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ISAs and ISQC 1

ISAs and ISQC 1
Respective responsibilities
1.	ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing
2.	ISA 210, Agreeing the Terms of Audit Engagements
3.	ISA 220, Quality Control for an Audit of Financial Statements
4.	ISA 230, Audit Documentation
5.	ISA 240, The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements
6.	ISA 250, Consideration of Laws and Regulations in an Audit of Financial Statements
7.	ISA 260, Communication with Those Charged with Governance
8.	ISA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
Audit planning
9.	ISA 300, Planning an Audit of Financial Statements
10.	ISA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment
11.	ISA 320, Materiality in Planning and Performing an Audit
12.	ISA 330, The Auditor's Responses to Assessed Risks
Internal Control
13.	ISA 402, Audit Considerations Relating to an Entity Using a Service Organization
14.	ISA 450, Evaluation of Misstatements Identified during the Audit
Audit evidence
15.	ISA 500, Audit Evidence
16.	ISA 501, Audit Evidence-Specific Considerations for Selected Items
17.	ISA 505, External Confirmations
18.	ISA 510, Initial Audit Engagements-Opening Balances
19.	ISA 520, Analytical Procedures
20.	ISA 530, Audit Sampling
21.	ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
22.	ISA 550, Related Parties
23.	ISA 560, Subsequent Events
24.	ISA 570, Going Concern
25.	ISA 580, Written Representations
Using work of other experts
26.	ISA 600, Special Considerations-Audits of Group Financial Statements (Including the Work of Component Auditors)
27.	ISA 610, Using the Work of Internal Auditors
28.	ISA 620, Using the Work of an Auditor's Expert
Audit conclusions and Audit report
29.	ISA 700, Forming an Opinion and Reporting on Financial Statements
30.	ISA 705, Modifications to the Opinion in the Independent Auditor's Report
31.	ISA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's Report
32.	ISA 710, Comparative Information-Corresponding Figures and Comparative Financial Statements
33.	ISA 720, The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements
Specialized areas
34.	ISA 800, Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
35.	ISA 805, Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
36.	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

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.

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