isa 550


What is ISA 500?

  • ISA 500 indicates that the reliability of audit evidence is influenced by its source and by its nature, and is dependent on the individual circumstances under which it is obtained. 4 That ISA also includes the following generalizations applicable to audit evidence: 5

What is Isa 260 and Isa 705?

  • ISA 260, Communication with Those Charged with Governance , paragraph 16 13 ISA 705, Modifications to the Opinion in the Independent Auditor’s Report EXTERNAL CONFIRMATIONS 421 ISA 505 AUDITING Negative Confirmations 15. Negative confirmations provide less persuasive audit evidencethan positive confirmations.

What is ISA 330?

  • • ISA 330 requires that the auditor obtain more persuasive audit evidence the higher the auditor’s assessment of risk. 8 To do this , the auditor may increase the quantity of the evidence or obtain evidence that is more relevant or reliable, or both.

What is an exception to Isa 240?

  • Exceptions noted in responses to confirmation requests may indicate misstatements or potential misstatements in the financial statements. When a misstatement is identified, the auditor is required by ISA 240 to evaluate whether such misstatement is indicative of fraud. 22
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