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Executive Summary:

ISSAI 1330 – The Auditor's Responses to Assessed Risks

Purpose:

This Practice Note provides supplementary guidance on ISA 330 - The Auditor’s Responses to Assessed Risks

ISSAI Category:

Level 4: General Auditing Guidelines - General Auditing Guidelines on Financial Audit

Target Group:

Public sector external auditors

Principle:

ISA 330 deals with the auditor's responsibility to design and implement responses to the risks of material misstatement identified and assessed by the auditor in accordance with ISA 315 (Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment) in an audit of financial statements.

Scope - Content:

The Practice Note provides additional guidance for public sector auditors related to

  • Audit procedures responsive to the assessed risks of material misstatement at the assertion level
  • Evaluating the sufficiency and appropriateness of audit evidence
  • Specific consideration for public sector auditors with a judicial role
Author - Committee:

INTOSAI Professional Standards Committee – Financial Audit Subcommittee

Status:

Approved at XIXth Congress of INTOSAI, Mexico 2007

Download:

http://www.issai.org/en_us/site-issai/issai-framework/4-auditing-guidelines.htm

Related Documents - Executive Summaries:
Related Documents - ISSAI Full Versions:
Related Documents - Others:

ISA 330 is applicable to auditors of public sector entities in their role as auditors of financial statements in combination with

ISA 315 - Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment


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