ISA 265

Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

This International Standard on Auditing (ISA) deals with the auditor’s responsibility to communicate appropriately to those charged with governance and management deficiencies in internal control1 that the auditor has identified in an audit of financial statements. This ISA does not impose additional responsibilities on the auditor regarding obtaining an understanding of internal control and designing and performing tests of controls over and above the requirements of ISA  315 (Redrafted) and ISA  330 (Redrafted).2 ISA  260 (Revised and Redrafted)3 establishes further requirements and provides guidance regarding the auditor’s responsibility to communicate with those charged with governance in relation to the audit.

INTERNATIONAL STANDARD ON AUDITING 300

PLANNING AN AUDIT OF FINANCIAL STATEMENTS

The purpose of this International Standard on Auditing (ISA) is to establish standards and provide guidance on the considerations and activities applicable to planning an audit of financial statements. This ISA is framed in the context of recurring audits.

Planning an audit involves establishing the overall audit strategy for the engagement and developing an audit plan, in order to reduce audit risk to an acceptably low level. Planning involves the engagement partner and other key members of the engagement team to benefit from their experience and insight and to enhance the effectiveness and efficiency of the planning process.