INTERNATIONAL STANDARD ON AUDITING 200

OBJECTIVE AND GENERAL PRINCIPLES GOVERNING AN AUDIT OF FINANCIAL STATEMENTS

The purpose of this International Standard on Auditing (ISA) is to establish standards and provide guidance on the objective and general principles governing an audit of financial statements.

It also describes management’s responsibility for the preparation and presentation of the financial statements and for identifying the financial reporting framework to be used in preparing the financial statements.

There are several key elements to ISA 200:

Objectives that clearly state the overall objectives of the auditor;

Definitions that clarify key terms relevant to auditing generally; and

Requirements that set out the conduct of an audit.