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

Planning Activities

Direction, Supervision and Review (Ref: Para. 11 )

A14.	The nature, timing and extent of the direction and supervision of engagement team members and review of their work vary depending on many factors, including:

The size and complexity of the entity.

The area of the audit.

The assessed risks of material misstatement (for example, an increase in the assessed risk of material misstatement for a given area of the audit ordinarily requires a corresponding increase in the extent and timeliness of direction and supervision of engagement team members, and a more detailed review of their work).

The capabilities and competence of the individual team members performing the audit work.

ISA (UK and Ireland) 220 contains further guidance on the direction, supervision and review of audit work.⁹

⁹ ISA (UK and Ireland) 220, paragraphs 15-17.