Interpretation and Application of International Standards on Auditing

Front Cover
John Wiley & Sons, Jun 1, 2011 - Business & Economics - 648 pages
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.





 

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Contents

The Histopy of Auditing
The Clarity Proiect
ISA 710 redrafted Comparative
The Code of Ethics for Professional
ISA 250 redraftedi Consideration of Laws
ISA 265 Communicating Deficiencies
ISA 300 redrafted Planning an Audit
ISA 330 redrafted The Auditors
ISA 570 redrafted Going Concern
ISA 580 revised and redraftedl
ISA 600 revised and redraftedl Special
Statements Including the Work of Component
ISA 700 revised Forming an Opinion
ISA 706 revised and redraftedi
ISA 720 redrafted The Auditors
ISA 805 revised and redraftedl Special

ISA 402 revised and redraftedl Audit
APPENDIX TO ISA 315 ILL US TRA TIVE PLANNING
JUDGEMENTAL MISSTA TEMENTS
OPENING BALANCES
ISA 520 redraftedi Analytical
ISA 530 redraftedi Audit Sampling
ISA 540 revised and redraftedi Auditing
The Framework for the Preparation
BORROWING COSTS
ISQC 1 Quality Control for Firms that
OMPARA TIVES
Illustrative Auditor Report UK
Index
Copyright

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About the author (2011)

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

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