Audit and Assurance

Audit and Assurance is a core area of the profession. With the global dynamics constantly changing, to meet the challenges of today the audit professionals to fulfill their role have to keep their knowledge and expertise updated at all times. This section has the latest international and local updates on auditing and assurance.

Auditing Standards

  • Objectives and General Principles governing an audit (ISA 200)
  • Auditor's responsibility to consider fraud (ISA 240)
  • Appointment and removal of auditors (sections 252 to 260 of the Companies Ordinance, 1984)
  • Terms of audit engagements (ISA 210)
  • Performance of audit and reporting
  • Assessment of audit risks (ISA 315 and 330)
  • Audit materiality (ISA 320)
  • Audit evidence (ISA 500)
  • Audit sampling (ISA 530)
  • Tests of controls and Substantive procedures (ISA 330)
  • Analytical procedures (ISA 520)
  • Documentation (ISA 230)
  • External Confirmations (ISA 505)
  • Subsequent events (ISA 560)
  • Written representation (ISA 580)
  • Using the work of internal auditor (ISA 610)
  • Using the work of auditor's expert (ISA 620)
  • Difference between annual audit and review of interim financial statements
  • Fundamental principles (Section 100 to 150 of the Code of Ethics)
  • Client and engagement acceptance (Section 210 of the Code of Ethics)

Financial Reporting Standards

  • Statement of financial position under (IAS 1)
  • Statement of comprehensive income (IAS 1)
  • Statement of cash flows (IAS 7) using direct and indirect method
  • Accounting for Inventories (IAS 2)
  • Accounting for Property, Plant and Equipment (IAS 16)
  • Revenue recognition (IAS 18)
  • Accounting for tangible and intangible assets (IAS 38)
  • Leases (IAS 17)
  • Borrowing costs (IAS 23)
  • Impairment of individual assets (IAS 36)
  • Accounting for taxation (IAS 12)
  • Construction contracts (IAS 11)
  • Related party transactions and segment reporting (IAS 24)
  • Contingencies and commitments (IAS 37)
  • Segment reporting (IFRS 8)
  • IFRS-9 Financial Instruments
  • IFRS-15 Revenue from Contracts with Customers

Accounting Standards

Economic forces constantly reshape financial reporting standard. The Board of Governors of the Institute on recommendation of the Institute of Chartered Accountants of Pakistan (ICAP) recommends adoption of IFRS and IAS as ICAP (one of the sponsoring body of PIPFA) is responsible for adopting international auditing standards in Pakistan.

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