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1 (December 2005) IFAC International Auditing and Assurance Standards Board Issued by the International Federation of Accountants

2 IFAC COPYRIGHT AND ACKNOWLEDGEMENT FOR TRANSLATIONS: Copyright International Federation of Accountants All standards, guidelines, discussion papers and other IFAC documents are the copyright of the International Federation of Accountants (IFAC), 545 Fifth Avenue, 14 th Floor, New York, New York, 10017, USA; tel: 1-212/ , fax: 1-212/ , Internet All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of IFAC. The IFAC pronouncements in this volume have been translated into Japanese by/under the supervision of The Japanese Institute of Certified Public Accountants and are reproduced with the permission of IFAC. The approved text of all IFAC documents is that published by IFAC in the English language. IFAC Copyright International Federation of Accountants IFAC IFAC International Federation of Accountants(IFAC), 545 Fifth Avenue, 14 th Floor, New York, New York 10017, USA; tel: 1-212/ , fax: 1-212/ , Website: IFAC IFAC IFAC IFAC IFAC IFAC 2

3 Access controls Accounting estimate ID (a) (b) (c) (d) (e) Accounting records Adverse opinion (modified) Agreed-upon procedures engagement Analytical procedures 1 IAASB 3

4 Annual report Anomalous error Applicable financial reporting framework Application controls in information technology Appropriateness (Assertions) Assertions (Assertions) (Assertions) Assess (Assess) (Assess) Assistants Association Assurance Assurance engagement 4

5 Reasonable assurance engagement Limited assurance engagement Assurance engagement risk 2 Attendance Audit documentation 2 (Audit documentation) 3 working papersworkpapers Audit evidence Audit firm Audit matters of governance interest Audit of financial statements ISA230 ISA300 5

6 Audit opinion Audit plan Audit program Audit risk (Assertions) 2 (Assertions) Inherent risk (Assertions) Control risk (Assertions) Audit sampling 100 6

7 Anomalous error Confidence levels Expected error Non-sampling risk Non-statistical sampling Population Sampling risk Sampling unit Statistical sampling (a) (b) Stratification 7

8 Tolerable error Total error Auditor Continuing auditor Existing auditor External auditor Incoming auditor Internal auditor Other auditor Predecessor auditor 8

9 Principal auditor Proposed auditor Successor auditor Auditor association with financial information Comparatives 2 Comparative financial statements Compilation engagement (a) (b) Component Component of a complete set of financial statements 9

10 Comprehensive basis of accounting Computer-assisted audit techniques Computer information systems(cis) environment Computer Assisted Audit Techniques (CAATs) Confidence levels Confirmation Continuing auditor Control activities Control environment Control risk Corporate governance Corresponding figures Criteria 10

11 Suitable criteria (a) (b) (c) (d) (e) Current period figures Database Date of the financial statements 11

12 Date of approval of the financial statements Date of the auditor s report Date the financial statements are issued (assert) ISA 4 Detection risk Disclaimer of opinion (modified) Documentation Electronic Data Interchange (EDI) EDI 4 12

13 Emphasis of matter paragraph(s) Employee fraud Encryption (cryptography) Engagement partner (modified) Engagement letter Engagement quality control review Engagement quality control reviewer Engagement team Entity s risk assessment process Environmental matters (a) 13

14 Environmental performance report (b) (c) (d) Environmental risk Error Evaluate (Assess) Existing auditor Expected error Experienced auditor 5 (a)(b)isa (c) (b) Expert External audit External auditor ISA230 14

15 External confirmation (Assertions) Fair value Financial statements Firewall WANLANPC Firm Forecast Fraud 1 2 Fraudulent financial reporting General IT-controls IT IT IT 15

16 General purpose financial statements Going concern assumption Governance Government business enterprises Incoming auditor Independence 6 (a) (b) Information system IFAC 16

17 relevant to financial reporting Inherent risk Initial audit engagement Inquiry Inspection (as an audit procedure) Inspection (in relation to completed engagements) Intended users Interim financial information or statements Internal auditing Internal auditor Internal control (a) (b) (c) (d) (e) 17

18 Investigate IT environment IT IT Limited assurance engagement Limitation on scope Listed entity 7 Local Area Network (LAN) LAN LAN LAN Management Management fraud Management representations Material inconsistency IFAC 18

19 Material misstatement of fact Material weakness Materiality Misappropriation of assets Misstatement Modified auditor s report (modified) (modified) Emphasis of matter paragraph(s) (modify) Qualified opinion 19

20 Disclaimer of opinion Adverse opinion Monitoring (in relation to quality control) Monitoring of controls National practices (auditing) National standards (auditing) Assess Assess 20

21 Network firm 8 Noncompliance Non-sampling risk Non-statistical sampling Observation Opening balances Opinion (modified) Other auditor Other information Overall audit strategy Partner PCs or personal computers (also referred to as microcomputers) PC IFAC 21

22 CD PC Personnel Planning Population Post balance sheet events Practitioner Predecessor auditor Principal auditor Professional IFAC accountants 9 Professional accountant in public practice 10 Professional skepticism Professional standards IAASB IAASB IFAC A B Programming controls IFAC IFAC IFAC IFAC 22

23 Projection Proposed auditor Prospective financial information (a) (b) Public sector Qualified opinion (modified) Quality controls Reasonable assurance (in the context of quality control) Reasonable assurance (in the context of an audit engagement) 23

24 Reasonable assurance engagement Recalculation Related party Related party transaction (a) (i) (ii) (iii) (b) (IAS) 28 (c) IAS 31 (d) (e) (a)(d) (f) (d)(e) (g) Related services Reperformance 24

25 CAATs Responsible party (a) (b) (Assertion) (Assertion) Review (in relation to quality control) Review engagement Review procedures Risk assessment procedures Risk of material misstatement Sampling risk assertion Assess Sampling unit Scope of an audit ISA Scope of a review Scope limitation 25

26 Segment information Significance (importance) (important) Significant risk Small entity (a) (b) (i) (ii) (iii) Special purpose auditor s report (a)(b) (a) (b) (c) (d) 26

27 Staff Statistical sampling Stratification Subject matter information Subsequent events IAS10 IAS (a) (b) Substantive procedures (Assertions) (a) (b) Successor auditor Sufficiency Suitable criteria Suitably qualified external person (for the purpose of ISQC1) Summarized financial statements ISQC1 Supplementary 27

28 information Supreme Audit Institution Test Tests of control (Assertions) Those charged with governance Tolerable error Total error Transaction logs Uncertainty Understanding of the entity and its environment Unqualified opinion Walk-through test Wide Area Network (WAN) (a) (b) (c) (d) (e) WAN WAN 28

29 LAN WAN Working papers 29

IFAC COPYRIGHT AND ACKNOWLEDGEMENT FOR TRANSLATIONS: Copyright International Federation of Accountants All standards, guidelines, discussion papers an

IFAC COPYRIGHT AND ACKNOWLEDGEMENT FOR TRANSLATIONS: Copyright International Federation of Accountants All standards, guidelines, discussion papers an IFAC International Auditing and Assurance (December 2002, but contains conforming amendments as a result of the Audit Risk Standards) Standards Board Issued by the International Federation of Accountants