Chuẩn mực kiểm toán Quốc Tế phần I (Tiếng Anh)

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Chuẩn mực kiểm toán Quốc Tế phần I (Tiếng Anh)

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  1. International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 USA This publication was prepared by the International Federation of Accountants (IFAC). Its mission is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to high quality professional standards, furthering the international convergence of such standards and speaking out on public interest issues where the profession’s expertise is most relevant. This publication may be downloaded free-of-charge from the IFAC website http://www.ifac.org. The approved text is published in the English language. IFAC welcomes any comments you may have regarding this handbook. Comments may be sent to the address above or emailed to IAASBpubs@ifac.org. Copyright © March 2008 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 © March 2008 by the International Federation of Accountants (IFAC). All rights reserved. Used with permission of IFAC. Contact permissions@ifac.org for permission to reproduce, store, or transmit this document.” Otherwise, written permission from IFAC is required to reproduce, store or transmit, or to make other similar uses of, this document, except as permitted by law. Contact permissions@ifac.org. ISBN: 978-1-934779-06-4
  2. HANDBOOK OF INTERNATIONAL AUDITING, ASSURANCE, AND ETHICS PRONOUNCEMENTS 2008 EDITION PART II Scope of Part II of the Handbook Part II of the handbook contains background information on the project of the International Auditing and Assurance Standards Board (IAASB) to improve the clarity of its pronouncements (Clarity project), an amended Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, and the International Standards on Auditing that have been redrafted in accordance with the clarity conventions. Part I of the handbook contains background information on the International Federation of Accountants (IFAC) and the currently effective pronouncements on ethics, quality control, auditing, review, other assurance, and related services issued by IFAC as of January 1, 2008. How Part II of the Handbook is Arranged The contents of Part II of the handbook are arranged by section as follows: Background Information on the Clarity Project of the International Auditing and Assurance Standards Board ............................................................. 1 Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services (December 2006) ...................... 5 Glossary of Terms .......................................................................................... 12 Redrafted and Revised and Redrafted International Standards on Auditing .. 16
  3. BACKGROUND INFORMATION ON THE CLARITY PROJECT OF THE INTERNATIONAL AUDITING AND ASSURANCE STANDARDS BOARD Clarity and High Quality International Standards In serving the public interest, the International Auditing and Assurance Standards Board (IAASB) sets high quality international auditing and other assurance standards. The CLARITY PROJECT IAASB recognizes that standards need to be understandable, clear and capable of consistent application. These aspects of clarity serve to enhance the quality and uniformity of practice worldwide. In seeking to improve its standards, in 2003 the IAASB reviewed the drafting conventions used in its International Standards. The objective of the review was to identify ways to improve the clarity, and thereby the consistent application, of International Standards on Auditing (ISAs). In 2004, the IAASB began a comprehensive program to enhance the clarity of ISAs. This program involves the application of new drafting conventions to all ISAs, either as part of a substantive revision or through a limited redrafting to reflect the new conventions and matters of clarity generally. Amended Preface The IAASB has issued amendments to the Preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services (Preface). The Preface establishes the new conventions to be used in drafting ISAs and the obligations of auditors who follow those Standards. Improvements arising from the amended Preface broadly comprise: • Identifying the auditor’s overall objective when conducting an audit in accordance with ISAs, setting an objective in each ISA, and establishing an obligation on the auditor in relation to those objectives; • Clarifying the obligations imposed on auditors by the requirements of the ISAs and the language used to communicate such requirements; • Eliminating any possible ambiguity about the requirements an auditor needs to fulfill (such possible ambiguity arose from the use of the present tense in the current ISAs); and • Improving the overall readability and understandability of the ISAs through structural and drafting improvements, including presenting the requirements and application and other explanatory material in separate sections within the ISAs. Plan for Completing the Project The IAASB established a plan for completing the project by the end of 2008. This plan distinguishes revision and redrafting. The IAASB currently has 32 ISAs in issue. Of these: 1 CLARITY PROJECT
  4. BACKGROUND INFORMATION ON THE CLARITY PROJECT OF THE IAASB • 11 are under full revision and will be issued in the clarity form (for purposes of the handbook, they are referred to as “Revised and Redrafted”); • Nine have been revised in the last few years and are in no need of further revision, but will be redrafted in the clarity form (referred to as “Redrafted”); and • The other 12 have not been recently revised, but are considered acceptable; they will be redrafted in the clarity form without revision for any other matters (also referred to as “Redrafted”). The plan responds to the desire for all ISAs to be consistently drafted, and subject to a single statement of their authority and effect, while completing the Clarity project within a reasonable time. It also minimizes the time the IAASB will spend on the clarification of the older ISAs and ensures that the IAASB can turn its attention to other projects as soon as practicable. These other projects may include the full revision of some of the older ISAs if the clarity redrafting exercise, or the IAASB’s consultation on its future work program, highlights a need for this. The IAASB’s timetable to 2008, which is updated after each IAASB meeting, is available at www.ifac.org/IAASB/downloads/Current_IAASB_Project_Timetable.doc. Effective Date The redrafted or revised and redrafted ISAs will be effective for audits of financial statements for periods beginning on or after December 15, 2009. Implementation Considerations It is important that all those with responsibility for implementation activities consider the final ISAs as early as practicable. National standards setters, legislators and others involved in setting standards have been following the development of the ISAs and contributing to the process by commenting on exposure drafts. They will, therefore, be well placed to consider adoption or convergence plans that maximize the implementation period for auditors. IFAC member bodies and auditors, who have similarly been following the process, will want to consider what continuing professional development courses or other training materials need to be developed. Auditors will also need to consider the extent to which the new requirements within the ISAs call for amendments to current audit programs and procedures. The IAASB is releasing the final ISAs as they are approved, and after the Public Interest Oversight Board has confirmed that due process has been followed in the development of each Standard. The IAASB believes that publication of the ISAs in this way will assist in their translation, adoption and implementation. The IAASB accepts that there is a possibility of conforming amendments being necessary to released ISAs as other ISAs are redrafted or revised and redrafted, although this process will be completed before publication of the set of final ISAs in late 2008. Any such amendments are not expected to change the substance of the ISAs already approved, although they may have a small effect on their content. CLARITY PROJECT 2
  5. BACKGROUND INFORMATION ON THE CLARITY PROJECT OF THE IAASB Progress to Date At December 31, 2007, the IAASB has released the following final ISAs: • ISA 230 (Redrafted), “Audit Documentation” • ISA 240 (Redrafted), “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements” • ISA 260 (Revised and Redrafted), “Communication with Those Charged with Governance” CLARITY PROJECT • ISA 300 (Redrafted), “Planning an Audit of Financial Statements” • ISA 315 (Redrafted), “Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment” • ISA 330 (Redrafted), “The Auditor’s Responses to Assessed Risks” • ISA 540 (Revised and Redrafted), “Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures” • ISA 600 (Revised and Redrafted), “Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)” • ISA 720 (Redrafted), “The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements” At December 31, 2007, the IAASB has approved the following final ISAs. These ISAs are awaiting confirmation by the Public Interest Oversight Board that due process has been followed in their development. They will be released after such confirmation has been received: • ISA 560 (Redrafted), “Subsequent Events” • ISA 580 (Revised and Redrafted), “Written Representations” At December 31, 2007 the following exposure drafts of proposed redrafted or revised and redrafted ISAs have been issued. These ISAs have not yet been completed as final Standards: • ISA 200 (Revised and Redrafted), “Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing” • ISA 210 (Redrafted), “Agreeing the Terms of Audit Engagements” • ISA 220 (Redrafted), “Quality Control for an Audit of Financial Statements” and International Standard on Quality Control (ISQC) 1 (Redrafted), “Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements” • ISA 250 (Redrafted), “The Auditor’s Responsibilities Relating to Laws and Regulations in an Audit of Financial Statements” • ISA 265, “Communicating Deficiencies in Internal Control” 3 CLARITY PROJECT
  6. BACKGROUND INFORMATION ON THE CLARITY PROJECT OF THE IAASB • ISA 320 (Revised and Redrafted), “Materiality in Planning and Performing an Audit” • ISA 402 (Revised and Redrafted), “Audit Considerations Relating to an Entity Using a Third Party Service Organization” • ISA 450 (Revised and Redrafted), “Evaluation of Misstatements Identified during the Audit” • ISA 500 (Redrafted), “Considering the Relevance and Reliability of Audit Evidence” • ISA 501 (Redrafted), “Audit Evidence Regarding Specific Financial Statement Account Balances and Disclosures” • ISA 505 (Revised and Redrafted), “External Confirmations” • ISA 510 (Redrafted), “Initial Audit Engagements—Opening Balances” • ISA 520 (Redrafted), “Analytical Procedures” • ISA 530 (Redrafted), “Audit Sampling” • ISA 550 (Revised and Redrafted), “Related Parties” • ISA 570 (Redrafted), “Going Concern” • ISA 610 (Redrafted), “The Auditor’s Consideration of the Internal Audit Function” • ISA 620 (Revised and Redrafted), “Using the Work of an Auditor’s Expert” • ISA 700 (Redrafted), “The Independent Auditor’s Report on General Purpose Financial Statements” • ISA 705 (Revised and Redrafted), “Modifications to the Opinion in the Independent Auditor’s Report” • ISA 706 (Revised and Redrafted), “Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditor’s Report” • ISA 710 (Redrafted), “Comparative Information—Corresponding Figures and Comparative Financial Statements” • ISA 800 (Revised and Redrafted), “Special Considerations—Audits of Special Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement” • ISA 805 (Revised and Redrafted), “Engagements to Report on Summary Financial Statements” For redrafted or revised and redrafted ISAs released subsequent to December 31, 2007 and exposure drafts, visit the IAASB’s website at http://www.iaasb.org. CLARITY PROJECT 4
  7. PREFACE TO THE INTERNATIONAL STANDARDS ON QUALITY CONTROL, AUDITING, REVIEW, OTHER ASSURANCE AND RELATED SERVICES (Approved December 2006) (Effective as of December 15, 2009) CONTENTS Paragraph Introduction ................................................................................................... 1-2 The IAASB’s Pronouncements ...................................................................... 3 The Authority Attaching to International Standards Issued by the International Auditing and Assurance Standards Board ......................... 4-9 International Standards on Auditing .............................................................. 10-29 The Authority Attaching to Practice Statements Issued by the International AMENDED PREFACE Auditing and Assurance Standards Board .............................................. 30-31 Other Papers Published by the International Auditing and Assurance Standards Board ...................................................................................... 32 Language ..................................................................................................... 33 5 AMENDED PREFACE
  8. AMENDED PREFACE TO THE INTERNATIONAL STANDARDS ON QUALITY CONTROL, AUDITING, REVIEW, OTHER ASSURANCE AND RELATED SERVICES Introduction 1. This preface to the International Standards on Quality Control, Auditing, Review, Other Assurance and Related Services (International Standards or IAASB’s Standards) is issued to facilitate understanding of the scope and authority of the pronouncements the International Auditing and Assurance Standards Board (IAASB) issues, as set forth in the IAASB’s Terms of Reference. 2. The IAASB is committed to the goal of developing a set of International Standards which are generally accepted worldwide. IAASB members act in the common interest of the public at large and the worldwide accountancy profession. This could result in their taking a position on a matter that is not in accordance with current practice in their country or firm or not in accordance with the position taken by those who put them forward for membership of the IAASB. The IAASB’s Pronouncements 3. The IAASB’s pronouncements govern audit, review, other assurance and related services engagements that are conducted in accordance with International Standards. They do not override the local laws or regulations that govern the audit of historical financial statements or assurance engagements on other information in a particular country required to be followed in accordance with that country’s national standards. In the event that local laws or regulations differ from, or conflict with, the IAASB’s Standards on a particular subject, an engagement conducted in accordance with local laws or regulations will not automatically comply with the IAASB’s Standards. A professional accountant should not represent compliance with the IAASB’s Standards unless the professional accountant has complied fully with all of those relevant to the engagement. The Authority Attaching to International Standards Issued by the International Auditing and Assurance Standards Board 4. International Standards on Auditing (ISAs) are to be applied in the audit of historical financial information. 5. International Standards on Review Engagements (ISREs) are to be applied in the review of historical financial information. 6. International Standards on Assurance Engagements (ISAEs) are to be applied in assurance engagements dealing with subject matters other than historical financial information. 7. International Standards on Related Services (ISRSs) are to be applied to compilation engagements, engagements to apply agreed upon procedures to AMENDED PREFACE 6
  9. AMENDED PREFACE TO THE INTERNATIONAL STANDARDS ON QUALITY CONTROL, AUDITING, REVIEW, OTHER ASSURANCE AND RELATED SERVICES information and other related services engagements as specified by the IAASB. 8. ISAs, ISREs, ISAEs and ISRSs are collectively referred to as the IAASB’s Engagement Standards. 9. International Standards on Quality Control (ISQCs) are to be applied for all services falling under the IAASB’s Engagement Standards. International Standards on Auditing1 10. ISAs are written in the context of an audit of financial statements2 by an independent auditor.3 They are to be adapted as necessary in the circumstances when applied to audits of other historical financial information. 11. The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework. It is undertaken to enhance the degree of confidence of intended users in the financial statements. ISAs, taken together, provide the standards for the auditor’s work in fulfilling this objective. AMENDED PREFACE 12. In conducting an audit, the overall objective of the auditor is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to report on the financial statements in accordance with the auditor’s findings. In all cases when this overall objective has not been or cannot be achieved, the ISAs require that the auditor modifies the auditor’s opinion accordingly or withdraws from the engagement. 13. The auditor applies each ISA relevant to the audit. An ISA is relevant when the ISA is in effect and the circumstances addressed by the ISA exist. 14. The ISAs deal with the general responsibilities of the auditor, as well as the auditor’s further considerations relevant to the application of those responsibilities to specific topics. An ISA contains objectives and requirements together with related guidance in the form of application and other explanatory material. It may also contain introductory material that provides context essential to a proper understanding of the ISAs, and definitions. It is, therefore, necessary to consider the entire text of an ISA to understand and apply its requirements. 1 The terms and concepts in this Preface are explained further in the ISAs, in particular in [proposed] ISA 200 (Revised and Redrafted), “Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing.” 2 Unless otherwise stated, “financial statements” mean financial statements comprising historical financial information. 3 Referred to hereafter as “the auditor.” 7 AMENDED PREFACE
  10. AMENDED PREFACE TO THE INTERNATIONAL STANDARDS ON QUALITY CONTROL, AUDITING, REVIEW, OTHER ASSURANCE AND RELATED SERVICES ISA Objectives 15. Each ISA contains an objective or objectives, which provide the context in which the requirements of the ISA are set. The auditor aims to achieve these objectives, having regard to the interrelationships amongst the ISAs. For this purpose, the auditor uses the objectives to judge whether, having complied with the requirements of the ISAs, sufficient appropriate audit evidence has been obtained in the context of the overall objective of the auditor. Where an individual objective has not been or cannot be achieved, the auditor considers whether this prevents the auditor from achieving the auditor’s overall objective. Requirements 16. The requirements of each ISA are contained in a separate section and expressed using the word “shall.” The auditor applies the requirements in the context of the other material included in the ISA. 17. The auditor complies with the requirements of an ISA in all cases where they are relevant in the circumstances of the audit. In exceptional circumstances, however, the auditor may judge it necessary to depart from a relevant requirement by performing alternative audit procedures to achieve the aim of that requirement. The need for the auditor to depart from a relevant requirement is expected to arise only where the requirement is for a specific procedure to be performed and, in the specific circumstances of the audit, that procedure would be ineffective. 18. A requirement is not relevant only in the cases where: the ISA is not relevant; or the circumstances envisioned do not apply because the requirement is conditional and the condition does not exist. The auditor is not required to comply with a requirement that is not relevant in the circumstances of the audit; this does not constitute a departure from the requirement. Application and Other Explanatory Material 19. The application and other explanatory material contained in an ISA is an integral part of the ISA as it provides further explanation of, and guidance for carrying out, the requirements of an ISA, along with background information on the matters addressed in the ISA. It may include examples of procedures, some of which the auditor may judge to be appropriate in the circumstances. Such guidance is, however, not intended to impose a requirement. 20. Appendices, which form part of the application and other explanatory material, are an integral part of an ISA. The purpose and intended use of an appendix are explained in the body of the related ISA or within the title and introduction of the appendix itself. AMENDED PREFACE 8
  11. AMENDED PREFACE TO THE INTERNATIONAL STANDARDS ON QUALITY CONTROL, AUDITING, REVIEW, OTHER ASSURANCE AND RELATED SERVICES Introductory Material and Definitions 21. Introductory material may include, as needed, such matters as explanation of: the purpose and scope of the ISA, including how the ISA relates to other ISAs; the subject matter of the ISA; specific expectations on the auditor and others; and the context in which the ISA is set. 22. An ISA may include, in a separate section under the heading “Definitions,” a description of the meanings attributed to certain terms for purposes of the ISAs. These are provided to assist in the consistent application and interpretation of the ISAs, and are not intended to override definitions that may be established for other purposes, whether in law, regulation or otherwise. Unless otherwise indicated, those terms will carry the same meanings throughout the ISAs. The Glossary of Terms in the Handbook contains a complete listing of terms defined in the ISAs. It also includes descriptions of other terms found in ISAs to assist in common and consistent interpretation and translation. International Standards on Quality Control AMENDED PREFACE 23. ISQCs are written to apply to firms in respect of all their services falling under the IAASB’s Engagement Standards. The authority of ISQCs is set out in the introduction to the ISQCs. Other International Standards 24. The International Standards identified in paragraphs 5-7 contain basic principles and essential procedures (identified in bold type lettering and by the word “should”) together with related guidance in the form of explanatory and other material, including appendices. The basic principles and essential procedures are to be understood and applied in the context of the explanatory and other material that provides guidance for their application. It is therefore necessary to consider the entire text of a Standard to understand and apply the basic principles and essential procedures. 25. The basic principles and essential procedures of a Standard are to be applied in all cases where they are relevant in the circumstances of the engagement. In exceptional circumstances, however, a professional accountant may judge it necessary to depart from a relevant essential procedure in order to achieve the purpose of that procedure. When such a situation arises, the professional accountant is required to document how alternative procedures performed achieve the purpose of the procedure and, unless otherwise clear, the reasons for the departure. The need for the professional accountant to depart from a relevant essential procedure is expected to arise only where, in the specific circumstances of the engagement, that procedure would be ineffective. 26. Appendices, which form part of the application material, are an integral part of a Standard. The purpose and intended use of an appendix are explained in the 9 AMENDED PREFACE
  12. AMENDED PREFACE TO THE INTERNATIONAL STANDARDS ON QUALITY CONTROL, AUDITING, REVIEW, OTHER ASSURANCE AND RELATED SERVICES body of the related Standard or within the title and introduction of the appendix itself. Professional Judgment 27. The nature of the International Standards requires the professional accountant to exercise professional judgment in applying them. Applicability of the International Standards 28. The scope, effective date and any specific limitation of the applicability of a specific International Standard is made clear in the Standard. Unless otherwise stated in the International Standard, the professional accountant is permitted to apply an International Standard before the effective date specified therein. 29. International Standards are relevant to engagements in the public sector. When appropriate, additional considerations specific to public sector entities are included: (a) Within the body of an International Standard in the case of ISAs and ISQCs; or (b) In a Public Sector Perspective (PSP) appearing at the end of other International Standards. The Authority Attaching to Practice Statements Issued by the International Auditing and Assurance Standards Board 30. International Auditing Practice Statements (IAPSs) are issued to provide interpretive guidance and practical assistance to professional accountants in implementing ISAs and to promote good practice. International Review Engagement Practice Statements (IREPSs), International Assurance Engagement Practice Statements (IAEPSs) and International Related Services Practice Statements (IRSPSs) are issued to serve the same purpose for implementation of ISREs, ISAEs and ISRSs respectively. 31. Professional accountants should be aware of and consider Practice Statements applicable to the engagement. A professional accountant who does not consider and apply the guidance included in a relevant Practice Statement should be prepared to explain how: (a) The requirements in the ISAs; or (b) The basic principles and essential procedures in the IAASB’s other Engagement Standard(s), addressed by the Practice Statement, have been complied with. AMENDED PREFACE 10
  13. AMENDED PREFACE TO THE INTERNATIONAL STANDARDS ON QUALITY CONTROL, AUDITING, REVIEW, OTHER ASSURANCE AND RELATED SERVICES Other Papers Published by the International Auditing and Assurance Standards Board 32. Other papers, for example Discussion Papers, are published4 to promote discussion or debate on auditing, review, other assurance and related services and quality control issues affecting the accounting profession, present findings, or describe matters of interest relating to auditing, review, other assurance, related services and quality control issues affecting the accounting profession. They do not establish any basic principles or essential procedures to be followed in audit, review, other assurance or related services engagements. Language 33. The sole authoritative text of an exposure draft, International Standard, Practice Statement or other paper is that published by the IAASB in the English language. AMENDED PREFACE 4 The IAASB Chair will appoint a review group of four IAASB members to consider whether a draft paper has sufficient merit to be added to the IAASB’s literature. The draft paper may come from any source and the IAASB need not have specifically commissioned it. If the review group believes that the paper has sufficient merit, it recommends to the IAASB that the paper be published and added to its literature. 11 AMENDED PREFACE
  14. 1 GLOSSARY OF TERMS This Glossary of Terms brings together the definitions in the redrafted and revised and redrafted International Standards on Auditing (ISAs) contained in this part of the handbook. For terms that are not defined here, refer to the Glossary of Terms in the section on Auditing, Review, Other Assurance, and Related Services in Part I of the handbook. Upon completion of the Clarity project, this Glossary of Terms will include all the terms defined in the redrafted or revised and redrafted ISAs. A complete Glossary of Terms will be included in the 2009 edition of the handbook. Accounting estimate—An approximation of a monetary amount in the absence of a precise means of measurement. This term is used for an amount measured at fair value where there is estimation uncertainty, as well as for other amounts that require estimation. Assertions—Representations by management, explicit or otherwise, that are embodied in the financial statements, as used by the auditor to consider the different types of potential misstatements that may occur. Audit documentation—The record of audit procedures performed, relevant audit evidence obtained, and conclusions the auditor reached (terms such as “working papers” or “workpapers” are also sometimes used). Audit file—One or more folders or other storage media, in physical or electronic form, containing the records that comprise the audit documentation for a specific engagement. Auditor’s point estimate or auditor’s range—The amount, or range of amounts, respectively, derived from audit evidence for use in evaluating management’s point estimate. Business risk—A risk resulting from significant conditions, events, circumstances, actions or inactions that could adversely affect an entity’s ability to achieve its objectives and execute its strategies, or from the setting of inappropriate objectives and strategies. Component—An entity or business activity for which group or component management prepares financial information that should be included in the group financial statements. Component auditor—An auditor who, at the request of the group engagement team, performs work on financial information related to a component for the group audit. 1 In the case of public sector engagements, the terms in this glossary should be read as referring to their public sector equivalents. Where accounting terms have not been defined in the pronouncements of the International Auditing and Assurance Standards Board, reference should be made to the Glossary of Terms published by the International Accounting Standards Board. GLOSSARY 12
  15. GLOSSARY OF TERMS GLOSSARY Component management—Management responsible for preparing the financial information of a component. Component materiality—The materiality level for a component determined by the group engagement team. Estimation uncertainty—The susceptibility of an accounting estimate and related disclosures to an inherent lack of precision in its measurement. Experienced auditor—An individual (whether internal or external to the firm) who has practical audit experience, and a reasonable understanding of: (a) Audit processes; (b) ISAs and applicable legal and regulatory requirements; (c) The business environment in which the entity operates; and (d) Auditing and financial reporting issues relevant to the entity’s industry. Fraud—An intentional act by one or more individuals among management, those charged with governance, employees, or third parties, involving the use of deception to obtain an unjust or illegal advantage. Fraud risk factors—Events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Group—All the components whose financial information is included in the group financial statements. A group always has more than one component. Group audit—The audit of group financial statements. Group audit opinion—The audit opinion on the group financial statements. Group engagement partner—The partner or other person in the firm who is responsible for the group audit engagement and its performance, and for the auditor’s report on the group financial statements that is issued on behalf of the firm. Where joint auditors conduct the group audit, the joint engagement partners and their engagement teams collectively constitute the group engagement partner and the group engagement team. Group engagement team—Partners, including the group engagement partner, and staff who establish the overall group audit strategy, communicate with component auditors, perform work on the consolidation process, and evaluate the conclusions drawn from the audit evidence as the basis for forming an opinion on the group financial statements. Group financial statements—Financial statements that include the financial information of more than one component. The term “group financial statements” also refers to combined financial statements aggregating the financial information prepared by components that have no parent but are under common control. Group management—Management responsible for preparing and presenting the group financial statements. 13 GLOSSARY
  16. GLOSSARY OF TERMS Group-wide controls—Controls designed, implemented and maintained by group management over group financial reporting. Inconsistency—Other information that contradicts information contained in the audited financial statements. A material inconsistency may raise doubt about the audit conclusions drawn from audit evidence previously obtained and, possibly, about the basis for the auditor’s opinion on the financial statements. Internal control—The process designed, implemented and maintained by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity’s objectives with regard to reliability of financial reporting, effectiveness and efficiency of operations, and compliance with applicable laws and regulations. The term “controls” refers to any aspects of one or more of the components of internal control. Management—The person(s) with executive responsibility for the conduct of the entity’s operations. For some entities in some jurisdictions, management includes some or all of those charged with governance, for example, executive members of a governance board, or an owner-manager. Management is responsible for the preparation of the financial statements, overseen by those charged with governance, and in some cases management is also responsible for approving2 the entity’s financial statements (in other cases those charged with governance have this responsibility). Management bias—A lack of neutrality by management in the preparation and presentation of information. Management’s point estimate—The amount selected by management for recognition or disclosure in the financial statements as an accounting estimate. Misstatement of fact—Other information, that is unrelated to matters appearing in the audited financial statements that is incorrectly stated or presented. A material misstatement of fact may undermine the credibility of the document containing audited financial statements. Other information—Financial and non-financial information (other than the financial statements and the auditor’s report thereon) which is included, either by law, regulation or custom, in a document containing audited financial statements and the auditor’s report thereon. Outcome of an accounting estimate—The actual monetary amount which results from the resolution of the underlying transaction(s), event(s) or condition(s) addressed by the accounting estimate. 2 As described at paragraph [A43] of [proposed] ISA 700, (Redrafted), “The Independent Auditor’s Report on General Purpose Financial Statements,” having responsibility for approving in this context means having the authority to conclude that all the statements that comprise the financial statements, including the related notes, have been prepared. GLOSSARY 14
  17. GLOSSARY OF TERMS GLOSSARY Risk assessment procedures—The audit procedures performed to obtain an understanding of the entity and its environment, including the entity’s internal control, to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and assertion levels. Significant component—A component identified by the group engagement team (a) that is of individual financial significance to the group, or (b) that, due to its specific nature or circumstances, is likely to include significant risks of material misstatement of the group financial statements. Significant risk—An identified and assessed risk of material misstatement that, in the auditor’s judgment, requires special audit consideration. Substantive procedure—An audit procedure designed to detect material misstatements at the assertion level. Substantive procedures comprise: (a) Tests of details (of classes of transactions, account balances, and disclosures); and (b) Substantive analytical procedures. Test of controls—An audit procedure designed to evaluate the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion level. Those charged with governance—The person(s) or organization(s) (e.g., a corporate trustee) with responsibility for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes overseeing the financial reporting process. For some entities in some jurisdictions, those charged with governance may include management personnel, for example, executive members of a governance board of a private or public sector entity, or an owner-manager. In some cases, those charged with governance are responsible for approving3 the entity’s financial statements (in other cases management has this responsibility). 3 See footnote 2. 15 GLOSSARY
  18. REDRAFTED AND REVISED AND REDRAFTED INTERNATIONAL STANDARDS ON AUDITING CONTENTS Page 230 Audit Documentation (Redrafted) ............................................................. 17 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements (Redrafted) ................................ 31 260 Communication with Those Charged with Governance (Revised and Redrafted) .......................................................................................... 76 300 Planning an Audit of Financial Statements (Redrafted) ............................ 101 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment (Redrafted) ......................................................................................... 115 330 The Auditor’s Responses to Assessed Risks (Redrafted) .......................... 167 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures (Revised and Redrafted) ............ 190 600 Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) (Revised and Redrafted) .......................................................................................... 236 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements (Redrafted) ......................................................................................... 289 For information on the Clarity project of the International Auditing and Assurance Standards Board (IAASB) and to obtain redrafted or revised and redrafted ISAs released subsequent to December 31, 2007 and exposure drafts, visit the IAASB’s website at http://www.iaasb.org. 16
  19. INTERNATIONAL STANDARD ON AUDITING 230 (REDRAFTED) AUDIT DOCUMENTATION (Effective for audits of financial statements for periods beginning on or after December 15, 2009) CONTENTS Paragraph Introduction Scope of this ISA .................................................................................... 1-3 Effective Date ......................................................................................... 4 Objective ................................................................................................ 5 Definitions .............................................................................................. 6 Requirements Timely Preparation of Audit Documentation .......................................... 7 Documentation of the Audit Procedures Performed and Audit Evidence Obtained ........................................................................... 8-13 Assembly of the Final Audit File ............................................................ 14-16 Application and Other Explanatory Material Timely Preparation of Audit Documentation .......................................... A1 Documentation of the Audit Procedures Performed and Audit Evidence Obtained ........................................................................... A2-A20 AUDITING Assembly of the Final Audit File ............................................................ A21-A24 Appendix: Specific Audit Documentation Requirements in Other ISAs International Standard on Auditing (ISA) 230 (Redrafted), “Audit Documentation” should be read in conjunction with [proposed] ISA 200 (Revised and Redrafted), “Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing.” 17 ISA 230 (REDRAFTED)

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