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Interpretation and Application of International Standards on Auditing by Steven Collings

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ISA 200 (REVISED AND REDRAFTED) OVERALL OBJECTIVES OF THE INDEPENDENT AUDITOR AND THE CONDUCT OF AN AUDIT IN ACCORDANCE WITH INTERNATIONAL STANDARDS ON AUDITING

ISA 200 (revised and redrafted) deals with the independent auditor’s responsibilities when conducting an audit of financial statements in accordance with the International Standards on Auditing (ISAs). ISA 200 sets out the objectives of the independent auditor and also explains the nature and scope of an audit which will enable the independent auditor to meet the objectives. This ISA is considered such a fundamental ISA that all the other ISAs refer to them being read in conjunction with this ISA.

In all respects, the auditor is required to comply with the ISAs and ISA 200 explains the auditor’s responsibility to ensure that an audit of financial statements must be undertaken in accordance with the ISAs. The ISAs do not address issues that the auditor is required to comply with that may exist in various legislations (for example, Companies Acts) and the auditor should ensure that they comply with all relevant legal, regulatory or professional obligations.

Illustration

The year-end financial statements of Parsonova Enterprises Limited, a company based in the UK, have been prepared but no disclosure has been made in the financial statements showing the total amount of directors’ remuneration that has been paid to the directors in the year. The directors do not wish to include such disclosure because they believe such ...

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