Interpretation and Application of International Standards on Auditing
John Wiley & Sons Inc (Verlag)
9780470661123 (ISBN)
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.
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 AccountancyStudents.co.uk, which caters for student accountants of all professional bodies, and writes extensively for AccountingWEB.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 www.wiley.com/go/Collings
Preface ix
Acknowledgements xi
About the Author xiii
1 The History of Auditing 1
2 TheClarityProject 7
3 The Code of Ethics for Professional Accountants 15
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 25
5 ISA 210 (redrafted) Agreeing the Terms of Audit Engagements 35
6 ISA 220 (redrafted) Quality Control for an Audit of Financial Statements 39
7 ISA 230 (revised) Audit Documentation 45
8 ISA 240 (redrafted) The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements 49
9 ISA 250 (redrafted) Consideration of Laws and Regulations in an Audit of Financial Statements 63
10 ISA 260 (revised and redrafted) Communication with Those Charged with Governance 69
11 ISA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management 79
12 ISA 300 (redrafted) Planning an Audit of Financial Statements 85
13 ISA 315 (redrafted) Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and itsEnvironment 91
14 ISA 320 (revised and redrafted) Materiality in Planning and Performing anAudit 121
15 ISA 330 (redrafted) The Auditor’s Responses to Assessed Risks 127
16 ISA 402 (revised and redrafted) Audit Considerations Relating to an Entity Using a Service Organisation 135
17 ISA 450 (revised and redrafted) Evaluation of Misstatements Identified duringtheAudit 141
18 ISA 500 (redrafted) Audit Evidence 145
19 ISA 501 (redrafted) Audit Evidence — Specific Considerations for SelectedItems 157
20 ISA 505 (revised and redrafted) External Confirmations 165
21 ISA 510 (redrafted) Initial Audit Engagements — Opening Balances 169
22 ISA 520 (redrafted) Analytical Procedures 173
23 ISA530(redrafted)AuditSampling 181
24 ISA 540 (revised and redrafted) Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 191
25 ISA550(revisedandredrafted)RelatedParties 203
26 ISA 560 (redrafted) Subsequent Events 213
27 ISA 570 (redrafted) Going Concern 221
28 ISA 580 (revised and redrafted) Management Representations 231
29 ISA 600 (revised and redrafted) Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors) 239
30 ISA610(redrafted)UsingtheWorkofInternalAuditors 249
31 ISA 620 (revised and redrafted) Using the Work of an Auditor’s Expert 253
32 ISA 700 (revised) Forming an Opinion on the Financial Statements 257
33 ISA 705 (revised and redrafted) Modifications to the Opinion in the Independent Auditor’s Report 265
34 ISA 706 (revised and redrafted) Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditors’ Report 269
35 ISA 710 (redrafted) Comparative Information — Corresponding Figures and Comparative Financial Statements 273
36 ISA 720 (redrafted) The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements 279
37 ISA 800 (revised and redrafted) Special Considerations — Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 283
38 ISA 805 (revised and redrafted) Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 287
39 ISA 810 (revised and redrafted) Engagements to Report on Summary Financial Statements 291
40 The Framework for the Preparation and Presentation of Financial Statements 299
41 IFRS for Small and Medium Entities (SMEs) 307
42 ISQC 1 ‘Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements’ 321
Appendix 1: Overview of IFRS and IAS 335
Appendix 2: Illustrative Audit Tests 433
Appendix 3: Illustrative Financial Statements 445
Appendix 4: Illustrative Auditor Report (UK and Ireland) 607
Index 617
| Erscheint lt. Verlag | 4.3.2011 |
|---|---|
| Reihe/Serie | Wiley Regulatory Reporting |
| Verlagsort | New York |
| Sprache | englisch |
| Maße | 183 x 231 mm |
| Gewicht | 1202 g |
| Themenwelt | Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen |
| ISBN-13 | 9780470661123 / 9780470661123 |
| Zustand | Neuware |
| Informationen gemäß Produktsicherheitsverordnung (GPSR) | |
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