International Standards on Auditing (ISA) are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants.

List of the Standards (ISAs) Information

ISA 200 Objective and General Principles Governing an Audit of Financial Statements

• Audit objective, Audit opinion, Listing rules, Companies Act 1985, Statutory audit, Agency theory

ISA 210 Terms of Audit Engagements

• Engagement Letter, Audit scope, Respective responsibilities

ISA 220R Quality Control for Audits of Historical Financial Information

• Audit checklist, Job rotation, Non-audit services, proper supervisory, Conflict of interest

ISA 230 Documentation

• Audit files

ISA 240 The Auditor's Responsbility to Consider Fraud in an Audit of Financial Statements

• Fraud, Management integrity, Respective responsibility of directors and auditor.

ISA 250 Consideration of Laws and Regulations in an Audit of Financial Statements

• Listing rules

ISA 260 Communications of Audit Matters with Those Charged with Governence

• Audit Committee, Corporate governance

ISA 300 Planning and Audit of Financial Statements

• Audit plan, Time budget, Analytical Review at audit planning stage. To consider risk and materiality and then determine the nature, timing and extent of audit procedures. Sample size.
• Continuous audit, Interim audit and Final audit. Risk-based approach, System-based approach.

ISA 315 Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement

• Business nature, Inherent Risk

ISA 330 The Auditor's Procedures in Response to Assessed Risks

• Risk Assessment, Business Risk, Audit Risk, Inherent Risk, Control Risk

ISA 402 Audit Considerations Relating to Entities Using Service Organisations

• Outsourcing, Objective, Independence, Experience, Compliance

ISA 500 Audit Evidence

• Third party, Independence, sufficient and adequate evidence.

ISA 501 Audit Evidence - Additional Considerations for Specific Items

• Cost and benefit, Reliability

ISA 505 External Confirmations

• Bank confirmation

ISA 510 Initial Engagements - Opening Balances

• Initial Engagement, Opening balance

ISA 520 Analytical Procedures

• Accounting Ratios, Budget

ISA 530 Audit Sampling and Other Means of Testing

• Audit Risk, Random Sampling

ISA 545 Auditing Fair Value Measurements and Disclosures

• Fair Value

ISA 550 Related Parties

• Associated company, Group

ISA 560 Subsequent Events

• Purchase cycle and Payment, Sales cycle and Receipt, Payroll cycle and Production cycle etc. Events after the balance sheet date.

ISA 570 Going Concern

• Valuation, less than one year.

ISA 580 Management Representations

• Management Respresentations, Evidence

ISA 600 Using the Work of Another Auditor

• Group audit

ISA 610 Considering the Work of Internal Auditing

• Objective, Independence, Internal audit, Control risk, Review of the economy, efficiency and effectiveness of operations. External laws and regulations compliance. Walk through test of internal policy and procedures.

ISA 620 Using the Work of an Expert

• Independence, Objective, Relevance, Materiality

ISA 700 The Auditor's Report on Financial Statements

• True and fair view, Modified opinion, Qualified audit report. Expectations gap

Contents of auditors' report

1. Name of addressee
2. Scope paragraph
3. Respective responsibilities of directors and auditors
4. Basis of opinion
5. Opinion
6. Signature and name of auditors
7. Date of auditors' report

ISA 710 Comparatives

• Opening balance, Closing balance

ISA 720 Other Information in Documents Containing Audited Financial Statements

• Chairman report

ISA 800 The Auditor's Report on Special Purpose Audit Engagements

• Scope, particular users of the report, Audit risk, Materiality, Professional liability

External link

• IFAC Represents 2 500 000 accountants in 120 countries
• List of the Standards (ISAs)
• HKICPA Members' handbook