Sl No.
ISA Title
200–299 General Principles and
Responsibilities
1 200 Overall Objectives of the Independent Auditor
and the Conduct of an Audit in Accordance with
International Standards on Auditing
2 210 Agreeing the Terms of Audit Engagements
3 220 Quality Management for An Audit of Financial
Statements
4 230 Audit Documentation
5 240 The Auditor’s Responsibilities Relating to Fraud
6 250 in an Audit of Financial
Consideration Statements
of Laws and Regulations in an
Audit of Financial Statements
7 260 Communication with Those Charged with Governance
8 265 Communicating Deficiencies in Internal Control
to Those Charged with Governance and
Management
300–499 Risk Assessment and Response to
Assessed Risks
9 300 Planning an Audit of Financial Statements
10 315 Identifying and Assessing the Risks of Material
Misstatement
11 320 Materiality in Planning and Performing an Audit
12 330 The Auditor’s Responses to Assessed Risks
13 402 Audit Considerations Relating to an Entity Using
a Service Organization
14 450 Evaluation of Misstatements Identified during the
Audit
500–599 Audit Evidence
15 500 Audit Evidence
16 501 Audit Evidence—Specific Considerations for
Selected Items
17 505 External Confirmations
18 510 Initial Audit Engagements—Opening Balances
19 520 Analytical Procedures
20 530 Audit Sampling
21 540 Auditing Accounting Estimates and Related
Disclosures
22 550 Related Parties
23 560 Subsequent Events
24 570 Going Concern
25 580 Written Representations
600–699 Using the Work of Others
26 600 Special Considerations—Audits of Group
Financial Statements (Including the Work of
Component Auditors)
27 610 Using the Work of Internal Auditors
28 620 Using the Work of an Auditor’s Expert
700–799 Audit Conclusions and Reporting
29 700 Forming an Opinion and Reporting on Financial
Statements
30 701 Communicating Key Audit Matters in the
Independent Auditor’s Report
31 705 Modifications to the Opinion in the Independent
Auditor’s Report
32 706 Emphasis of Matter Paragraphs and Other Matter
Paragraphs in the Independent Auditor’s Report
33 710 Comparative Information—Corresponding
Figures and Comparative Financial Statements
34 720 The Auditor’s Responsibilities Relating to Other
Information
800–899 Specialized Areas
35 800 Special Considerations—Audits of Financial
Statements Prepared in Accordance with Special
Purpose Frameworks
36 805 Special Considerations—Audits of Single
Financial Statements and Specific Elements,
Accounts or Items of a Financial Statement
37 810 Engagements to Report on Summary Financial
Statements
Brief Overview of ISA Objectives
h Governance
Probable Short Notes
Sl No. ISA Title
200–299 General Principles and
Responsibilities
1 200 Overall Objectives of the Independent
Auditor and the Conduct of an Audit in
Accordance with International Standards
on Auditing
Scope of ISA
This International Standard on Auditing (ISA) deals with the independent
auditor’s overall responsibilities when conducting an audit of financial
statements in accordance with ISAs. Specifically, it sets out the overall
objectives of the independent auditor, and explains the nature and scope of
an audit designed to enable the independent auditor to meet those objectives.
It also explains the scope, authority and structure of the ISAs, and includes
requirements establishing the general responsibilities of the independent
auditor applicable in all audits, including the obligation to comply with the
ISAs.
Objectives of Auditors
In conducting an audit of financial statements, the overall
objectives of the auditor are: (a) To obtain reasonable
assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or
error, thereby enabling the auditor to express an opinion on
whether the financial statements are prepared, in all material
respects, in accordance with an applicable financial reporting
framework; and (b) To report on the financial statements,
and communicate as required by the ISAs, in accordance
with the auditor’s findings.
Probable Short Notes
Professional Skepticism, Professional
Judgment
Sl No. ISA Title
200–299 General Principles and
Responsibilities
2 210 Agreeing the Terms of Audit Engagements
Scope of ISA
This International Standard on Auditing (ISA) deals with the auditor’s
responsibilities in agreeing the terms of the audit
engagement with management and, where appropriate, those charged with
governance. This includes establishing that
certain preconditions for an audit, responsibility for which rests with
management and, where appropriate, those charged
with governance, are present. ISA 220 (Revised)1 deals with those aspects
of engagement acceptance that are within the
control of the auditor.
Objectives of Auditors
The objective of the auditor is to accept or continue an audit
engagement only when the basis upon which it is to be
performed has been agreed, through: (a) Establishing
whether the preconditions for an audit are present; and (b)
Confirming that there is a common understanding between
the auditor and management and, where appropriate, those
charged with governance of the terms of the audit
engagement.
Probable Short Notes
