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ISA's > ISA's by Description > Flashcards

ISA's by Description Flashcards

1
Q

ISA 200

A

Obtained RA that FS are free from MM whether by fraud or error. SAAE on compliance with Laws & Regs. RA is high level of assurance, when AR acceptable.

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2
Q

ISA 210

A

Objective/Scope, Responsibilities, what FRS, what deliverables

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3
Q

ISA 220

A

Appropriate standard/risk reduced to acceptabel level (give risky stuff to senior)

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4
Q

ISQC 1

A

Comply w/ code of ethics. Building blocks: Leadership,HR,Performance,Ethics,GTAC,Monitoring

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5
Q

ISA 230

A

No docs->no evidence->no review->review important. Easy 4 experienced external auditor 2 review.

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6
Q

ISA 240

A

Fraud is intentional (FR or misappropriation). Primary resp w/ mgmt (prevention through adaquate controls). Secondary w/ auditors (RA no MM, skeptical). If fraud - material?, additional testing/JE’s, revise CRA, rely on reps?

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7
Q

ISA 250

A

Understand/enquire/inspect/reps. Report to directors, audit committee, 3rd parties if public interest, MLRO. Only in audit report if M affects FS.

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8
Q

ISA 260

A

SADs, indi, wording of modifications, reps, responsibilities, difficulties, view on sig acc pol

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9
Q

ISA 265

A

To management if indv/colective material IN WRITING. Describe failure, effect on FS/audit

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10
Q

ISA 300

A

STRAT: Scope (ASM), timing, mgmt . PLAN: CRA/NT&E (w,w,h,w) to reduce audit risk (IRxCRxDR) i.e. ROWOpinion. Flex.

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11
Q

ISA 315

A

Do a UBT by equiry/AR/news. Look at competition/industry/regs/ops/ownership/investments/A&A/GAAP/KPIs/objs

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12
Q

ISA 330

A

See ISA 300 (lower DR - complex to seniors/?reliance on IC/#steps/#samples/AR/experts

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13
Q

ISA 320

A

Material iff omission/misstatement could influence economic decision. Rev 0.5, Assets 1, PBT 5. Consider FS as a whole, unique circumstances, user req. PlanM <M to assist sampling/lower aggregation M.

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14
Q

ISA 402

A

Undstd contract(nature,value,interaction), controls/reviewed by client. Effect on Audit Risk. Get Type 1/2 Report. Visit?

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15
Q

ISA 450

A

Create SAD -> cum.material? -> revise ISA 300. Report timely & request all adj. If mgmt won’t -> revise ISA320, report TTCWGov,req reps.

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16
Q

ISA 500

A

SAAE for reasonable conc to base opinion. SUF = quantity, APPRO = quality (relevant & reliable – ext>int,IC>non,direct>ext,written>verbal)

17
Q

ISA 501

A

STOCK: Attend,asses instructions,observe,test,tie through. LITIGATION: Equire, board mins, in TB/PL. P&D OF SEG - understand, AR, test

18
Q

ISA 505

A

Considerered reliable iff maintain control. If mgmt refuse then CWTCWG (ISA260)

19
Q

ISA 520

A

Check FS consistent w/ understanding. Do a checker, Subsqt Events, Going concern review, management rep etc.

20
Q

ISA 530

A

Similar to ISA 500. SUF & APP samples for reas conc on pop. Think what affects Microstart (CRA/TE/extrapolate/statistical)

21
Q

ISA 540

A

SAAE estimates are reas. Document understanding (inputs/outputs,models,assumptions,controls,experts), Test, Reps

22
Q

ISA 550

A

Disclose entities and nature who have control/sig infl (even if no transactions or no value - hence materiality irrelevent). Review obvs stuff.

23
Q

ISA 560

A

ACTIVE DUTY to audit report (SAAE on ALL events). PASSIVE to FS issue (if aware ? report). Think EY (board mins, mgmt acc, reps, news)

24
Q

ISA 570

A

Fundamental: When Planning/Performing/Evaluating, auditor shud consider mgmts use of going concern assumption. Mgmt req’d to assess.

25
Q

ISA 580

A

General (directors’ resp) + Specific (RPT w/ dir, ADC issues). Mgmt Write. Not substitute for corroborative evidence.

26
Q

ISA 600

A

Acceptance - can we get SAAE? rely on component auditor? what about amounts not audited? (>15% = sig). QUESTIONAIRE to assess if Competent (indi, skill, competence, knowledge, exp, resources, reputation)

27
Q

ISA 610

A

SUFF understanding of IA (can we rely). Eval FUNCTION (size,scope,competence,qualis) and WORK (did they SAAE,same conc,review?)

28
Q

ISA 620

A

Almost identical to ISA 610. Review work and findings.

29
Q

ISA 700

A

Indi auditors rep ‘We have audited XYZ’. Mgmt Resp ‘Mgmt resp for prep under IFRS, IC, etc’. Auditors Resp ‘We used ISAs, RAffMM’ [closing expectation gap]. Opinion ‘In our opinion, FS are true and fair’. If listed then compliance w/ UK Code on CG). More optional discl nowadays.

30
Q

ISA 705

A

Dont fully show true and fair / Auditor doesnt have SAAE.

31
Q

ISA 706

A

True and Fair BUT bring to attention XYZ

32
Q

ISA 710

A

SAAE comparatives consistent (disclose if not), comparatives agree with PY FS.

33
Q

ISA 720

A

MM in unaudited info (does NOT affect opinion) -> Other Matter Paragraph

ISA's (2 decks)

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