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Book Title | : | Frequently Asked Questions in International Standard Auditing |
| Edition | : | N/A | |
| Author(s) | : | Steven Collings | |
| Page | : | 476 Pages | |
| Year Published | : | 2014 | |
| Publisher | : | John Wiley & Sons Ltd. | |
| ISBN | : | 978-1-1187-6538-8 | |
| File Size | : | 1.17 MB | |
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Book Description:
In the wake of numerous corporate scandals at the start of the century, there was a growing distrust of published financial information and of the auditor’s reports that accompany them. Partly in response to this, in the last few years, the auditing profession has embraced a new set of regulations which has helped to harmonise audit practice on a global basis, and which, it is hoped, will instil more faith in the work of auditors. The new regulation is embodied by the International Standards on Auditing (ISAs), issued by the International Audit and Assurance Standards Board, whose Clarity Project resulted in a set of high quality auditing standards and one quality control standard which provide the framework for conducting an audit that is used by auditors around the world.
It is important that auditors, and those wishing to understand the process of planning and executing an effective audit, get to grips with the ISA requirements and application guidance. The standards are often simply worded, but can be difficult to apply; involving the use of significant judgement and requiring detailed documentation of audit evidence and conclusions. It is essential that the auditor can demonstrate compliance with the ISAs in order to justify the opinion that is provided on financial statements, but the complexities involved in the practical application of ISAs can sometimes leave the auditor uncertain as to whether the requirements of an ISA have been adequately satisfied.
This book will help auditors to understand the key ISA requirements and to ensure they have followed the principles of the ISAs, as well as their exact requirements.
In the wake of numerous corporate scandals at the start of the century, there was a growing distrust of published financial information and of the auditor’s reports that accompany them. Partly in response to this, in the last few years, the auditing profession has embraced a new set of regulations which has helped to harmonise audit practice on a global basis, and which, it is hoped, will instil more faith in the work of auditors. The new regulation is embodied by the International Standards on Auditing (ISAs), issued by the International Audit and Assurance Standards Board, whose Clarity Project resulted in a set of high quality auditing standards and one quality control standard which provide the framework for conducting an audit that is used by auditors around the world.
It is important that auditors, and those wishing to understand the process of planning and executing an effective audit, get to grips with the ISA requirements and application guidance. The standards are often simply worded, but can be difficult to apply; involving the use of significant judgement and requiring detailed documentation of audit evidence and conclusions. It is essential that the auditor can demonstrate compliance with the ISAs in order to justify the opinion that is provided on financial statements, but the complexities involved in the practical application of ISAs can sometimes leave the auditor uncertain as to whether the requirements of an ISA have been adequately satisfied.
This book will help auditors to understand the key ISA requirements and to ensure they have followed the principles of the ISAs, as well as their exact requirements.
| Table of Contents: | ||
| Chapter 1 | What is the Role of the International Auditing and Assurance Standards Board? | |
| Chapter 2 | Frequently Asked Questions. | |
| Chapter 3 | Test Your Knowledge. | |
| Chapter 4 | Answers. | |
| Chapter 5 | Additional Recommended Reading. | |
| Appendix I: Summaries of IFRS and IAS. | ||
| Appendix II: Illustrative Audit Tests. | ||
| Index | ||
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