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Guide to Using ISAs in the Audits of Small- and Medium-Sized Entities

Guide to Using ISAs in the Audits of Small- and Medium-Sized Entities

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The Guide has been organized into two volumes as follows:-

Volume 1 of the Guide, which provides an overview of the entire audit and a discussion of key audit concepts such as materiality, assertions, internal control, risk assessment procedures, and the use of further audit procedures in responding to assessed risks. It also includes a summary of ISA requirements with respect to:

  • Specific areas such as accounting estimates, related parties, subsequent events, going concern, and others;
  • Documentation requirements; and
  • Forming an opinion on the financial statements.

Volume 2 of the Guide focuses on how to apply the concepts outlined in Volume 1. It follows the typical stages involved in performing an audit, starting with client acceptance, planning, and risk assessment, and then the risk response, evaluating audit evidence obtained, and forming an appropriate audit opinion.


Ultimately, The Guide should help practitioners conduct high-quality, cost-effective audits, enabling them to better serve SMEs and, in turn, the wider public interest.

To read part 1 click here
To read part 2 click here