International Auditing and Assurance Standards …

1 International Auditing and Assurance Standards Board Handbook of International Quality Control, Auditing ,Review, Other Assurance ,and related ServicesPronouncements2014 EditionVolume IInternational Federation of Accountants 529 Fifth Avenue, 6th Floor New York, New York 10017 USA This publication was published by the International Federation of Accountants (IFAC ). Its mission is to serve the public interest by: contributing to the development of high-quality Standards and guidance; facilitating the adoption and implementation of high-quality Standards and guidance; contributing to the development of strong professional accountancy organizations and accounting firms, and to high-quality practices by professional accountants, and promoting the value of professional accountants worldwide; and speaking out on public interest issues.

2 This publication may be downloaded for personal use or purchased from the International Auditing and Assurance Standards Board (IAASB ) web site International Standards on Auditing (ISAs ), International Standards on Assurance Engagements , International Standards on Review Engagements , International Standards on related Services , International Standards on Quality Control , International Auditing Practice Notes , Exposure Drafts, Consultation Papers, and other IAASB publications are published by, and copyright of, IFAC. The approved text is published in the English language. The IAASB and IFAC do not accept responsibility for loss caused to any person who acts or refrains from acting in reliance on the material in this publication, whether such loss is caused by negligence or otherwise.

3 The IAASB logo, International Auditing and Assurance Standards Board, IAASB , International Standards on Auditing , ISA, International Standard on Assurance Engagements, ISAE, International Standards on Review Engagements, ISRE, International Standards on related Services, ISRS, International Standards on Quality Control, ISQC, International Auditing Practice Note, IAPN, the IFAC logo, International Federation of Accountants , and IFAC are trademarks or registered trademarks and service marks of IFAC. Copyright September 2014 by the International Federation of Accountants (IFAC). All rights reserved. Written permission from IFAC is required to reproduce, store, transmit, or make other similar uses of this document, except as permitted by law.

4 Contact ISBN: 978-1-60815-185-1 Published by: CONTENTS PART I International Standards ON Auditing AND QUALITY CONTROL PART I HANDBOOK OF International QUALITY CONTROL, Auditing , REVIEW, OTHER Assurance , AND related SERVICES PRONOUNCEMENTS PART I CONTENTS Page Changes of Substance from the 2013 Edition of the Handbook and Recent Developments .. 1 2 The International Federation of Accountants Role .. 4 Structure of Pronouncements Issued by the International Auditing and Assurance Standards Board .. 5 Preface to the International Quality Control, Auditing , Review, Other Assurance , and related Services Pronouncements .. 6 10 Glossary of Terms.

5 11 38 International Standards ON QUALITY CONTROL (ISQCs) International Standard on Quality Control (ISQC) 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and related Services Engagements .. 39 73 AUDITS OF HISTORICAL FINANCIAL INFORMATION 200 299 GENERAL PRINCIPLES AND RESPONSIBILITIES ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing .. 74 102 ISA 210, Agreeing the Terms of Audit Engagements .. 103 125 ISA 220, Quality Control for an Audit of Financial Statements .. 126 144 ISA 230, Audit Documentation.

6 145 157 ISA 240, The Auditor s Responsibilities Relating to Fraud in an Audit of Financial Statements .. 158 200 ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements .. 201 215 ISA 260, Communication with Those Charged with Governance .. 216 240 ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management .. 241 252 HANDBOOK OF International QUALITY CONTROL, Auditing , REVIEW, OTHER Assurance , AND related SERVICES PRONOUNCEMENTS PART I CONTENTS PART I 300 499 RISK ASSESSMENT AND RESPONSE TO ASSESSED RISKS ISA 300, Planning an Audit of Financial Statements.

7 253 266 ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment .. 267 320 ISA 320, Materiality in Planning and Performing an Audit .. 321 329 ISA 330, The Auditor s Responses to Assessed Risks .. 330 352 ISA 402, Audit Considerations Relating to an Entity Using a Service Organization .. 353 375 ISA 450, Evaluation of Misstatements Identified during the Audit .. 376 387 500 599 AUDIT EVIDENCE ISA 500, Audit Evidence .. 388 404 ISA 501, Audit Evidence Specific Considerations for Selected Items .. 405 415 ISA 505, External Confirmations .. 416 427 ISA 510, Initial Audit Engagements Opening Balances.

8 428 440 ISA 520, Analytical Procedures .. 441 448 ISA 530, Audit Sampling .. 449 465 ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and related Disclosures .. 466 510 ISA 550, related Parties .. 511 537 ISA 560, Subsequent Events .. 538 550 ISA 570, Going Concern .. 551 567 ISA 580, Written Representations .. 568 584 600 699 USING THE WORK OF OTHERS ISA 600, Special Considerations Audits of Group Financial Statements (Including the Work of Component Auditors) .. 585 634 ISA 610 (Revised 2013), Using the Work of Internal Auditors .. 635 658 ISA 620, Using the Work of an Auditor s Expert.

9 659 679 700 799 AUDIT CONCLUSIONS AND REPORTING ISA 700, Forming an Opinion and Reporting on Financial Statements .. 680 708 ISA 705, Modifications to the Opinion in the Independent Auditor s Report .. 709 736 ISA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor s Report .. 737 747 HANDBOOK OF International QUALITY CONTROL, Auditing , REVIEW, OTHER Assurance , AND related SERVICES PRONOUNCEMENTS PART I CONTENTS PART I International Standards ON Auditing AND QUALITY CONTROL PART I ISA 710, Comparative Information Corresponding Figures and Comparative Financial Statements .. 748 766 ISA 720, The Auditor s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements.

10 767 772 800 899 SPECIALIZED AREAS ISA 800, Special Considerations Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks .. 773 788 ISA 805, Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement .. 789 807 ISA 810, Engagements to Report on Summary Financial Statements .. 808 833 International Auditing PRACTICE NOTES IAPN 1000, Special Considerations in Auditing Financial Instruments .. 834 900 Conforming Amendments to Other ISAs .. 901 902 Copyright and Translation IFAC publishes the IAASB s handbooks, Standards , and other publications and owns the copyrights.