ISA            No Title

100 Assurance Engagements

120 Framework of ISAs

200 Objective and General Principles Governing an Audit of Financial Statements

210 Terms of Audit Engagement

220 Quality control for Audit Work

230 Documentation

240 The Auditor’s responsibility to Consider Fraud and Error in the Audit of Financial Statements

250 Consideration of Laws and Regulations in an Audit of Financial Statements

260 Communication of Audit Matters with those charged with Governance

300 Planning

310 Knowledge of the Business

320 Audit materiality

400 Risk Assessments and Internal Control

401 Auditing in a Computer Information Systems Environment

402 Audit Considerations Relating to Entities Using Service Organizations

500 Audit Evidence

501 Audit evidence – Additional Consideration for Specific Items

505 External Confirmations

510 Initial Engagements – Opening Balances

520 Analytical procedures

530 Audit Sampling and Other Selective Testing Procedures

540 Audit of Accounting Estimates

545 Auditing Fair Value Measurements and Disclosures

550 Related Parties

560 Subsequent Events

570 Going Concern

580 Management representations

600 Using the Work of another Auditor

610 Considering the Work of Internal Auditing

620 Using the Work of an Expert

700 The Auditor’s Report on Financial Statements

710 Comparatives

720 Other Information in Documents Contain Audited Financial Statements

800 The Auditor’s report on Special Purpose Audit Engagements

810 The Examination of Prospective Financial Information

910 Engagement to Review Financial Statements

920 Engagements to Perform Agreed Upon Procedures Regarding Financial Information

930 Engagement to Compile Financial Information

No Title

IAPS 1005 The Special Considerations in the Audit of Small Entities

IAPS 1010 The Consideration of Environmental Matters in the Audit of Financial Statements

IAPS 1013 Electronic Commerce Effect on the Audit of Financial Statements

One of the requirements of IAS 700 the auditor must specifically mention in his report that the audit has been carried out in accordance with approved auditing standards. This is also required by IAPS. The auditing standards and guidelines prescribe best practice in auditing but in no way inhibit the auditor from exercising his judgment in particular situations.

 Professional judgement is still required in interpreting the standards in particular areas, determining the sufficiency and type of evidence needed, areas where no standard or guideline has yet been pronounced on. Auditing standards therefore raise the requirements for professional judgement and an effective and economical audit can only be achieved with a great deal of thought at all stages. Therefore though mandatory, they are not designed to inhibit professional judgement.