Isa 610 revised 2013 pdf

Isa 600 special considerationsaudits of group financial statements including the work of component auditors isa 610 using the work of internal auditors revised 20 isa 620 using the work of an auditors expert substantive differences between the international standards on auditing and generally accepted auditing standards. Conforming amendments to this isa as a result of isa 610 revised, using the work of internal auditors, will be effective for audits of financial statements for periods ending on or after december 15, 20. Isa 610 revised malaysian institute of accountants. Parallel to the incorporation of the isa 610 revised 20 direct assistance material in asa 610 revised we recommend that the revised engagement team definition in. Staffprepared basis for conclusions documents for each of the pronouncements included in the handbook can be accessed here. Experimental evidence on external auditor reliance on the. Consistent with extant isa 620, the definition of expert in proposed isa 620 revised and redrafted excludes persons or organizations possessing expertise in accounting or auditing.

A31 relationship between isa 315 revised and isa 610 revised 20 6. Isa 610 revised 20, using the work of internal auditors 673696 isa 620, using the work of an auditors expert 697717. The amendments clarify the relationship between an external auditors use of internal auditors to provide direct assistance on the external audit in accordance with the international auditing and assurance standards board iaasbs international standard on auditing isa 610 revised 20, using the work of internal auditors, and the. Isa 610 revised 20, using the work of internal auditors, establishes limits on the use of direct assistance. Isa 610 revised includes requirements and guidance addressing the external auditors responsibilities if using the work of an entitys internal audit function in obtaining audit evidence. Hksa 610 clarified using the work of internal auditors. Isa 700 revised, forming an opinion and reporting on financial. External auditors who make use of direct assistance provided by internal auditors should be alert to the extensive requirements and application material in the grey shaded paragraphs in isa 610 revised 20 using the work of internal auditors. It also defines the necessary work effort to obtain sufficient. Isa 610 revised using the work of internal auditors.

Revised requirements relating to the external auditor. Isa 610 revised 20, using the work of internal auditors 705728. The additional guidance for audits of governmental entities in paragraph a is. The 20 handbook contains two new standards issued by the iaasb since the 2012 edition. We agree with the requirements and application guidance for using internal auditors in a direct assistance capacity. Hksa 610 revised 20 using the work of internal auditors isa 610 revised 20 no additional local guidance is provided in footnote 1a of hksa 610 revised 20. International standard on auditing isa 230, audit documentation, should be read. International standard on auditing isa 610 revised 20, using the work of internal auditors, should be read in conjunction with isa 200, overall objectives of the independent auditor and the conduct of an audit in accordance with international standards on auditing. Psa 315 revised addresses how the knowledge and experience of the internal audit function can. Using the work of internal auditors acca qualification students. This international standard on auditing isa deals with the external auditors responsibilities.

The implementation and functioning of an internal audit in. Conformity with international standards on auditing. International standard on auditing isa 610 revised 20, using the work of internal auditors the material in isa 610 revised 20 pertaining to direct assistance is effective for audits of financial statements for periods ending on or after 15 december 2014. Comparison between hong kong and international quality. Exposure draft of proposed isa 620 revised and redrafted. Read or download 315 revised june 20, pdf identifying and. International standard on auditing isa 610 revised 20, using the work of internal auditors and related conforming amendments, 610march.

Isa 620, using the work of an auditors expert 703723. As noted above, the use of internal auditors does not appear to have detracted from overall audit quality and represents current and accepted engagement practice in the united states. International standard on auditing uk and ireland 610. Iaasb issues revised guidance on using internal auditors. Philippine standard on auditing 610 revised 20 using the work of internal auditors and. The board has now determined that the use of direct assistance will be permitted in south africa. The isa do not override laws or regulations that govern an audit of financial statements.

Reproduction of full text of final ifac publication. Are the differences between the proposed sas and isa 610 revised 20 identified in the exhibit, and other language changes, appropriate. The reliance decision of an external auditor has important economic consequences and implications for the efficiency and effectiveness of the annual audit. Hksa 620 using the work of an auditors expert isa 620 no no hksa 700 revised forming an opinion and reporting on financial statements isa 700 revised. Isa 610 revised 20, using the work of internal auditors 679702. Using the work of internal auditors and related conforming amendments hong kong standard on auditing 610 revised 20 hksa 610 revised 20 2012, december 2012, may 20. View notes isa 610 revised 20 from accounting act3240 at universiti putra malaysia. It also acknowledges that the external auditor may. Isa 610 revised is effective for audits of financial statements for periods ending on or after december 15, 20. Effective for audits of financial statements for periods ending on or after december 15, 20, except for material shaded in gray pertaining to the. Further, we support asbs revisions to paragraph 31 of isa 610 revised 20 as the proposed sas provides. Asa 610 november 20 auditing standard asa 610 using the work of internal auditors. This redraft is expected to be issued as a separate sas in late 20 or early 2014. Consistent with international standard on auditing isa 610 revised 20, using the work of internal auditors, sas no.

The 20 edition includes isa 610 revised 20 and conforming amendments, and isre 2400 revised. Ifac board isa 610 revised 20 july 20 international standard on auditing isa 610 revised 20. Using internal auditors to provide direct assistance. Isa 610 revised 20 prepared by the staff of the iaasb. Using the work of internal auditors acca qualification. Isa 620, using the work of an auditors expert 729749. Change to the definition of engagement team in the code. International standard on auditing isa 610, using the work of internal auditors should be read in conjunction with isa 200, overall objectives of the independent auditor and the conduct of an audit in accordance with international standards on auditing. Isa 610 revised 20, using the work of internal auditors ifac. Isa uk 610 revised june 20 4 accordance with isa uk 200 revised june 2016. International standards on auditing isa 610 revised, using the work of internal auditors. Isa 610 revised 20, using the work of internal auditors. Ed 610 asked respondents whether they believed it desirable for the scope of the isa to be. International standard on auditing uk isa uk 610 revised june 20, using the work of internal auditors, should be read in conjunction with isa uk 200 revised june 2016, overall objectives of the independent auditor and the conduct of an audit in accordance with international standards on auditing uk.

Isa 610 revised, using the work of internal auditors 3 introduction scope of this isa 1. Isa 315revised and isa 610revised home forums ask acca tutor forums ask the tutor acca advanced audit and assurance aaa exams isa 315revised and isa 610revised this topic has 7 replies, 3 voices, and was last updated 7 years, 4 months ago by mikelittle. With the revised version of isa 610 revised 20, external auditors now face both requirements and guidance addressing their responsibilities when relying on the internal audit function iaf. International standard on auditing isa 610, using the work of internal auditors was revised and published in 20. Isa 610 revised using the work of internal auditors with isa 315. The revised auditing standard, therefore, does not include the paragraphs relating to the use of internal auditors to provide direct assistance that are included in isa 610 revised 20 using the work of internal auditors and such paragraphs have been replaced with the words deleted by. The influence of external auditors working style, communication. At the time of issuing the revised isa 610 in 2012, the iaasb decided to only include provisions addressing the external auditors use of the work of the internal audit function, so as to allow the international ethics standards board for accountants iesba to expose complimentary amendments to the code of ethics for professional accountants. International auditing and assurance standards board.

Using the work of internal auditors using the work of internal auditors hong kong standard on auditing 610 hksa 610 issued july 2009. The implementation and functioning of an internal audit in an agriculture enterprise. Using the work of internal auditors and related conforming. The revisions from extant standards to convergewith isa 610 revised 20, using the work of internal auditors, are appropriate. Proposed international standards on auditing issued for comment by the international auditing and assurance standards board of the international federation of accountants. Frc prohibits the use of internal audit staff on the external audit team. The differences between the proposed sas and are isa 610 revised 20 appropriate. Isa 315 revised, identifying and ass understanding the entity and its environmey isa 200, overall objectives of the indepena with international standards on auditing, pa isa 610 revised 20 audit procedures to be perf011th a decision of the extemal audit fulthermore, the requirements apply if the extemal auditor do direct assistance.