Financial Reporting Center
Substantive Differences Between the International Standards on Auditing and Generally Accepted Auditing Standards 200–299 ISA 200 ISA 210 ISA 220 ISA 230 ISA 240 ISA 250 ISA 260 ISA 265 300–499 ISA 300 ISA 315 ISA 320 ISA 330 ISA 402 ISA 450 500-599 ISA 500 ISA 501 ISA 505 ISA 510 ISA 520 ISA 530 ISA 540 ISA 550 ISA 560 ISA 570 ISA 580 600-699 ISA 600 ISA 610 ISA 620 GENERAL PRINCIPLES AND RESPONSIBILITIES Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing Agreeing the Terms of Audit Engagements Quality Control for an Audit of Financial Statements Audit Documentation The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements Consideration of Laws and Regulations in an Audit of Financial Statements Communication with Those Charged with Governance Communicating Deficiencies in Internal Control to Those Charged with Governance and Management RISK ASSESSMENT AND RESPONSE TO ASSESSED RISKS Planning an Audit of Financial Statements Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment Materiality in Planning and Performing an Audit The Auditor’s Responses to Assessed Risks Audit Considerations Relating to an Entity Using a Service Organization Evaluation of Misstatements Identified during the Audit AUDIT EVIDENCE Audit Evidence Audit Evidence—Specific Considerations for Selected Items External Confirmations Initial Audit Engagements—Opening Balances Analytical Procedures Audit Sampling Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures Related Parties Subsequent Events Going Concern (Not Converged)† Written Representations USING THE WORK OF OTHERS Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors) Using the Work of Internal Auditors (Not Converged) ‡ Using the Work of an Auditor’s Expert
700-799 ISA 700 ISA 705 ISA 706 ISA 710 ISA 720 800-899 ISA 800 ISA 805 ISA 810 †
AUDIT CONCLUSIONS AND REPORTING Forming an Opinion and Reporting on Financial Statements Modifications to the Opinion in the Independent Auditor’s Report Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report Comparative Information—Corresponding Figures and Comparative Financial Statements The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements SPECIALIZED AREAS Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement Engagements to Report on Summary Financial Statements
Statement on Auditing Standards (SAS) No. 126, The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern (Redrafted), redrafts AU section 341 so that it is consistent with the format of the other clarified SASs (SAS Nos. 122–125) that have been issued. SAS No. 126 has been included in section 570, as designated by SAS No. 122, Statements on Auditing Standards: Clarification and Recodification. The ASB decided to delay convergence of section 570 with ISA 570, Going Concern, however, pending the FASB’s anticipated development of accounting guidance addressing going concern. SAS No. 65, The Auditor’s Consideration of the Internal Audit Function in an Audit of Financial Statements, is currently effective and codified as AU section 322. SAS No. 65 has been included in section 610, as designated by SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, and will be superseded when it is redrafted for clarity and convergence with International Standard on Auditing 610 (Revised), Using the Work of Internal Auditors, as part of the Clarification and...