International Auditing and Assurance Standards Board

1 International Auditing and Assurance Standards Board . Handbook of International Quality Control, Auditing , Review, Other Assurance , and Related Services Pronouncements 2016 2017 Edition Volume I. The structures and processes that support the operations of the IAASB are facilitated by the International Federation of Accountants or IFAC . 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. International Standards on Auditing , 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.

2 Copyright December 2016 by IFAC. All rights reserved. This publication may be downloaded for personal and non-commercial use ( , professional reference or research) or purchased from Written permission is required to translate, reproduce, store or transmit, or to make other similar uses of, this document. The International Auditing and Assurance Standards Board ', International Standards on Auditing ', International Standards on Assurance Engagements', International Standards on Review Engagements', International Standards on Related Services', International Standards on Quality Control', International Auditing Practice Notes', IAASB', ISA', ISAE', ISRE', ISRS', ISQC', IAPN', and IAASB logo are trademarks of IFAC, or registered trademarks and service marks of IFAC in the US and other countries.

3 For copyright, trademark, and permissions information, please go to permissions or contact 529 Fifth Avenue, New York, NY 10017. T +1 (212) 286-9344 F +1 (212) 286-9570. ISBN: 978-1-60815-318-3. Trademarks and Registered Trademarks and Service Marks International Auditing and Assurance Standards Board . IAASB . International Standards on Auditing . International Standards on Assurance EngagementsTM. International Standards on Review EngagementsTM. International Standards on Related ServicesTM. International Standards on Quality ControlTM. International Auditing Practice NotesTM. ISA . ISAETM. ISRETM. ISRSTM. ISRSTM. ISQNTM. IAPNTM. HANDBOOK OF International . QUALITY CONTROL, Auditing , REVIEW, OTHER. Assurance , AND RELATED SERVICES.

4 PRONOUNCEMENTS. PART I. CONTENTS. Page Changes of Substance from the 2015 Edition of the Handbook and Recent Developments .. 1 4. The International Federation of Accountants' Role .. 5. Structure of Pronouncements Issued by the International Auditing and Assurance Standards Board .. 6. Preface to the International Quality Control, Auditing , Review, Other Assurance , and Related Services Pronouncements .. 7 11. Glossary of Terms .. 12 42. International Standards ON QUALITY CONTROL. ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements and Other Assurance and Related Services Engagements .. 43 78. AUDITS OF HISTORICAL FINANCIAL INFORMATION. 200 299 GENERAL PRINCIPLES AND RESPONSIBILITIES.

5 ISA 200, Overall Objectives of the independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing .. 79 108. ISA 210, Agreeing the Terms of Audit Engagements .. 109 133. ISA 220, Quality Control for an Audit of Financial Statements .. 134 152. ISA 230, Audit Documentation .. 153 165. ISA 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements .. 166 209. ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements .. 210 224. ISA 260 (Revised), Communication with Those Charged with 225 254. ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management .. 255 266. CONTENTS PART I.

6 HANDBOOK OF International QUALITY CONTROL, Auditing , REVIEW, OTHER Assurance , AND RELATED SERVICES PRONOUNCEMENTS. PART I. 300 499 RISK ASSESSMENT AND RESPONSE TO ASSESSED RISKS. ISA 300, Planning an Audit of Financial Statements .. 267 279. ISA 315 (Revised), Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment .. 280 337. International Standards ON Auditing AND QUALITY CONTROL CONTENTS PART I. ISA 320, Materiality in Planning and Performing an Audit .. 338 346. ISA 330, The Auditor's Responses to Assessed Risks .. 347 369. ISA 402, Audit Considerations Relating to an Entity Using a Service Organization .. 370 393. ISA 450, Evaluation of Misstatements Identified during the Audit.

7 394 408. 500 599 AUDIT EVIDENCE. ISA 500, Audit Evidence .. 409 425. ISA 501, Audit Evidence Specific Considerations for Selected Items .. 426 436. ISA 505, External Confirmations .. 437 448. ISA 510, Initial Audit Engagements Opening Balances .. 449 462. ISA 520, Analytical Procedures .. 463 470. ISA 530, Audit Sampling .. 471 488. ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures .. 489 533. ISA 550, Related Parties .. 534 561. ISA 560, Subsequent Events .. 562 574. ISA 570 (Revised), Going Concern .. 575 604. ISA 580, Written Representations .. 605 621. 600 699 USING THE WORK OF OTHERS. ISA 600, Special Considerations Audits of Group Financial Statements (Including the Work of Component auditors ).

8 622 672. ISA 610 (Revised 2013), Using the Work of Internal auditors .. 673 696. ISA 620, Using the Work of an Auditor's Expert .. 697 717. 700 799 AUDIT CONCLUSIONS AND REPORTING. ISA 700 (Revised), Forming an opinion and Reporting on Financial Statements .. 718 773. ISA 701, Communicating Key Audit Matters in the independent Auditor's Report .. 774 797. CONTENTS PART I. HANDBOOK OF International QUALITY CONTROL, Auditing , REVIEW, OTHER Assurance , AND RELATED SERVICES PRONOUNCEMENTS. PART I. ISA 705 (Revised), Modifications to the opinion in the independent Auditor's Report .. 798 829. ISA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the independent Auditor's Report.

9 830 847. ISA 710, Comparative Information Corresponding Figures and Comparative Financial Statements .. 848 868. ISA 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements .. 869 920. 800 899 SPECIALIZED AREAS. ISA 800 (Revised), Special Considerations Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks .. 921 944. ISA 805 (Revised), Special Considerations Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement .. 945 974. ISA 810 (Revised), Engagements to Report on Summary Financial Statements ..975 1003. International Auditing PRACTICE NOTES. IAPN 1000, Special Considerations in Auditing Financial Instruments.

10 1004 1070. NEW AND REVISED Standards NOT YET EFFECTIVE. ISA 250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements and Conforming Amendments .. 1071 1108. CONTENTS PART I. CHANGES. CHANGES OF SUBSTANCE FROM THE 2015 EDITION OF. THE HANDBOOK AND RECENT DEVELOPMENTS. References This handbook contains references to International Accounting Standards (IASs) and International Financial Reporting Standards (IFRSs). Unless otherwise indicated, references to IASs and IFRSs are to the IASs and IFRSs in effect at the date of preparing a pronouncement. Accordingly, readers are cautioned that, where a revised IAS or IFRS has been issued subsequently, reference should be made to the most recent IAS or IFRS.