PSA (copy)

Topics: Auditing, International Financial Reporting Standards, Financial statements Pages: 56 (11200 words) Published: August 11, 2014
INTERNATIONAL STANDARD ON AUDITING 200
OVERALL OBJECTIVES OF THE INDEPENDENT AUDITOR
AND THE CONDUCT OF AN AUDIT IN ACCORDANCE WITH
INTERNATIONAL STANDARDS ON AUDITING
(Effective for audits of financial statements for periods
beginning on or after December 15, 2009)

CONTENTS
Paragraph
Introduction
Scope of this ISA ......................................................................................

1−2

An Audit of Financial Statements .............................................................

3−9

Effective Date ...........................................................................................

10

Overall Objectives of the Auditor ..........................................................

11−12

Definitions ................................................................................................

13

Requirements
14

Professional Skepticism ............................................................................

15

Professional Judgment ..............................................................................

16

Sufficient Appropriate Audit Evidence and Audit Risk ............................

17

Conduct of an Audit in Accordance with ISAs .........................................

18−24

Application and Other Explanatory Material
An Audit of Financial Statements .............................................................

A1−A13

Ethical Requirements Relating to an Audit of Financial Statements ........

A14−A17

Professional Skepticism ............................................................................

A18−A22

Professional Judgment ..............................................................................

A23−A27

Sufficient Appropriate Audit Evidence and Audit Risk ............................

A28−A52

Conduct of an Audit in Accordance with ISAs .........................................

A53−A76

71

ISA 200

AUDITING

Ethical Requirements Relating to an Audit of Financial Statements ........

OVERALL OBJECTIVES OF THE INDEPENDENT AUDITOR AND THE CONDUCT OF AN AUDIT IN ACCORDANCE WITH INTERNATIONAL STANDARDS ON AUDITING

Introduction
Scope of this ISA
1.

This International Standard on Auditing (ISA) deals with the independent auditor’s overall responsibilities when conducting an audit of financial statements in accordance with ISAs. Specifically, it sets out the overall objectives of the independent auditor, and explains the nature and scope of an audit designed to enable the independent auditor to meet those objectives. It also explains the scope, authority and structure of the ISAs, and includes requirements establishing the general responsibilities of the independent auditor applicable in all audits, including the obligation to comply with the ISAs. The independent auditor is referred to as “the auditor” hereafter.

2.

ISAs are written in the context of an audit of financial statements by an auditor. They are to be adapted as necessary in the circumstances when applied to audits of other historical financial information. ISAs do not address the responsibilities of the auditor that may exist in legislation, regulation or otherwise in connection with, for example, the offering of securities to the public. Such responsibilities may differ from those established in the ISAs. Accordingly, while the auditor may find aspects of the ISAs helpful in such circumstances, it is the responsibility of the auditor to ensure compliance with all relevant legal, regulatory or professional obligations.

An Audit of Financial Statements
3.

The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements. This is achieved by the expression of an opinion by the auditor on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework. In the case of most general...
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