Auditing and Assurance Standards and Guidance

Auditing Standards (Ireland)

FRC ISAs (UK and Ireland) applicable for periods beginning on or after 15 December 2010 but before 17 June 2016

ISA (UK and Ireland) 300 Planning an audit of financial statements

Application and Other Explanatory Material
Involvement of Key Engagement Team Members (Ref: Para. 5 )
A4.The involvement of the engagement partner and other key members of the engagement team in planning the audit draws on their experience and insight, thereby enhancing the effectiveness and efficiency of the planning process.8
8 ISA (UK and Ireland) 315, paragraph 10, establishes requirements and provides guidance on the engagement team's discussion of the susceptibility of the entity to material misstatements of the financial statements. ISA (UK and Ireland) 240, "The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements," paragraph 15, provides guidance on the emphasis given during this discussion to the susceptibility of the entity's financial statements to material misstatement due to fraud.
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