Standards Explained
In 2018 I went through a mammoth project of reviewing and explaining almost every single Australian Auditing Standard. As standards are updated, I also try and make updated videos.
In developing your study notes – I’ve also developed this auditing standards template to help you take effective notes on the standards – whether you use ISAs (or a variant) or the US standards.
In 2021, The Australian Auditing Standards Board launched a new interactive portal to make it easier to read and search the standards. Here is my tour of the portal
Preparing for the audit
Planning the audit
Gathering evidence
Relying on the work of others
Audit opinions
Preparing for the audit
Planning the audit
Gathering Evidence
The entire 500 series of standards is focused on providing guidance for evidence collection.
Relying on the work of others
Auditors often engage the work of individuals or organisations outside of the immediate audit firm to help get the engagement completed. There are 3 standards that cover this area – 600 for group audits, 610 for internal auditors and 620 for when they hire an expert
Audit opinions
Opinions are the outcome of the audit process and you’ll need to carefully choose your audit opinion because they are a legal document – if you get it wrong, you open yourself to lawsuits!
The audit report is contained within the financial report – which itself is usually contained within the Annual Report – what do we do about all of this other information in the annual report? Are we required to evaluate it and provide assurance? My walk through of ASA 720 will provide guidance
There are some other standards I’ve yet to do – for example the 800s – make sure you subscribe to my channel to get the updates!