Project Main Details
1.5 Why are ISAs Important?
Auditing has become one of the most discussed topics in the business today. Every country performs audits on a daily basis. Although it may seem how one country audits should not matter to the rest of the world, it does matter for many reasons.
Here is your first question for this program. Check all the reasons why you believe it is important to have a consistent audit approach tightly aligned to international standards on auditing.
1.6 What is ISA and Why is it Important to You?
Lets discuss where the ISAs come from, and who created them.
So, what is ISA?
ISA stands for International Standards on Auditing. The ISAs are professional standards for the performance of financial audits. These standards are issued by International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB).
Some countries adopt the ISAs directly as their definitive auditing standards. Other countries have developed their own form of standard and base those on ISAs to varying degrees, or they have plans in place to conform to the ISAs in the near future.
So, what is the relevance of this Introduction to ISA program to you? Increasingly, more countries are progressing with compliance with the ISAs because they are the globally recognized auditing standards. Also, our future audit methodology will be closely aligned with the ISAs in both content and terminology. In order to use our future audit methodology efficiently for all types and sizes of audit clients, all auditors will need a detailed knowledge of the ISAs.
To summarize, ISAs provide consistency, quality and confidence in the tasks performed within the audits for our investors and stakeholders. Increasing your understanding of the ISAs will increase your confidence and accuracy in applying of the ISAs throughout the audit. This will result in improved audit quality and global consistency in our audits.
1.7 Introduction to ISA Program Overview
Before we get started, let’s give you an overview of what we will be covering. We will begin with a deeper description of the ISAs—their purpose, how they were developed and your role in conducting an audit under ISA standards. Next, we will give you a chance to review the objectives of all 36 ISAs and discuss their format. This will be followed by a walk-through of the stages of an audit, as defined by our new audit approach, and a review of examples of how ISAs would apply at particular stages. Lastly, we will look at an actual engagement scenario where the application of relevant ISAs enhances audit quality.
1.8 Program Objectives
After completing this program, you will be able to:
• Identify the importance of the International Standards on Auditing (ISA) in conducting an efficient and compliant judgment-based audit
• Recognize the various sections of the ISA format
• Identify the five stages of an audit, and
• Recognize how the ISAs impact your audits
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