{"product_id":"interpretation-and-application-of-international-standards-on-auditing-isbn-9780470661123","title":"Interpretation and Application of International Standards on Auditing","description":"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.  \u003cp\u003eInternational 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.\u003c\/p\u003e \u003cp\u003eRecognising 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.\u003c\/p\u003e \u003cbr\u003e \u003cbr\u003e  \u003cbr\u003e \u003cbr\u003e \u003cp\u003ePreface ix\u003c\/p\u003e \u003cp\u003eAcknowledgements xi\u003c\/p\u003e \u003cp\u003eAbout the Author xiii\u003c\/p\u003e \u003cp\u003e1 The History of Auditing 1\u003c\/p\u003e \u003cp\u003e2 TheClarityProject 7\u003c\/p\u003e \u003cp\u003e3 The Code of Ethics for Professional Accountants 15\u003c\/p\u003e \u003cp\u003e4 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\u003c\/p\u003e \u003cp\u003e5 ISA 210 (redrafted) Agreeing the Terms of Audit Engagements 35\u003c\/p\u003e \u003cp\u003e6 ISA 220 (redrafted) Quality Control for an Audit of Financial Statements 39\u003c\/p\u003e \u003cp\u003e7 ISA 230 (revised) Audit Documentation 45\u003c\/p\u003e \u003cp\u003e8 ISA 240 (redrafted) The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements 49\u003c\/p\u003e \u003cp\u003e9 ISA 250 (redrafted) Consideration of Laws and Regulations in an Audit of Financial Statements 63\u003c\/p\u003e \u003cp\u003e10 ISA 260 (revised and redrafted) Communication with Those Charged with Governance 69\u003c\/p\u003e \u003cp\u003e11 ISA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management 79\u003c\/p\u003e \u003cp\u003e12 ISA 300 (redrafted) Planning an Audit of Financial Statements 85\u003c\/p\u003e \u003cp\u003e13 ISA 315 (redrafted) Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and itsEnvironment 91\u003c\/p\u003e \u003cp\u003e14 ISA 320 (revised and redrafted) Materiality in Planning and Performing anAudit 121\u003c\/p\u003e \u003cp\u003e15 ISA 330 (redrafted) The Auditor’s Responses to Assessed Risks 127\u003c\/p\u003e \u003cp\u003e16 ISA 402 (revised and redrafted) Audit Considerations Relating to an Entity Using a Service Organisation 135\u003c\/p\u003e \u003cp\u003e17 ISA 450 (revised and redrafted) Evaluation of Misstatements Identified duringtheAudit 141\u003c\/p\u003e \u003cp\u003e18 ISA 500 (redrafted) Audit Evidence 145\u003c\/p\u003e \u003cp\u003e19 ISA 501 (redrafted) Audit Evidence — Specific Considerations for SelectedItems 157\u003cbr\u003e 20 ISA 505 (revised and redrafted) External Confirmations 165\u003c\/p\u003e \u003cp\u003e21 ISA 510 (redrafted) Initial Audit Engagements — Opening Balances 169\u003c\/p\u003e \u003cp\u003e22 ISA 520 (redrafted) Analytical Procedures 173\u003c\/p\u003e \u003cp\u003e23 ISA530(redrafted)AuditSampling 181\u003c\/p\u003e \u003cp\u003e24 ISA 540 (revised and redrafted) Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures 191\u003c\/p\u003e \u003cp\u003e25 ISA550(revisedandredrafted)RelatedParties 203\u003c\/p\u003e \u003cp\u003e26 ISA 560 (redrafted) Subsequent Events 213\u003c\/p\u003e \u003cp\u003e27 ISA 570 (redrafted) Going Concern 221\u003c\/p\u003e \u003cp\u003e28 ISA 580 (revised and redrafted) Management Representations 231\u003c\/p\u003e \u003cp\u003e29 ISA 600 (revised and redrafted) Special Considerations — Audits of Group Financial Statements (Including the Work of Component Auditors) 239\u003c\/p\u003e \u003cp\u003e30 ISA610(redrafted)UsingtheWorkofInternalAuditors 249\u003c\/p\u003e \u003cp\u003e31 ISA 620 (revised and redrafted) Using the Work of an Auditor’s Expert 253\u003c\/p\u003e \u003cp\u003e32 ISA 700 (revised) Forming an Opinion on the Financial Statements 257\u003c\/p\u003e \u003cp\u003e33 ISA 705 (revised and redrafted) Modifications to the Opinion in the Independent Auditor’s Report 265\u003c\/p\u003e \u003cp\u003e34 ISA 706 (revised and redrafted) Emphasis of Matter Paragraphs and Other Matter(s) Paragraphs in the Independent Auditors’ Report 269\u003c\/p\u003e \u003cp\u003e35 ISA 710 (redrafted) Comparative Information — Corresponding Figures and Comparative Financial Statements 273\u003c\/p\u003e \u003cp\u003e36 ISA 720 (redrafted) The Auditor’s Responsibilities Relating to Other Information in Documents Containing Audited Financial Statements 279\u003c\/p\u003e \u003cp\u003e37 ISA 800 (revised and redrafted) Special Considerations — Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks 283\u003c\/p\u003e \u003cp\u003e38 ISA 805 (revised and redrafted) Special Considerations — Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement 287\u003c\/p\u003e \u003cp\u003e39 ISA 810 (revised and redrafted) Engagements to Report on Summary Financial Statements 291\u003c\/p\u003e \u003cp\u003e40 The Framework for the Preparation and Presentation of Financial Statements 299\u003cbr\u003e 41 IFRS for Small and Medium Entities (SMEs) 307\u003c\/p\u003e \u003cp\u003e42 ISQC 1 ‘Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements’ 321\u003c\/p\u003e \u003cp\u003eAppendix 1: Overview of IFRS and IAS 335\u003c\/p\u003e \u003cp\u003eAppendix 2: Illustrative Audit Tests 433\u003c\/p\u003e \u003cp\u003eAppendix 3: Illustrative Financial Statements 445\u003c\/p\u003e \u003cp\u003eAppendix 4: Illustrative Auditor Report (UK and Ireland) 607\u003c\/p\u003e \u003cp\u003eIndex 617\u003c\/p\u003e  \u003cb\u003eSteven Collings FMAAT FCCA\u003c\/b\u003e 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 \u003ca href=\"http:\/\/www.wiley.com\/go\/Collings\"\u003ewww.wiley.com\/go\/Collings\u003c\/a\u003e   \"Steve Collings has written the definitive guide to the auditing standards. I cannot recommend this book highly enough. It should be on the desk of all auditors.\"\u003cbr\u003e \u003cb\u003eClare Finch\u003c\/b\u003e, author of \u003ci\u003eA Student's Guide to International Financial Reporting Standards\u003c\/i\u003e  \u003cp\u003e\"An excellent book packed full of examples allowing the user to apply the standards to practical situations, so often overlooked by many other technical manuals on auditing. Clearly written with the user in mind an invaluable aid to any practitioner engaged in auditing.\"\u003cbr\u003e \u003cb\u003eLes Leavitt\u003c\/b\u003e FCCA, Director, LWA Chartered Certified Accountants and Statutory Auditors.\u003c\/p\u003e \u003cp\u003e\"...the most comprehensive book on International Auditing Standards that I have seen. It is written in an accessible and easy to read style with straightforward explanations and clear examples. It is a ‘must have' for any practitioner who deals with audit.\"\u003cbr\u003e \u003cb\u003eAnnette Smyth\u003c\/b\u003e, MAAT ACCA\u003c\/p\u003e \u003cp\u003e\" A well-researched and accessible guide. The ISAs may well have been clarified, but in this risky, often complex and surprisingly subtle field, practitioners need a straight-talking handbook. You will turn to the appendices time and time again. Keep it by your side.\"\u003cbr\u003e \u003cb\u003eCaroline Fox\u003c\/b\u003e, BAACA\u003c\/p\u003e  In recent years auditing has undergone significant changes, 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.  \u003cp\u003eInternational 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.\u003c\/p\u003e \u003cp\u003eRecognising 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.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989451423973,"sku":"NP9780470661123","price":125.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470661123.jpg?v=1761784151","url":"https:\/\/k12savings.com\/es\/products\/interpretation-and-application-of-international-standards-on-auditing-isbn-9780470661123","provider":"K12savings","version":"1.0","type":"link"}