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The Clarified Standards
The final set of clarified standards comprise 36 International Standards on Auditing (ISAs) and International Standard on Quality Control (ISQC) 1, including:
- One new standard, addressing communication of deficiencies in internal control;
- 16 ISAs containing new and revised requirements (these have been referred to as "revised and redrafted ISAs"); and
- 20 ISAs that have been redrafted to apply the new conventions and reflect matters of general clarity only (these have been referred to as "redrafted ISAs and redrafted ISQC 1").
Structure of the ISAs
The ISAs now have a new structure, in which information is presented in separate sections: Introduction, Objective, Definitions, Requirements, and Application and Other Explanatory Material.
Introduction
Introductory material may include information regarding the purpose, scope, and subject matter of the ISA, in addition to the responsibilities of the auditors and others in the context in which the ISA is set.
Objective
Each ISA now contains a clear statement of the objective of the auditor in the audit area addressed by that ISA.
Definitions
For greater understanding of the ISAs, applicable terms have been defined in each ISA.
Requirements
Each objective is supported by clearly stated requirements. Requirements are always expressed by the phrase "the auditor shall."
Application and Other Explanatory Material
The application and other explanatory material explains more precisely what a requirement means or is intended to cover, or includes examples of procedures that may be appropriate under given circumstances.
ISAs and ISQC 1
A complete list of the individual standards that comprise the clarified ISAs, as well as ISQC 1, is below. These standards are available to view and/or download under Publications & Resources.
The Basis for Conclusions for each ISA and ISQC 1 can be found under Publications & Resources. These staff-prepared documents provide background information, main comments received on the exposure drafts, and the IAASB's conclusions regarding these comments in developing the final standard.
In finalizing the 2012 Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements (the handbook), editorial and formatting changes were made to some ISAs from the 2010 handbook. A bridging document has been prepared which provides an overview of these changes.
- ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing
- ISA 210, Agreeing the Terms of Audit Engagements
- ISA 220, Quality Control for an Audit of Financial Statements
- ISA 230, Audit Documentation
- ISA 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements
- ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements
- ISA 260, Communication with Those Charged with Governance
- ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
- ISA 300, Planning an Audit of Financial Statements
- ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
- ISA 320, Materiality in Planning and Performing an Audit
- ISA 330, The Auditor's Responses to Assessed Risks
- ISA 402, Audit Considerations Relating to an Entity Using a Service Organization
- ISA 450, Evaluation of Misstatements Identified during the Audit
- ISA 500, Audit Evidence
- ISA 501, Audit Evidence-Specific Considerations for Selected Items
- ISA 505, External Confirmations
- ISA 510, Initial Audit Engagements-Opening Balances
- ISA 520, Analytical Procedures
- ISA 530, Audit Sampling
- ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
- ISA 550, Related Parties
- ISA 560, Subsequent Events
- ISA 570, Going Concern
- ISA 580, Written Representations
- ISA 600, Special Considerations-Audits of Group Financial Statements (Including the Work of Component Auditors)
- ISA 610, Using the Work of Internal Auditors
- ISA 620, Using the Work of an Auditor's Expert
- ISA 700, Forming an Opinion and Reporting on Financial Statements
- ISA 705, Modifications to the Opinion in the Independent Auditor's Report
- ISA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report
- ISA 710, Comparative Information-Corresponding Figures and Comparative Financial Statements
- ISA 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
- ISA 800, Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
- ISA 805, Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
- ISA 810, Engagements to Report on Summary Financial Statements
- International Standard on Quality Control (ISQC) 1, Quality Controls for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements
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FAQs on International Auditing and Assurance Standards - Auditing Concepts, Auditing & Secretarial Practice - Auditing and Secretarial Practice - B Com
| 1. What are International Auditing and Assurance Standards? |  |
Ans. International Auditing and Assurance Standards (IAAS) are a set of guidelines and procedures developed by the International Auditing and Assurance Standards Board (IAASB) to ensure that audits and assurance engagements are conducted consistently and effectively across different countries and jurisdictions. These standards provide a framework for auditors and assurance professionals to plan, perform, and report on their work in a consistent and reliable manner.
| 2. What are the key concepts in auditing? | |
Ans. The key concepts in auditing include:
- Materiality: This concept refers to the significance of an item or information in the financial statements. Auditors consider materiality to determine the level of detail and scrutiny required during the audit process.
- Audit risk: Audit risk is the risk that auditors may provide an inappropriate opinion on the financial statements. Auditors assess and manage audit risk by understanding the entity's internal controls, assessing the risk of material misstatements, and designing appropriate audit procedures.
- Independence: Auditors must be independent both in appearance and in fact. This means they should be free from any conflicts of interest and should not have any financial or personal relationships that could compromise their objectivity and impartiality.
- Audit evidence: Auditors gather and evaluate audit evidence to support their conclusions and opinions. Audit evidence includes documents, records, observations, and other information obtained during the audit process.
- Going concern: Auditors assess whether the entity has the ability to continue its operations and meet its financial obligations in the foreseeable future. This concept is important to ensure the reliability of the financial statements.
| 3. What is the relationship between auditing and secretarial practice? | |
Ans. Auditing and secretarial practice are closely related in the context of corporate governance and compliance. Secretarial practice involves ensuring compliance with legal and regulatory requirements related to corporate governance, company law, and other relevant legislation. Auditing, on the other hand, involves the independent examination of financial statements to express an opinion on their fairness and compliance with applicable accounting standards.
In many jurisdictions, the company secretary plays a crucial role in coordinating and facilitating the audit process. The company secretary assists auditors by providing them with relevant documents, records, and information, and ensuring that the audit process is conducted smoothly. Additionally, the company secretary helps ensure that the company complies with applicable laws, regulations, and best practices related to corporate governance, which may be subject to audit scrutiny.
Overall, auditing and secretarial practice are interrelated as both are essential for ensuring transparency, accountability, and compliance within an organization.
| 4. How do International Auditing and Assurance Standards contribute to the quality of audits? | |
Ans. International Auditing and Assurance Standards (IAAS) contribute to the quality of audits in several ways:
- Consistency: IAAS provide a consistent framework for auditors to plan, perform, and report on their work. This consistency ensures that audits are conducted in a standardized manner, reducing the risk of errors or omissions.
- Professional judgment: IAAS guide auditors in exercising professional judgment during the audit process. They provide principles and guidance on how to assess risks, gather evidence, and form conclusions, helping auditors make informed decisions.
- Enhancing credibility: IAAS enhance the credibility of auditors and the audit profession as a whole. By adhering to internationally recognized standards, auditors demonstrate their commitment to quality and professionalism, which increases stakeholders' confidence in the audit process and the reliability of financial statements.
- Continuous improvement: IAAS are regularly updated and revised to incorporate new developments and emerging issues in auditing and assurance. This continuous improvement ensures that auditors stay up-to-date with evolving best practices and enhance the quality of their work over time.
| 5. How can individuals prepare for a B.Com exam in Auditing and Secretarial Practice? | |
Ans. Here are some tips to prepare for a B.Com exam in Auditing and Secretarial Practice:
1. Understand the syllabus: Familiarize yourself with the syllabus and exam pattern to know what topics and types of questions to expect in the exam.
2. Read the recommended textbooks: Read the recommended textbooks and study materials provided by your university or college. Pay attention to important concepts, definitions, and examples.
3. Take thorough notes: Take detailed and organized notes while studying. Summarize key points, definitions, and examples for each topic. These notes will serve as a handy reference during revision.
4. Solve practice questions: Practice solving previous years' question papers and sample papers. This will help you understand the exam format, identify important topics, and improve your time management skills.
5. Seek clarification: If you have any doubts or difficulties understanding a particular topic, don't hesitate to seek clarification from your teachers, classmates, or online resources. Understanding the concepts thoroughly is crucial for performing well in the exam.
Remember to allocate sufficient time for revision and practice, and maintain a consistent study schedule. Revise regularly, test yourself, and stay calm and focused during the exam. Good luck!
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