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Executive Summary:

ISSAI 200 – Fundamental Principles of Financial Auditing

Purpose:

ISSAI 200 provides the fundamental principles for an audit of financial statements prepared in accordance with a financial reporting framework. ISSAI 200 provides an overview of the nature, the elements and the principles of auditing financial statements as conducted by SAIs. The principles are to be used as a basis for adopting or developing more detailed standards for such audits to be regulated in national standards or they can be used as reference to ISSAIs 1000-1999.

ISSAI Category:

Level 3: Fundamental Auditing Principles

Target Group:

Head and Audit Directors of SAIs, External Governmental Auditors

Principle:

ISSAI 200 provides the fundamental principles for an audit of financial statements prepared in accordance with a financial reporting framework.

Scope - Content:

ISSAI 200 provides an overview of the nature, the elements and the principles of auditing financial statements as conducted by SAIs. The principles presented are consistent with the ISAs and the Financial Auditing Guidelines on level 4, and ISSAI 200 provides references to ISSAIs 1000-1999 (ISAs with practice notes), which contain the requirements for such audits.

ISSAI 200 provides detailed information on:

  • The purpose and authority of the Fundamental Principles of Financial Auditing
  • The framework for auditing financial statements in the public sector
  • The elements of an audit of financial statements
  • The principles of an audit of financial statements.
Author - Committee:

INTOSAI Harmonisation Project

Status:

Adopted by XXI INCOSAI 2013, Beijing, China

Download:

http://www.issai.org/en_us/site-issai/issai-framework/3-fundamental-auditing-priciples.htm

Related Documents - Executive Summaries:

ISSAI 100 – Fundamental Principles of Public Sector Auditing

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

Portuguese version (500 KB)


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