Can you explain the purpose of ISA 200?

ISA 200, Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on Auditing

 

The purpose of this standard is to establish standards and provide guidance on the objectives of the review of the financial statements and the general principles that govern the process.

 

 

It deals with the independent auditor's overall responsibilities when conducting an audit of financial statements..in accordance with ISAs. Specifically,it sets out of the overall objectivtes of independent auditor,and explain the nature and scope of an audit designed to enable the independent auditor to meet those objectives.. _ISAs are written in the context of an audit of financial statements by an aud, they are to be

what are the OVERALL OBJECTIVES OF THE INDEPENDENT AUDITOR AND THE CONDUCT OF AN AUDIT IN ACCORDANCE WITH INTERNATIONAL STANDARDS ON AUDITING

 

 

• ISA 200 deals with the independent auditor’s overall responsibilities when conducting an audit of financial statements in accordance with ISAs.
• Explains the scope, authority and structure of the ISAs.
• ISAs are written in the context of an audit of financial statements.
• An audit in accordance with ISAs is conducted on the premise that management and, where appropriate, those charged with governance have acknowledged certain responsibilities that are fundamental to the conduct of the audit.
• The audit of the financial statements does not relieve management or those charged with governance of their responsibilities

 

ISA 200 Objective

• To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework; and

• To report on the financial statements, and communicate as required bythe ISAs, in accordance with the auditor’s findings.