International Standards on Auditing (ISA) are professional standards for the

auditing An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing ...

of financial information. These standards are issued by the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L), ISA guides the auditor to add value to the assignment hence building confidence of investors. The standards cover various areas of auditing, including respective responsibilities,

audit planning Audit planning is a vital area of the audit, primarily conducted at the beginning of audit process, to ensure that appropriate attention is devoted to important areas, potential problems are promptly identified, work is completed expeditiously and w ...

, Internal Control, audit evidence, using the work of other experts, audit conclusions and

audit report An auditor's report is a formal opinion, or disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit, as an assurance service in order for the user to make decisions ...

s, and standards for specialized areas.

Use of the ISAs

* European Union: The Audit Directive of 17 May 2006 enforces the use of the ''International Standards on Auditing'' for all Statutory audits to be performed in the

European Union The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are located primarily in Europe, Europe. The union has a total area of ...

. The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international auditing standards. The Directive has given implementing powers to the

European Commission The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body ...

, in order to adopt "en bloc" the ISAs in accordance with the Council Decision of 28 June 1999, also known as the "Comitology Decision". * European Court of Auditors: the European Court of Auditors performs its audits in accordance with the IFAC and INTOSAI International Auditing Standards and Codes of Ethics, in so far as these are applicable in the

European Community The European Economic Community (EEC) was a regional organization created by the Treaty of Rome of 1957,Today the largely rewritten treaty continues in force as the ''Treaty on the functioning of the European Union'', as renamed by the Lis ...

context. *The

United Nations The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and security, develop friendly relations among nations, achieve international cooperation, and be a centre for harmoni ...

Board of Auditors (the external audit of the UN) has adopted the ISAs although this Board is composed of three Supreme Audit Institutions chairmen, usually using the '' INTOSAI Auditing Standards''.The INTOSAI Financial Audit Guidelines are based on the International Standards on Auditing (ISA) issued by the IAASB http://www.afrosai-e.org.za/HOME/Menu/TechnicalAdvancement/INTOSAIauditingstandards/tabid/82/Default.aspx

Notes and references

"The Clarified Standards"
International Federation of Accountants.

External links

List of the Standards (ISAs)
at ifac.org
Institution for public sector audit standards
Auditing standards International standards

Use of the ISAs

See also

Notes and references

External links