International Standards on Auditing
What lies behind the phrase «the audit was conducted in accordance with ISA»
Go to the «Mandatory audit» serviceChecked against the official source:
International Standards on Auditing describe how an audit must be conducted: from risk assessment and sampling to documentation and the form of the final opinion.
For the client this means predictability: the scope of procedures is determined not by the discretion of a particular firm but by recognised requirements.
Legal status of ISA in Uzbekistan
The standards of auditing activity are the international standards on auditing, quality control, review engagements, assurance engagements and related services issued by the IAASB of the International Federation of Accountants (Article 9 of ZRU-677). The standards applied are those posted on the authorised body's website with IFAC's permission; the recognition procedure is set by the Cabinet of Ministers — Resolution No. 171 of 11.04.2022.
What the standards govern
- The procedure for assessing risks of material misstatement
- Requirements for sufficient and appropriate evidence
- Rules for sampling
- Requirements for audit documentation
- The form and content of the auditor's report
- The auditor's actions when indicators of fraud are identified
What this gives the company
A report issued following an audit conducted in accordance with ISA is understood by external users — including foreign partners, investors and banks. This is especially important when working with foreign counterparties.
The other side
The standards set a mandatory minimum of procedures that cannot be reduced by agreement with the client. That is exactly why a proper audit cannot be arbitrarily cheap: the scope of work is determined by requirements, not by negotiation.
Have an audit conducted under ISA
The audit is conducted under international standards — with full documentation of procedures.
Go to the «Mandatory audit» serviceFrequently asked questions
Is an audit under ISA different from an audit under national rules?
In terms of methodology, the approaches largely coincide. What differs significantly is the subject of the audit: the financial statements may be prepared under national standards or under IFRS, and this affects the scope of procedures more than the auditing standards themselves.
Are ISA mandatory in Uzbekistan?
Yes, auditing activity is carried out on the basis of International Standards on Auditing (Article 9 of ZRU-677).
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