examinable Guidance & Standards are:
APB Ethical Standards and New International Standards on Auditing (ISAs) (UK and Ireland)1
Statement of Scope and Authority of APB Pronouncements
The Annual Report of the Audit Practice Board
ES1: Integrity, Objectivity and Independence
ES2: Financial, Business, Employment and Personal Relationships
ES3: Long Association with the Audit Engagement
ES4: Fees, Remuneration and Evaluation Policies, Litigation, Gifts and Hospitality
ES5: Non-Audit Services provided to Audit Clients
ISA 200: Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing (UK and Ireland
ISA 230: Audit Documentation
ISA 260 Communication with those charged with governance
ISA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
ISA 315: Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and its Environment
ISA 320: Materiality in Planning and Performing an Audit
ISA 330: The Auditor‟s Responses to Assessed Risks
ISA 450 Evaluation of Misstatements indentified during the audit
ISA 500: Audit Evidence
ISA 501: Audit Evidence – Specific Considerations for Selected Items
ISA 505 External Confirmations
ISA 520 Analytical Procedures
ISA 530 Audit Sampling and Other Means of Testing
ISA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
ISA 550 Related Parties
ISA 560 Subsequent Events
ISA 570 Going Concern
ISA 580 Written Representations
ISA 620 Using the Work of an Auditor‟s Expert
ISA 700 The auditor‟s report on Financial Statements (issued December 2004) ROI ONLY
ISA 700: The Auditor‟s report on Financial Statements (issued October 2009) NI ONLY
ISA 705 Modifications to Opinions in the Independent Auditor‟s Report (NI ONLY)
ISA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor‟s Report (NI ONLY)
International Financial Reporting Standards
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Statements of Cash Flows
IAS 8 Accounting policies, changes in accounting estimates and errors
IAS 10 Events after the reporting period
IAS 12 Income Taxes
IAS 16 Property, Plant and Equipment
IAS 17 Leases (excluding accounting for lessors)
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 24 Related Party Disclosures
The “cut off” for examination purposes for any technical guidance and standards is standards/guidance issued on or before 30th June 2010. This is valid for all standards and guidance, unless specifically noted as otherwise. For legislation, this is equivalent to legislation commenced on or before 30th June 2010

Clanno

R0N BURGUNDY wrote: »

Here is the syllabus below - there are a few new standards in it from last year. Paying it alot more attention this time around!!

I'm writing a few bits and pieces and sticking them onto the front page of each ISA or the last page of the previous ISA (usually guff) so if a question comes up about something, I can just flick to the relevant ISA and have a few handy things all on the one page. And then cross reference to other ISAs and IASs. What sort of preparation is everyone else doing>?

I need to remind myself the best answers obviously answer the question while relating it to assertions and the ISA and IAS involved and maybe categorising the risk IR/CR/DR. Any other general guidelines to follow>?

Is this years text book any better than last years?




1.
Audit and Assurance Environment (8% - 15%)

1.1
Corporate Governance & Statutory Audit
Understand the historic development of auditing, corporate governance and regulation
Describe the statutory framework in which audit is conducted with reference to the relevant legislation
Identify and explain the various statutory & regulatory agencies governing the responsibilities of directors & auditors
1.2
Ethical Framework
Display an awareness of the ethical framework in which auditors perform their duties
1.3
Audit Standard Setting Process
Understand the audit standard setting process, including the scope and authority of APB announcements
1.4
Audit Process
Understand the stages involved in the audit process and their role within that process, to include:
Understanding the business & internal control
Concept of materiality
Assessment of the risks of material misstatement
Developing responses to risks at financial statement and assertion levels
Audit testing
Audit completion
Communication with those charged with governance

2.
Audit and Assurance Process and Evidence (75% - 80%)
2.1
Risk Assessment Process
Understand the risk assessment process used at specific points in the audit process and the process of developing responses to those risks; to include:
Understanding the business and related business risk
Obtaining an understanding of the system of internal control (to include evaluating the design of the controls and determining whether they have been implemented)
Assessing the risks of material misstatement
Developing overall responses to risks
Developing responses to risks at the assertions level

2.2
Evidence
Apply evidence gathering principles and procedures
Explain the distinction between the testing of controls and substantive testing, including analytical procedures
Identify circumstances where control tests vs tests of details vs analytical procedures are appropriate
Describe the factors which influence judgements about the extent of substantive testing (i.e.: sampling)

2.3
Audit Procedures
Obtain an understanding of typical systems of internal control
Identify the critical risks and related controls within those systems
Select and apply appropriate tests to identified controls
Select and apply appropriate substantive audit tests to typical financial accounts captions, which address identified risks at the assertions level
Describe the types of audit evidence available to support accounting estimates
Select and apply audit procedures to typical/simple accounting estimates

2.4
Audit Work Conclusions
Demonstrate a clear understanding of the appropriate framework for concluding an area of audit work
Distinguish between specific issues which can arise when concluding on an area of audit work:
Disagreement over amount of an account caption or relating to the adequacy of a disclosure
Limitation of scope where evidence ought reasonably to be available to the auditor but is unavailable
Significant uncertainty, where the auditor is required to make a professional judgement based on the evidence available.
Describe the potential Financial Statement implications of the issues above, where appropriate
Formulate the appropriate double entry for proposed adjustments

3.
Audit Reporting (8% - 15%)
3.1
Audit Reports
Have an appreciation of the principles underpinning audit reports, with reference to the relevant standards and legislation
Display an appreciation of the differences between Unqualified, Modified & Qualified audit reports
Identify typical scenarios in which audit reports may need to be modified/qualified
Examinable Guidance & Standards are:
APB Ethical Standards and New International Standards on Auditing (ISAs) (UK and Ireland)1
Statement of Scope and Authority of APB Pronouncements
The Annual Report of the Audit Practice Board
ES1: Integrity, Objectivity and Independence
ES2: Financial, Business, Employment and Personal Relationships
ES3: Long Association with the Audit Engagement
ES4: Fees, Remuneration and Evaluation Policies, Litigation, Gifts and Hospitality
ES5: Non-Audit Services provided to Audit Clients
ISA 200: Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing (UK and Ireland
ISA 230: Audit Documentation
ISA 260 Communication with those charged with governance
ISA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
ISA 315: Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and its Environment
ISA 320: Materiality in Planning and Performing an Audit
ISA 330: The Auditor‟s Responses to Assessed Risks
ISA 450 Evaluation of Misstatements indentified during the audit
ISA 500: Audit Evidence
ISA 501: Audit Evidence – Specific Considerations for Selected Items
ISA 505 External Confirmations
ISA 520 Analytical Procedures
ISA 530 Audit Sampling and Other Means of Testing
ISA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
ISA 550 Related Parties
ISA 560 Subsequent Events
ISA 570 Going Concern
ISA 580 Written Representations
ISA 620 Using the Work of an Auditor‟s Expert
ISA 700 The auditor‟s report on Financial Statements (issued December 2004) ROI ONLY
ISA 700: The Auditor‟s report on Financial Statements (issued October 2009) NI ONLY
ISA 705 Modifications to Opinions in the Independent Auditor‟s Report (NI ONLY)
ISA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor‟s Report (NI ONLY)
International Financial Reporting Standards
IAS 1 Presentation of Financial Statements
IAS 2 Inventories
IAS 7 Statements of Cash Flows
IAS 8 Accounting policies, changes in accounting estimates and errors
IAS 10 Events after the reporting period
IAS 12 Income Taxes
IAS 16 Property, Plant and Equipment
IAS 17 Leases (excluding accounting for lessors)
IAS 21 The Effects of Changes in Foreign Exchange Rates
IAS 24 Related Party Disclosures
The “cut off” for examination purposes for any technical guidance and standards is standards/guidance issued on or before 30th June 2010. This is valid for all standards and guidance, unless specifically noted as otherwise. For legislation, this is equivalent to legislation commenced on or before 30th June 2010

Is there auditing summaries (ISA) - as the link appears more directed at Financial Accounting standards (IAS/IFRS's)

hivizman

Clanno wrote: »

Is there auditing summaries (ISA) - as the link appears more directed at Financial Accounting standards (IAS/IFRS's)

The link that ants09 gave (http://www.frc.org.uk/apb/publications/isa/oct2009.cfm) takes you to the full standards. The Auditing Practices Board has not, as far as I know, produced official summaries of the Auditing Standards (ISAs (UK and Ireland)), and the individual standards do not include "executive summaries" that you could use.

Ron Burgundy's approach of making one's own summaries is a good way of learning what the main points of the standards are. You could invest in a text-book, but auditing text-books tend either not to be detailed enough on the ISAs or to reproduce large sections of the standards without much explanation.

R0N BURGUNDY

lol - was there any need to quote me there?

Alot of the ISAs are all relatively short and contain all the most important information in bold - so I don't think you will get a summary anywhere apart from notes/text book.