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audit standard by zulqarnain.docx

audit standard by zulqarnain.docx - Ias 330 say that 1 ISA...

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Ias 330 say that 1. ISA 330: It stresses that audit procedures must be targeted at assessed risks. At the planning phase those risks must be identified so that appropriate , targeted procedures can be performed during fieldwork. 2. ISA 220 Quality control for an audit of financial statements) : It contains the requirement for appropriate consultation on difficult or contentious matters. Clearly as far as possible , areas requiring consultation ( both internally and externally)should be organized in advance to facilitate timely – and cost effective competition of the engagement . ISA 220 also requires auditors to document certain matters. 3. ISA 250 consideration of laws and regulations in an audit of financial statements: it clearly states that it is the responsibility of management , with the oversight of those charged with governance , to ensure that the entity’s operations are conducted in accordance with relevant laws and regulations, particularly those that determine the reported amounts and disclosures in the financial statements. 4. ISA 240 the auditor’s responsibilities relating to fraud in an audit of financial statements: it states that misstatements in the financial statements can arise from fraud or error. The distinguishing factor
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