A comparative analysis of the impact of the international standards on auditing adoption on the quality of the audit report in common law and code law countries

BANKING ACADEMY
FALCULTY OF ACCOUNTING – AUDITING

GRADUATION THESIS
A COMPARATIVE ANALYSIS OF THE IMPACT OF THE
INTERNATIONAL STANDARDS ON AUDITING ADOPTION
ON THE QUALITY OF THE AUDIT REPORT IN COMMONLAW AND CODE-LAW COUNTRIES

Lecturer

Ph.D. Le Thi Thu Ha

Student

Dang Thanh Tung

Class

K20CLCH

Student Code

20A4050410

Tai ngay!!! Ban co the xoa dong chu nay!!! 17014125809971000000


STATEMENT OF ORIGINALITY OF THE THESIS

I declare that this written submission represents my ideas in my own words,
and where others' ideas or words have been included, I have adequately cited and

referenced the sources. It has not been applied for any degree or previously
submitted anywhere for any award. I also declare that I have adhered to all honesty
and integrity principles and have not misrepresented or fabricated, falsified any
ideas, data, and sources in my submission. I understand that any violation of the
above will result in disciplinary actions by Banking Academy and from whom
proper permission has not been taken when needed.
Signature

Dang Thanh Tung

i


ACKNOWLEDGEMENTS

First of all, I would like to express my deep sense of gratitude and sincere
thanks to my supervisor, Ph.D. Le Thi Thu Ha, the Vice Dean of the Faculty of
Accounting and Auditing, for her enthusiasm and constructive guidance throughout
my graduation thesis. Her encouragement and helpful advice had significantly
enriched and improved my work. Without her motivation and instructions, this
paper would have been impossible to be done.
I want to express my tremendous appreciation to lectures of the Banking
Academy of Vietnam in general and of the Faculty of Accounting and Auditing in
particular for imparting comprehensive knowledge to me. My graduate experience
deviated from subjects that the seasoned lectures organized.
Last but not least, I would like to extend my heartfelt thanks to my entire
family and friends. They are always a great source of unceasing encouragement and
support during my whole journey.

ii

TABLE OF CONTENTS

STATEMENT OF ORIGINALITY OF THE THESIS ......................................... i
ACKNOWLEDGEMENTS ..................................................................................... ii
TABLE OF CONTENTS ........................................................................................ iii
LIST OF ABBREVIATIONS...................................................................................v
LIST OF TABLES AND FIGURES ..................................................................... vii
ABSTRACT ...............................................................................................................1
INTRODUCTION .....................................................................................................2
CHAPTER

1:

THEORETICAL

BACKGROUND

ON

AUDITING

STANDARDS AND AUDIT REPORTS .................................................................5
1.1. Overview of common-law and code-law systems ............................................5
1.1.1. Characteristics of common-law system .....................................................5
1.1.2. Characteristics of code-law system ............................................................6
1.2. Overview of International Standards on Auditing .........................................7
1.2.1. Introduction to International Auditing and Assurance Standards Board ...7
1.2.2. Introduction to International Standards on Auditing .................................8

1.2.3. Auditing Standards on Audit Disclosure .................................................13
1.2.4. International Standards on Auditing adoption .........................................21
1.3. Theoretical background of the audit report ..................................................22
1.3.1. Definition .................................................................................................22
1.3.2. Contents of an audit report .......................................................................23
1.3.3. Audit opinion ...........................................................................................24
1.3.4. Stakeholders approach to the audit report ................................................25
1.3.5. How is an audit report considered to be quality? .....................................26
CHAPTER SUMMARY .........................................................................................27
CHAPTER 2: A COMPARATIVE ANALYSIS OF THE IMPACT OF THE
INTERNATIONAL STANDARDS ON AUDITING ADOPTION ON THE
QUALITY OF THE AUDIT REPORT IN COMMON-LAW AND CODELAW COUNTRIES ................................................................................................28

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2.1. Financial statements audit process .................................................................28
2.2. Impacts of common-law and code-law system to accounting and
auditing practices...................................................................................................30
2.3. The quality of audit report in common - law countries ................................33
2.3.1. The United Kingdom................................................................................33
2.3.2. The United States of America ..................................................................44
2.3.3. Singapore..................................................................................................53
2.4. The quality of audit report in some code - law countries .............................57
2.4.1. France .......................................................................................................57
2.4.2. Denmark ...................................................................................................61
2.4.3. Vietnam ....................................................................................................65
2.5. Conclusion on the impact of the International Standards on Auditing
adoption in common-law and code-law countries ................................................69
CHAPTER SUMMARY .........................................................................................71

CHAPTER 3: RECOMMENDATIONS FOR IMPROVING THE QUALITY
OF THE AUDIT REPORTS IN VIETNAM ........................................................72
3.1. The adoption of the International Financial Reporting Standards.............72
3.2. Improving the Vietnamese Standards on Auditing ......................................73
CHAPTER SUMMARY .........................................................................................76
CONCLUSION ........................................................................................................77
REFERENCES

iv


LIST OF ABBREVIATIONS

No. Abbreviations

Explanation

1

AASC

Auditing and Assurance Standards Committee

2

AICPA

American Institute of Certified Public Accountants

3

APB

The Auditing Practices Board

4

BGB

Bürgerliches Gesetzbuch

5

CAM

Critical Audit Matter

6

CNCC

The Compagnie Nationale des Commissaires aux Comptes

7

DBA

Danish Business Authority

8

E.C.

The European Commission

9

E.U.

The European Union

10

FRC

The Financial Reporting Council

11

GAAP

Generally Accepted Accounting Principles

12

GAAS

Generally Accepted Auditing Standards

13

IAASB

The International Auditing and Assurance Standards Board

14

IAG

The International Auditing Guidelines

15

IAPC

The International Auditing Practices Committee

16

IAPN

The International Auditing Practice Notes

17

IASC

The International Auditing Standards Committee

18

ICAEW

19

ICPAS

The Institute of Certified Public Accountants of Singapore

20

IESBA

The International Ethics Standards Board for Accountants

21

IFAC

The International Federation of Accountants

22

IFRS

The International Financial Reporting Standards

23

ISA

The International Standards on Auditing

24

ISCA

Institute of Singapore Chartered Accountants

25

ISQC

The International Standards on Quality Control

26

KAM

Key Audit Matter

The Institute of Chartered Accountants in England and
Wales

v


27

MOF

Ministry of Finance

28

PCAOB

29

PLC

Public Limited Company

30

QA

Quality Affirmation

31

ROSC

32

SEC

Securities and Exchange Commission

33

SSA

Singapore Standards on Auditing

34

The U.K.

The United Kingdom

35

The U.S.

The United States

36

VACPA

Vietnam Association of Certified Public Accountants

37

VAS

The Vietnamese Accounting Standards

38

VFRS

Vietnamese Financial Reporting Standards

39

VSA

Vietnamese Standards on Auditing

Public Company Accounting Oversight Board

Report on the Observance of Standards and Codes

vi


LIST OF TABLES AND FIGURES
Table 1.2: Basis of ISA Adoption by Jurisdiction ....................................................22
Table 2.1: Key differences between ISAs and the United State Auditing
Standards on Reporting .........................................................................46
Table 2.2: Form of the audit report under standards .................................................66

Figure 2.1: Burberry Group PLC - Audit report .......................................................35
Figure 2.2: Burberry Group PLC - Audit report .......................................................36
Figure 2.3: Burberry Group PLC - Audit report .......................................................37
Figure 2.4: Burberry Group PLC - Audit report .......................................................38
Figure 2.5: Burberry Group PLC - Audit report .......................................................39
Figure 2.6: Burberry Group PLC - Audit report .......................................................40

Figure 2.7: Burberry Group PLC - Audit report .......................................................41
Figure 2.8: Burberry Group PLC - Audit report .......................................................42
Figure 2.9: Burberry Group PLC - Audit report .......................................................43
Figure 2.10: American Psychological Association, Inc. - Audit report ....................51
Figure 2.11: American Psychological Association, Inc. - Audit report ....................52
Figure 2.12: CFA Society Singapore - Audit report .................................................54
Figure 2.13: CFA Society Singapore - Audit report .................................................55
Figure 2.14: CFA Society Singapore - Audit report .................................................56
Figure 2.15: Sartorius Stedim Biotech S.A - Audit report ........................................59
Figure 2.16: Sartorius Stedim Biotech S.A - Audit report ........................................60
Figure 2.17: Sergel A/S - Audit report ......................................................................62
Figure 2.18: Sergel A/S - Audit report ......................................................................63
Figure 2.20: Sergel A/S - Audit report ......................................................................64
Figure 2.21: Phu Nhuan Jewelry JSC, - Audit report ...............................................68
Figure 2.22: Phu Nhuan Jewelry JSC, - Audit report ...............................................69
Figure 3.1: Roadmap of IFRS adoption in Vietnam .................................................73

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ABSTRACT

In the market economy, an independent audit has become an indispensable
need. Auditing has the role of providing reliable information for the decisionmaking of investors, credit institutions, banks, state agencies. Over the past 30 years
of development, Vietnam's independent audit field has made significant progress in
the number of independent auditing firms and an outstanding contribution to
making financial information more transparent. Independent Audit is an essential
factor in ensuring the truthfulness of financial information published by enterprises,
becoming an indispensable service industry for developing the stock market in
particular and Vietnam's economy in general. The transparency of financial

information of listed companies and non-listed ones becomes an urgent need for
investors in the stock market, which is the basis for investors to make investment
decisions. The audit report is the final product of an independent audit, representing
the auditor's conclusion on the examined financial statements. Accordingly, the
opinion on the audit report is the conclusion about the truthfulness and
reasonableness of the financial statements. Audit opinion plays an essential role in
evaluating a company's financial statements, helping the financial statements' users
make the right decisions and views about the audited company. However, the
question is: "Are the audit reports relevant for users’ decision-making?" due to
several cases where the auditor gave inappropriate opinions. There must have been
both objective and subjective factors affecting the audit opinion. Once the auditor
discloses an unreasonable view in the auditor's report, this will lead to erroneous
decisions for investors and users of the company's financial statements.
As a result, the topic: "A comparative analysis of the impact of the
International Standards on Auditing adoption on the quality of the audit report in
common-law and code-law countries" is chosen for my Graduation Thesis.

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INTRODUCTION

1. Rationale for the study
Financial audits are increasingly proving their practical effects and gradually
becoming an indispensable need in the economy globally in general, and in Vietnam
in particular. The auditing field officially marks its arrival in Vietnam in the 1990s,
when the first audit firm in Vietnam was established. Since then, along with the
development of the economy and the advent of legal documents, auditing subjects
have been moderately expanded. If in the past, the object of the Audit was only
foreign-owned enterprises, state-owned businesses, banks, credit institutions, listed

joint-stock companies, and public shares, nowadays, enterprises, corporations have
State capital of 20% or more, auditing firms, branches of foreign auditing firms in
Vietnam have all become the subject of the Audit.
The increase in both the number of auditing and audited firms is a testament
to the benefits that auditing activities bring to the economy through the services that
audit firms provide. Assisting enterprises in promptly grasping financial and
accounting policies, disclosing financial information transparency, preventing and
detecting financial mistakes are required conditions for an economy to attract foreign
sources.
As a result, auditing firms are required to provide such quality services to
their clients. It not only develops the reputation of the auditing field in general and
that firm in specific, but it also raises the trust of intended users towards audit
reports and is a safeguard for investors' decision–making. Various aspects are
attributed to the condition of an audit. For illustration, the auditors directly
participate in the Audit, their ethics, proficiency; the sufficient appropriate audit
evidence; audit process. All of those would contribute to a quality audit report,
where the auditor gives an opinion about the truthfulness and fair presentation of the
financial statements. There would be greater detail in the report in each country
which bases national standards on auditing on common disclosure and quality
control. However, the auditor all sets the same objective of giving a fair opinion and
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deflecting material misstatements and irregularities on the financial statements.
Undoubtedly, the use of financial statements and audit reports of foreign
investors all over the world might struggle in some ways. Specifically, there are
comparative differences in the reporting method and regulations of countries.
According to previous studies and theories of international accounting, accounting
differentiated in eight following attributes, namely: providers of financing, legal
system, taxation, inflation, political and economic ties, national culture,

education and economic development. Among these factors, the legal system
plays a crucial role in forming the roots of management and rules to accounting,
causing the diversity in the world. The evidence proves the variety in the
accounting profession, but whether the legal systems, common law and code
law, influence the estimations and judgments of the auditor, especially audit
report. In other way, is there the relation between the legal system and audit
report, or is the difference driven by another aspect?
Assessing the adoption of International Standards on Auditing would be
remarkable. It would be advantageous for both investors and auditing firms to open
overseas opportunities to access audited financial reports in common standards and
handle audit conduction for multinational companies. Throughout the Study of
Accounting and Auditing at the Banking Academy of Vietnam, and recognizing the
importance of Audit Report to consumers, the topic "A comparative analysis of the
impact of the International Standards on Auditing adoption on the quality of the
audit report in common-law and code-law countries" is selected for research of my
Graduation Thesis.
2. Study objectives
The objectives of this study include:
- Explore the theoretical background of common law and code law origin,
characteristics, related prevailing standards, the application and adjustments of
typical nations worldwide, and the audit report in general.
- Identify the impacts of common law and code law to accounting and
auditing practices, attributes to the quality of the audit report, as well as compare
3


the audit report's difference among the byword countries mentioned in this Thesis.
- Give a conclusion on the condition of the audit report and elements
included, from that point providing some recommendations to better the quality of
the audit report and International Standards adoption.

3. Scope of the study
The Thesis examines the characteristics of common law and code law
traditions and their impact on accounting and auditing regimes of the countries; and
the quality of the audit reports in common law and code law countries.
4. Research methodology
The Thesis is achieved with the incorporation and analysis of statistics and
information of disclosed reports, articles, and papers, which is consistent with the
discussion in this Thesis, which are the impact of common law and code law on
accounting and auditing; aspects attributed to audit quality, standards on auditing;
and examples of audit reports in various countries in the world.
5. Structure of the Thesis
In addition to the List of Tables and Abbreviations, Introduction, Conclusion
and References, the content of the Thesis consists of three following chapters:
- Chapter 1: Theoretical background on auditing standards and audit
reports
- Chapter 2: A comparative analysis of the impact of the International
Standards on Auditing adoption on the quality of the audit report in common-law
and code-law countries
- Chapter 3: Recommendations for improving the quality of the audit
reports in Vietnam

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CHAPTER 1
THEORETICAL BACKGROUND ON AUDITING
STANDARDS AND AUDIT REPORTS

1.1. Overview of common-law and code-law systems
1.1.1. Characteristics of common-law system

Common law is a body of unwritten laws based on legal precedents
established by the courts. Common law influences the decision-making process in
unusual cases where the outcome cannot be determined based on existing statutes or
written law rules. The U.S. common-law system evolved from a British tradition
that spread to North America during the 17th- and 18th-century colonial period.
Common law is also practiced in Australia, Canada, Hong Kong, India, New
Zealand, and the United Kingdom. (Troy Segal, 2021)
A precedent, known as Stare decisis, is a history of judicial decisions which
form the basis of evaluation for future cases. Common law, also known as case law,
relies on detailed records of similar situations and statutes because there is no
official legal code applicable to a case at hand.
The judge presiding over a case determines which precedents apply to that
particular case. The example set by higher courts is binding on cases tried in lower
courts. This system promotes stability and consistency in the U.S. legal justice
system. However, lower courts can choose to modify or deviate from precedents if
they are outdated or if the current case is substantially different from the precedent
case. Lower courts can also choose to overturn the precedent, but this rarely occurs.
(Troy Segal, 2021)
Countries following a standard law system are typically former British
colonies or protectorates, including the United States.
Features of a common-law system include:
- There is not always a written constitution or codified laws;
- Judicial decisions are binding – decisions of the highest court can
generally only be overturned by that same court or through legislation;
5


- Extensive freedom of contract - few provisions are implied into the
contract by law (although provisions seeking to protect private consumers may be
implied);

- Generally, everything is permitted that is not expressly prohibited by law.
A standard law system is less prescriptive than a civil law system. Therefore,
a government may wish to enshrine the protections of its citizens in specific
legislation related to the infrastructure program being contemplated. For example, it
may wish to prohibit the service provider from cutting off the water or electricity
supply of bad payers or require documents related to the transaction to be disclosed
under a freedom of information act. There may also be legal requirements to imply
a contract in equal bargaining provisions where one party is in a much stronger
bargaining position than the other. Please see Legislation and Regulation for more
on this. (The World Bank, 2021)
1.1.2. Characteristics of code-law system
Code law or civil law is a comprehensive system of rules and principles
usually arranged in codes and easily accessible to citizens and jurists. (LSU law)
It describes the law that pertains to persons, things, and relationships that
develop among them, excluding not only criminal law but also commercial law,
labor law. Codification took place in most civil law countries, with the French Code
civil and the German BGB being the most influential civil codes. (LSU law)
Civil-law systems, also called continental or Romano-Germanic legal
systems, are found on all continents and cover about 60% of the world. They are based
on concepts, categories, and rules derived from Roman law, with some canon law,
sometimes largely supplemented or modified by local custom or culture. Though
secularized over the centuries, the civil law tradition and placing more focus on
individual freedom promotes cooperation between human beings. (LSU law)
Countries following a code law system are typically former French, Dutch,
German, Spanish or Portuguese colonies or protectorates, including much of Central
and South America. Most of the Central and Eastern European, and East Asian
countries also follow a civil law structure. The civil law system is a codified system
of law. It takes its origins from Roman law. Features of a civil law system include:
6

- There is generally a written constitution based on specific codes (e.g., civil
code, codes covering corporate law, administrative law, tax law, and constitutional
law) enshrining basic rights and duties; administrative law is, however, usually less
codified and administrative court judges tend to behave more like common law
judges;
- Only legislative enactments are considered binding for all - There is little
scope for judge-made law in civil, criminal, and commercial courts, although in
practice judges tend to follow previous judicial decisions; constitutional and
administrative courts can nullify laws and regulations and their decisions in such
cases are binding for all.
- In some civil law systems, e.g., Germany, writings of legal scholars have a
significant influence on the courts;
- Courts specific to the underlying codes – there are therefore usually separate
constitutional court, an administrative court, and civil court systems that opine on the
consistency of legislation and administrative acts with and interpret that specific Code;
- Less freedom of contract - many provisions are implied into a contract by
law, and parties cannot contract out of specific provisions. A civil law system is
generally more prescriptive than a standard law system. However, a government
will still need to consider whether specific legislation is required to limit the scope
of a specific restriction to allow a successful infrastructure project or may require
specific legislation for a sector. (The World Bank, 2021)
1.2. Overview of International Standards on Auditing
1.2.1. Introduction to International Auditing and Assurance Standards Board
The International Auditing and Assurance Standards Board (IAASB) is an
independent standard-setting body that serves the public interest by setting highquality international standards for quality management, auditing, review, other
assurance, and related services and supporting the implementation of these
standards. In doing so, the IAASB enhances the quality and uniformity of auditing
and assurance practice throughout the world and strengthens public confidence in
the global auditing and assurance profession. (IAASB.org)

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1.2.2. Introduction to International Standards on Auditing
International Standards on Auditing (ISA) are professional standards for the
auditing of financial information. The International Federation of Accountants
(IFAC) issues these standards through the International Auditing and Assurance
Standards Board (IAASB), which guides the auditor to add value to the assignment,
hence building investors' confidence.
The standards cover various areas of auditing, including respective
responsibilities, audit planning, Internal Control, audit evidence, using the work of
other experts, audit conclusions and audit reports, and standards for specialized
areas.
The groundwork for an international set of standards for auditing began in
1969 with the publication of several reports focusing on international auditing by
the Accountants International Study Group, comparing the situation in Canada, the
U.K., and the U.S. A few years later, the establishment of the International
Accounting Standards Committee in 1973 generated many calls for a similar body
to be set up on the auditing front.
Amongst the many calls was a well-researched argument from Maurice
Moritz, Director of Accounting Research at AICPA, in his 1978 book 'International
Auditing Standards' which set out the case for a set of standards and went on to
recommend the establishment of an International Auditing Standards Committee
(IASC). The title from Moonitz is helpful in comparing the situation worldwide
before adopting an international set of standards and identifying the various calls for
international standards at the time.
In the late 1970s, the Council of International Federation of Accountants
(IFAC) created the International Auditing Practices Committee (IAPC), which
would be a standing committee of the IFAC Council and subsequently the IFAC

Board (in May 2000, the IFAC Council was renamed the IFAC Board).

8


Between 1980 and 1991, the IAPC issued International Auditing Guidelines
(IAG) and addendums to these. The first International Standard on Auditing (ISA)
was issued in 1991, and this has remained the series to the present day.
2002
The IAPC was renamed the International Auditing and Assurance Standards
Board (IAASB). Membership of the organization was widened to include nonauditors.
2003
January 1, 2003, the IAASB made available the full text of International
Standards on Auditing for free on its website and stated that all future final
pronouncements would be published for free online. Access to IAASB publications
is available to users who register via the IFAC website.
May 21, 2003, the European Commission issued the communication,
reinforcing the statutory Audit in the European Union (COM/2003/286) on May 21,
2003, which identified the requirement to use ISAs for all E.U. statutory audits from
2005 onwards as a short term priority. The communication was issued with the
press release Audit of company accounts: Commission sets out ten priorities to
improve quality and protect investors.
2004
May 6, 2004, the Auditing Practices Board (replaced by the Audit and
Assurance Council in July 2012) in the U.K. issued a press release announcing their
intention to adopt the International Standards of Auditing (ISAs) issued by the
International Auditing and Assurance Standards Board (IAASB).
December 22, 2004, the APB issued International Standards on Auditing
(ISAs) (U.K. and Ireland).
2009

The International Auditing and Assurance Standards Board (IAASB)
completed a project (known as the 'Clarity Project') to update and reformat the

9


International Standards on Auditing (ISAs), which sought 'to improve the
understandability of the ISAs and make them more compatible with regulatory
frameworks, including the E.C.'s Statutory Audit Directive.' The Clarified ISAs and other
related documentation (including FAQs) are available from the IAASB Clarity Center.
March 2, 2009, the APB issued a press release announcing its intention to
update U.K. and Irish Auditing Standards for the New International Standards on
Auditing for 2010.
October 13, 2009, the APB issued the press release The APB issues new
ISAs (the U.K. and Ireland) announcing the publication of new standards which will
replace the existing ISAs (U.K. and Ireland) and ISQC (the U.K. and Ireland) 1. The
2009 standards apply to audits of financial statements for periods ending on or after
December 15, 2010. The APB also issued a staff paper Summary of the Main Changes
in the New ISAs (U.K. and Ireland) intended to assist those seeking to understand the
changes.
New auditing standards issued in 2016 are effective for audits of financial
statements for periods commencing on or after June 17, 2016, in the U.K. (ICAEW)
The ISA objectives are two-fold:
- Analyzing the comparability of national accounting and auditing standards
with international standards, determine the degree to which applicable auditing and
accounting standards are complied with, and analyze strengths and weaknesses of
the institutional framework in sustaining high-quality financial reporting.
- Assist the country in developing and implementing a country action plan
for improvement of institutional capacity to strengthen the country's corporate
financial reporting system. (Financial Stability Board, 2015)

Every ISA is structured in individual sections as:
- Introduction
Introductory material can include the purpose, scope, and subject matter of
the ISA and the responsibilities of the auditor and others in the context in which the
ISA is established.
- Objective
10


Every ISA consists of a clear statement about the auditor's objective in the
audit area addressed by that ISA.
- Definitions
For a higher understanding of the ISAs, pertinent terms are delineated in each
ISA.
- Requirements
Clearly stated requirements shore up every objective. Requirements are
always expressed by the phrase "the auditor shall."
- Application and other explanatory material
The application and other explanatory material explain more precisely what
is meant by a requirement or is intended to cover or includes examples of
procedures that can be appropriate under certain circumstances.
The International Standards on Auditing consists of:
ISA 200, Overall Objectives of the Independent Auditor and the Conduct of
an Audit in Accordance with International Standards on Auditing
ISA 210, Agreeing the Terms of Audit Engagements
ISA 220, Quality Control for an Audit of Financial Statements
ISA 230, Audit Documentation
ISA 240, The Auditors' Responsibilities Relating to Fraud in an Audit of
Financial Statements
ISA 250, Consideration of Laws and Regulations in an Audit of

Financial Statements
ISA 260, Communication with Those Charged with Governance
ISA 265, Communicating Deficiencies in Internal Control to Those Charged
with Governance and Management
ISA 300, Planning an Audit of Financial Statements
ISA 315, Identifying and Assessing the Risks of Material Misstatement
11


through
Understanding the Entity and Its Environment
ISA 320, Materiality in Planning and Performing an Audit
ISA 330, The Auditors' Responses to Assessed Risks
ISA 402, Audit Considerations Relating to an Entity Using a Service
Organization
ISA 450, Evaluation of Misstatements Identified during the Audit
ISA 500, Audit Evidence
ISA 501, Audit Evidence-Specific Considerations for Selected Items
ISA 505, External Confirmations
ISA 510, Initial Audit Engagements-Opening Balances
ISA 520, Analytical Procedures
ISA 530, Audit Sampling
ISA 540, Auditing Accounting Estimates, Including Fair Value Accounting
Estimates, and Related Disclosures
ISA 550, Related Parties
ISA 560, Subsequent Events
ISA 570, Going Concern
ISA 580, Written Representations
ISA 600, Special Considerations-Audits of Group Financial Statements
(Including the Work of Component Auditors)

ISA 610, Using the Work of Internal Auditors
ISA 620, Using the Work of an Auditors' Expert
ISA 700, Forming an Opinion and Reporting on Financial Statements
ISA 705, Modifications to the Opinion in the Independent Auditor's Report

12