GLOSSARY OF TERMS PREFACE TO ISAs AND RSs
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.