What are audit standards? (200 and 300) -(Accounting and finance)

 Auditing standards are divided in series of following:

What are audit standards? (200 and 300)
What are audit standards? (200 and 300)

Series 200

Series 300

Series 400

Series 500

Series 600

Series 700

Audit standards


Importance of International standards of Audit

Some of the standards which are really important to understand the flow of auditing and anticipate its introduction following standards would help us for sure.

The audit is such applicative subject that which comes in front of us to understand in a flow. If the flow of audit is disturbed , the whole audit performance is disturbed.

As the Audit of each entity varies in nature because each entity deals in difference platforms and in variety of products and services as well, hence the standards provide us the guidance of an ideal audit that should be performed to meet the standards of Quality control.

It is a kind of challenge for an auditor to comply with all standards but the auditor is trained due to his professional experience and his professional skepticism to perform the standards and apply them of actual audit flow. The Quality control reviewer play its role to examine whether the audit is performed in accordance with standards or not.


Series of 200


ISA 200-Overall objectives of Auditing

This standard help to understand the objective of audit. It answers the following QUESTIONS

1-Why audit is done?

2- What is audit?

3-what is the flow of audit?


ISA 210-Agreeing the terms of Audit Engagement


This ISA helps to understand that what are the conditions that an auditor has to meet to be involved in engagement of audit relationship between client and audit firms.


ISA-220-Quality control for an audit of Financial Statements


ISA 220 (Revised) contracts with the appointment partner and engagement team’s farm duties for quality management for an audit of monetary reports. The revised average modernizes the advance to quality organization and demand the engagement partner and appointment team to be practical in managing and attain quality.


ISA 230-Audit documentation

This standard is all about the guidance that what kind of documents are needed to be kept and what are the merits of that documents because we all know that audit is all about documentation of following

1.  Planning

2.  Execution

3.  Reporting

4.  Quality Control



ISA 240-Auditor’s responsibility related to FRAUD

It is perceived to be one of the most important standards of auditing as it refinely guides about the responsibility of an auditor that helps to remove the expectation gap.

This standard explains that to detect fraud is not the actual responsibility of auditor and it is actually ironical.



What are audit standards? (200 and 300)
What are audit standards? (200 and 300)



ISA 250-Consideration of Laws and Regulations


1.  Perform specific audit procedures to identify the instances of non-compliance which have a direct impact on the financial statements;

2.  To obtain sufficient appropriate audit evidence regarding the laws and regulations which have a direct impact on the Financial Statements;

3.  To respond appropriately to non-compliance or suspected non-compliance with laws and regulations identified during the audit


ISA 265-Communicating the deficit of interior organizes to TCWG


This Average on Auditing (SA) contracts with the auditor’s liability to converse appropriately to those charged with governance and organization lack in interior control that the auditor has recognized in an audit of monetary reports.


ISA 299-Joint Audit of financial statements


The practice of appointing more than one auditor to conduct the audit of large entities is in vogue these days. Such auditors, known as joint auditors, conduct the audit jointly and report on the financial statements of the entity. This Standard deals with the professional responsibilities.


Series of 300


ISA 300-Planning an audit

It gives a clear direction of planning methods and the importance of planning in audit. It comprise of Audit Strategy and planning.

ISA 315- Recognize and Assessing the danger of material misstatements

This standard deals with the basic concept of misstatements in financial statements and identification of risks related to it. It provides understanding of assessment of risk with its materiality..


What are audit standards? (200 and 300)
What are audit standards? (200 and 300)

ISA 320-Materiality

Materiality is the important concept of audit. This standard tells about the performance materiality ,level of materiality and the merits of benchmark of materiality


ISA 330-Response of an auditor towards risk assessment


This standard is about “How the assessor should react towards the assessed Danger?”

It tells about the material misstatements and pervasive misstatements and their effects on the audit report.





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