New ISA on planning an audit of financial statements

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15 Jul 2004

The International Auditing and Assurance Standards Board (IAASB) has published a revised International Standard on Auditing (ISA) 300 on Planning an Audit of Financial Statements.

The standard requires the auditor to establish the overall strategy that sets the scope, timing, and direction of the audit. ISA 300 builds on the new audit risk standards issued last year and requires the auditor to plan the audit so that the engagement will be performed in an effective manner. The standard emphasises that planning is a continual and iterative process throughout the engagement and that unexpected events, changes in conditions, or other circumstances may lead the auditor to re-evaluate the planned audit procedures. IAS 300 is effective for audits of financial statements for periods beginning on or after 15 December 2004. It may be downloaded from IFAC's Website.

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