ISA Implementation Support Module Prepared by IAASB Staff October 2010 Materiality, Misstatements and Reporting – Part III.

Slides:

Advertisements

Similar presentations

ISA Implementation Support Module Prepared by IAASB Staff October 2010 Materiality, Misstatements and Reporting − Part I.

Advertisements

ISA Implementation Support Module Prepared by IAASB Staff October 2010 Written Representations.

©2010 Prentice Hall Business Publishing, Auditing 13/e, Arens/Elder/Beasley The CPA Profession Chapter 2.

The Audit Standards’ Setting Process

Office of the Auditor General of Canada CANADA’S ADOPTION OF INTERNATIONAL STANDARDS ON AUDITING 20 FACTS PREPARERS of FINANCIAL STATEMENTS SHOULD KNOW.

ISA Implementation Support Module Prepared by IAASB Staff October 2010 Materiality, Misstatements and Reporting − Part II.

Special Reports and Accounting and Review Services.

Discussion on SA-500 – AUDIT EVIDENCE

International Ethics Standards Board for Accountants Internal Audit Bob Franchini Paris June

Third Party Reporting © 2008 Ernst & Young LLP. All rights reserved. For Internal Use Within EY Only; Not for Distribution to Clients. Third Party Reporting.

Module A1 Other Public Accounting Services ACCT 4080.

International Auditing and Assurance Standards Board Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures ISA Implementation.

9.401 Auditing Chapter 1 Introduction. Definition of Auditing The accumulation and evaluation The accumulation and evaluation Of evidence about information.

2-1 McGraw-Hill/Irwin ©2002 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 2 Professional Standards: “The Rules of the Road”

9.401 Auditing Chapter 2 Audit Reports. Association Must determine whether an accountant is associated with financial statements Must determine whether.

Filmmaker Krisztof Kieslowski

18- 1 © 2006 The McGraw-Hill Companies, Inc., All Rights Reserved. Chapter 18 Integrated Audits of Internal Control (For Public Companies Under Sarbanes-Oxley.

Copyright  2003 McGraw-Hill Australia Pty Ltd PPTs t/a Auditing and Assurance Services in Australia by Gay & Simnett Slides prepared by Roger Simnett.

Learning Objectives LO1 Describe the association framework. LO2 Determine whether a PA is associated with financial statements. LO3 Describe the three.

International Auditing and Assurance Standards Board Communicating Deficiencies in Internal Control to Those Charged with Governance and Management ISA.

Auditing & Assurance Services, 6e

International Auditing and Assurance Standards Board The Clarified ISAs, Audit Documentation, and SME Audit Considerations ISA Implementation Support Module.

International Auditing and Assurance Standards Board The Clarified ISAs, Audit Documentation, and SME Audit Considerations ISA Implementation Support Module.

Impact of the New Clarity Standards on Governmental Audits Presented by Beila Sherman, CPA and Enrique Llerena, CPA.

Reports on Audited Financial Statements

Auditing Internal Control over Financial Reporting

The CPA Profession Chapter 2 By Arens et. al. Learning Objective 1 Describe the nature of CPA firms, what they do, and their structure.

International Auditing and Assurance Standards Board Audits of Group Financial Statements ISA Implementation Support Module Prepared by IAASB Staff November.

New Auditing Standards Laurie Ball, CPA Swenson Advisors, LLP (Murrieta) Audit Director Accounting Day May 12, 2008.

Chapter 7 Auditing Internal Control over Financial Reporting McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved.

International Auditing and Assurance Standards Board Communication with Those Charged with Governance ISA Implementation Support Module Prepared by IAASB.

International Auditing and Assurance Standards Board (IAASB) Issues:

Copyright © 2015 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.

Diana Hillier November 2009 Materiality: Planning & performing the audit Evaluating misstatements ISAs (UK and Ireland) 320 and 450.

Learning Objectives LO1 Define the various financial presentations and levels of service involved in association with special reports and compliance reporting.

SA 700 (REVISED), SA 705 & 706 ASHOK SETH, Lucknow B. Sc, FCA, DISA (ICA)

2 - 1 Copyright  2003 Pearson Education Canada Inc. CHAPTER 2 The Auditor’s Reports.

Communication with those charged with Governance

© 2011 Grant Thornton International Ltd. All rights reserved Presented by Mr. Yuvraj THACOOR, FCA Chairman of the Financial Reporting Monitoring Panel.

Part Eleven Reporting on Financial Statements 1. 2 Structure of Seminar 1.Standards of Reporting 2.Types of Audit Opinions 3.Other Reporting Considerations.

Harmonization Project FAS Meeting Harmonization project and ISSAI 200 Purpose and scope of the project The purpose is to provide a conceptual basis.

Semaan, Gholam & Co.1 MANAGEMENT REPRESENTATIONS INTERNATIONAL STANDARD ON AUDITING 580.

ISSAI 400 Compliance Auditing

Copyright © 2006 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 7-1 Chapter Seven Auditing Internal Control over Financial Reporting.

McGraw-Hill/Irwin Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.

The UNIVERSITY of GREENWICH 1 October 2009 L3c Audit and assurance J. E. Spencer-Wood Auditing and assurance Lecture 3c Auditing standards An example -

International Auditing and Assurance Standards Board Related Parties ISA Implementation Support Module Prepared by IAASB Staff October 2009.

BROUGHT TO YOU BY:-. AMENDMENTS IN AUDITING SA s SA 265 -COMMUNICATING DEFICIENCIES IN INTERNAL CONTROL TO THOSE CHARGED WITH GOVERNANCE AND MANAGEMENT.

Chapter 02 Professional Standards McGraw-Hill/IrwinCopyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved.

1 - 1 Copyright  2003 Pearson Education Canada Inc. CHAPTER 1 An Overview of Auditing and Assurance Services.

Field Work Laws and Regulations. Field Work Laws and Regulations This is one of a series of mini – modules designed to give the auditor guidance in the.

AUDIT QUALITY AND ASSURANCE 2 ND AND 3 RD OCTOBER 2014 HILTON HOTEL MATERIALITY IN PLANNING AND PERFORMING THE AUDIT (ISA 320) 1.

Audit Reports Chapter 3. Audit Reports What is an audit report? Different reporting guidelines exist depending on the type of company upon which the auditor.

© Grant Thornton LLP. All rights reserved Meeting with Management and Those Charged with Governance Communications Related to the Audit of Delphi.

P7:Advanced Audit & Assurance (INT). 2 Section F: Reporting Designed to give you knowledge and application of: F1. Auditor’s reports F2. Reports to those.

Improving Compliance with ISAs Presenters: Al Johnson & Pat Hayle.

 Planning an audit of cost statements, records and other related documents is considered necessary to ensure achievement of audit objectives with available.

Presented by Frank Crawford, CPA Chris Pembrook, CPA, MBA, CGAP, Cr.FA Crawford & Associates, PC, Oklahoma City, OK

Internal Control Chapter 7. McGraw-Hill/Irwin © 2008 The McGraw-Hill Companies, Inc., All Rights Reserved. 7-2 Summary of Internal Control Definition.

Copyright © 2014 Pearson Education Chapter 2 The Audit Standards’ Setting Process.

Compliance with Technical Standards

PLANNING, MATERIALITY AND ASSESSING THE RISK OF MISSTATEMENT

Reports on Audited Financial Statements

Reports on Audited Financial Statements

Auditing & Investigations II

The ISSAIs for Financial Audit ISSAIs

EER Assurance Presentation of Issues and Project Update June 2018

Reporting by Auditors under the Companies Act, 2013

ISA Implementation Support Module

IAASB – IESBA Coordination Fees Proposals by IESBA

Presentation transcript:

ISA Implementation Support Module Prepared by IAASB Staff October 2010 Materiality, Misstatements and Reporting – Part III

2 (Old) ISA 320 (Old) ISA 320 (Revised) ISA 320 (Revised) ISA 320 (New) ISA 450 (New) ISA 450 (Amended) ISA 700 (Amended) ISA 700 (Old) ISA 700 (Old) ISA 700 Overview of Module

Evaluation of whether the financial statements as a whole are free from material misstatements, and consideration of management bias Forming more than one opinion when the financial statements are prepared in accordance with two financial reporting frameworks Description of management’s responsibility for the financial statements in the auditor’s report Overview of Significant Amendments to ISA 700 3

Scope of ISA 700 relative to ISAs 800 and Complete f/s prepared in accordance with a general purpose framework Complete f/s prepared in accordance with a special purpose framework Single f/s or specific element, account or item of a f/s ISA 700 ISA 800 ISA 805 Framework may be fair presentation or compliance framework Framework may be based on either a general purpose or special purpose framework, either of which may be either a fair presentation or compliance framework

Under ISA 700, evaluation of whether financial statements as a whole are free from material misstatement now a step to forming the audit opinion Evaluation takes into account –Conclusion under ISA 450 as to whether uncorrected misstatements are material, individually or in aggregate –Qualitative aspects of entity’s accounting practices, including indicators of possible bias in management judgments Evaluation of Financial Statements as a Whole 5

Question of whether more than one opinion may be expressed when management asserts that financial statements comply with two FRFs –E.g. national GAAP and IFRS Under ISA 700, two opinions may be expressed If financial statements represent compliance with one framework and disclose extent of compliance with another, express only one opinion –The additional disclosure cannot be differentiated from the rest of the financial statements Financial Statements Prepared in Accordance with Two Financial Reporting Frameworks 6

Describe management’s responsibility for financial statements in the audit report as it is described in terms of engagement Use wording in relevant law or regulation to describe management’s responsibility if equivalent in effect to wording in ISA 210 In any other case, use wording in ISA 210 to describe management’s responsibility in the audit report Description of Management’s Responsibility 7

Note This set of support slides does not amend or override the ISAs, the texts of which alone are authoritative. Reading the slides is not a substitute for reading the ISAs. The slides are not meant to be exhaustive and reference to the ISAs themselves should always be made. In conducting an audit in accordance with ISAs, the auditor is required to comply with all the ISAs that are relevant to the engagement. 8

Copyright © October 2010 by the International Federation of Accountants (IFAC). All rights reserved. Permission is granted to make copies of this work provided that such copies are for use in academic classrooms or for personal use and are not sold or disseminated and provided that each copy bears the following credit line: “Copyright © October 2010 by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Contact for permission to reproduce, store, or transmit this work.” Otherwise, written permission from IFAC is required to reproduce, store, or transmit, or to make other similar uses of, this work, except as permitted by law. Contact International Federation of Accountants ISBN: