Written by Steven Collings, winner of Accounting Technician of the
Year at the British Accountancy Awards 2011, this book deals
with the significant changes auditing has undergone in recent
years, due in large part to well-publicised corporate disasters
such as Enron and Parmalat, which have shaken the profession. In
response, many countries have replaced pre-existing domestic
standards with International Standards on Auditing (ISAs) in an
attempt to ensure that auditors throughout the world apply the same
level of standards during all audit assignments, and that audit
quality remains consistent on a global basis.
International Standards on Auditing are frequently updated to
improve and clarify their application throughout the audit and
accounting profession. They can be extremely complex and difficult
to apply in real life situations. It is essential to apply the
standards with sufficient rigor to enable an efficient audit to
take place, to satisfy the regulators and ensure that the client
receives and audit which is beneficial, cost effective, and which
conforms to the prescribed framework; however, auditors are often
criticised for failing to do so.
Recognising that auditing is not always an exact science, and
that in many cases the auditor is called upon to make a judgement
in situations open to differing opinions, this book takes a
practical and pragmatic approach to following International
Standards on Auditing. Steve Collings looks at the full ISAs in
their final form, as reissued following the IAASB ‘Clarity
Project’, and give auditors guidance on how to interpret and apply
them in real life situations. Each redrafted or rewritten ISA is
dealt with in a separate chapter, containing case studies and
illustrative examples. The book also covers the regulatory
framework of auditing and gives a summary of the five ethical
standards applicable to auditors, as mapped by the IAASB. Detailed
appendices provide an overview of IFRS and IAS, illustrative audit
tests and illustrative financial statements.
Cuprins
Preface.
Acknowledgements.
About the Author.
1 The History of Auditing.
2 The Clarity Project.
3 The Code of Ethics for Professional Accountants.
4 ISA 200 (revised and redrafted) Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing.
5 ISA 210 (redrafted) Agreeing the Terms of Audit Engagements.
6 ISA 220 (redrafted) Quality Control for an Audit of Financial Statements.
7 ISA 230 (revised) Audit Documentation.
8 ISA 240 (redrafted) The Auditor’s Responsibilities Relating to Fraud
in an Audit of Financial Statements.
9 ISA 250 (redrafted) Consideration of Laws and Regulations in an Audit of Financial Statements.
10 ISA 260 (revised and redrafted) Communication with Those Charged with Governance.
11 ISA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management.
12 ISA 300 (redrafted) Planning an Audit of Financial Statements.
13 ISA 315 (redrafted) Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity andits Environment.
14 ISA 320 (revised and redrafted) Materiality in Planning and Performing an Audit.
15 ISA 330 (redrafted) The Auditor’s Responses to Assessed Risks.
16 ISA 402 (revised and redrafted) Audit Considerations Relating to an Entity Using a Service Organisation.
17 ISA 450 (revised and redrafted) Evaluation of Misstatements Identified during the Audit.
18 ISA 500 (redrafted) Audit Evidence.
19 ISA 501 (redrafted) Audit Evidence – Specific Considerations for Selected Items.
20 ISA 505 (revised and redrafted) External Confirmations.
21 ISA 510 (redrafted) Initial Audit Engagements – Opening Balances.
22 ISA 520 (redrafted) Analytical Procedures.
23 ISA 530 (redrafted) Audit Sampling.
24 ISA 540 (revised and redrafted) Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures.
25 ISA 550 (revised and redrafted) Related Parties.
26 ISA 560 (redrafted) Subsequent Events.
27 ISA 570 (redrafted) Going Concern.
28 ISA 580 (revised and redrafted) Management Representations.
29 ISA 600 (revised and redrafted) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors).
30 ISA 610 (redrafted) Using the Work of Internal Auditors.
31 ISA 620 (revised and redrafted) Using the Work of an Auditor’s Expert.
32 ISA 700 (revised) Forming an Opinion on the Financial Statements.
33 ISA 705 (revised and redrafted) Modifications to the Opinion in the Independent Auditor’s Report.
34 ISA 706 (revised and redrafted) Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditors’ Report.
35 ISA 710 (redrafted) Comparative Information – Corresponding Figures and Comparative Financial Statements.
36 ISA 720 (redrafted) The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements.
37 ISA 800 (revised and redrafted) Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.
38 ISA 805 (revised and redrafted) Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement.
39 ISA 810 (revised and redrafted) Engagements to Report on Summary Financial Statements.
40 The Framework for the Preparation and Presentation of Financial Statements.
41 IFRS for Small and Medium Entities (SMEs).
42 ISQC 1 ‘Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements’.
Appendix 1: Overview of IFRS and IAS.
Appendix 2: Illustrative Audit Tests.
Appendix 3: Illustrative Financial Statements.
Appendix 4: Illustrative Auditor Report (UK and Ireland).
Index.
Despre autor
Steven Collings FMAAT FCCA is the Audit and Technical
Director at Leavitt Walmsley Associates Limited, Manchester, UK. He
specialises in auditing and financial reporting issues and has been
writing professionally for several years. He is a partner in the
website Accountancy Students.co.uk, which caters for student
accountants of all professional bodies, and writes extensively for
Accounting WEB.co.uk on financial reporting and auditing issues.
Steven lectures on all aspects of financial reporting and auditing
issues and regularly speaks at events held for accountants in
practice. Some examples of Steven’s articles can be found on the
book’s companion website href=’http://www.wiley.com/go/Collings’>www.wiley.com/go/Collings
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