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1 International Auditing and Assurance Standards Board handbook of International Quality Control, Auditing , Review, Other Assurance , and Related Services Pronouncements 2020 EditionVolume IThe 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 Standards on Auditing , International Standards on Assurance Engagements, International Standards on Review Engagements, International Standards on Quality Management, 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, April 2021 by IFAC.

2 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 International Auditing and Assurance Standards Board , International Standards on Auditing , International Standards on Assurance Engagements , International Standards on Review Engagements , International Standards on Quality Management , International Standards on Related Services , International Standards on Quality Control , International Auditing Practice Notes , IAASB , ISA , ISAE , ISRE , ISRS , ISQC , ISQM , IAPN , and IAASB logo are trademarks of IFAC.

3 Or registered trademarks and service marks of IFAC in the US and other copyright, trademark, and permissions information, please go to permissions or contact Fifth Avenue, New York, NY 10017 T +1 (212) 286-9344 F +1 (212) 286-9570 : 978-1-60815-459-3 Trademarks and Registered Trademarks and Service MarksInternational Auditing and Assurance Standards Board IAASB International Standards on Auditing International Standards on Assurance EngagementsTMInternational Standards on Review EngagementsTMInternational Standards on Related ServicesTMInternational Standards on Quality ControlTMInternational Standards on Quality ManagementTMInternational Auditing Practice NotesTMISA ISAETMISRETMISRSTMISQCTMISQMTMIAPNTMTHIS PAGE INTENTIONALLY LEFT BLANK vcontents part i handbook OF International QUALITY CONTROL, Auditing , REVIEW, OTHER Assurance .

4 AND RELATED SERVICES PRONOUNCEMENTS PART ICONTENTS pagechanges of substance from the 2020 edition of the handbook and recent Developments .. 1 6the International Federation of accountants role .. 7structure of pronouncements issued by the International Auditing and Assurance Standards Board .. 8preface to the International Quality control, Auditing , review, other Assurance , and related services pronouncements .. 9 13 Glossary of terms .. 14 44 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.

5 45 79 AUDITS OF HISTORICAL FINANCIAL INFORMATION200 299 General Principles and Responsibilitiesisa 200, overall objectives of the independent auditor and the conduct of an audit in accordance with International Standards on Auditing .. 80 108isa 210, agreeing the terms of audit engagements .. 109 131isa 220, Quality control for an audit of Financial statements .. 132 150isa 230, audit Documentation .. 151 163isa 240, the auditor s responsibilities relating to Fraud in an audit of Financial statements .. 164 207isa 250 (revised), consideration of Laws and regulations in an audit of Financial statements .. 208 225isa 260 (revised), communication with those charged with 226 252 ISA 265, Communicating Deficiencies in Internal Control to Those charged with Governance and Management.

6 253 263viHanDBooK oF International QUaLitY controL, Auditing , reVieW, otHer Assurance , anD reLateD serVices pronoUnceMentspa rt i contents part i300 499 Risk Assessment and Response to Assessed Risksisa 300, planning an audit of Financial statements .. 264 276isa 315 (revised), identifying and assessing the risks of Material Misstatement through Understanding the entity and its environment .. 277 330isa 320, Materiality in planning and performing an audit .. 331 339isa 330, the auditor s responses to assessed risks .. 340 362isa 402, audit considerations relating to an entity Using a service organization .. 363 385 ISA 450, Evaluation of Misstatements Identified during the Audit.

7 386 398500 599 Audit Evidenceisa 500, audit evidence .. 399 420 ISA 501, Audit Evidence Specific Considerations for Selected Items .. 421 431 ISA 505, External Confirmations .. 432 442isa 510, initial audit engagements opening Balances .. 443 455isa 520, analytical procedures .. 456 463isa 530, audit sampling .. 464 480isa 540 (revised), Auditing accounting estimates and related Disclosures .. 481 550isa 550, related parties .. 551 577isa 560, subsequent events .. 578 589isa 570 (revised), Going concern .. 590 617isa 580, Written representations .. 618 633600 699 Using the Work of Othersisa 600, special considerations audits of Group Financial statements (including the Work of component auditors).

8 634 681isa 610 (revised 2013), Using the Work of internal auditors .. 682 704isa 620, Using the Work of an auditor s expert .. 705 724700 799 Audit Conclusions and Reportingisa 700 (revised), Forming an opinion and reporting on Financial statements .. 725 778isa 701, communicating Key audit Matters in the independent auditor s report .. 779 801viiHanDBooK oF International QUaLitY controL, Auditing , reVieW, otHer Assurance , anD reLateD serVices pronoUnceMentspa rt i contents part i International Standards ON Auditing AND QUALITY CONTROL CONTENTS PART Iisa 705 (revised), Modifications to the Opinion in the Independent Auditor s report.

9 802 833isa 706 (revised), emphasis of Matter paragraphs and other Matter paragraphs in the independent auditor s report .. 834 852isa 710, comparative information corresponding Figures and comparative Financial statements .. 853 873isa 720 (revised), the auditor s responsibilities relating to other information .. 874 920800 899 Specialized Areasisa 800 (revised), special considerations audits of Financial statements prepared in accordance with special purpose Frameworks .. 921 944isa 805 (revised), special considerations audits of single Financial Statements and Specific Elements, Accounts or Items of a Financial statement .. 945 972isa 810 (revised), engagements to report on summary Financial statements.

10 973 1001 International Auditing Practice Notesiapn 1000, special considerations in Auditing Financial instruments .. 1002 1064 New and Revised Standards Not Yet Effectiveisa 315 (revised 2019), identifying and assessing the risks of Material Misstatement .. 1065 1193conforming and consequential amendments to other International Standards arising from isa 315 (revised 2019) .. 1194 1283isQM 1, Quality Management for Firms that perform audits or reviews of Financial statements, or other Assurance or related services engagements .. 1284 1370isQM 2, engagement Quality reviews .. 1371 1392isa 220 (revised), Quality Management for an audit of Financial statements .. 1393 1437conforming amendments to International Standards on Auditing (isa) and related Material arising from the Quality Management projects.