Audit International Overview
CaseWare® International Inc. licenses certain content for Audit International under agreement with the Chartered Professional Accountants of Canada (CPA Canada). The content provides non-authoritative guidance on applying International Standards on Auditing (ISAs) issued by the International Auditing and Assurance Standards Board (IAASB).
CPA Canada describes their ISA Engagement Forms as " comprehensive practice assistance tools designed to assist practitioners with the implementation of International Standards in the audit of small- and medium-sized enterprises. Developed by the authors of IFAC’s Guide to Using International Standards on Auditing in the Audits of Small- and Medium-sized Entities, these forms will assist you in meeting the needs of individual engagements according to IFAC's international auditing standards, and provides you with the added functionality of completing them electronically.
Condensed versions of the standard forms (where consider points and instructions have been omitted) have been provided for use by highly knowledgeable auditors (on ISA requirements) and on smaller audits where some of the ISAs requirements may not be relevant to the particular entity. However, when using condensed form or a structured memorandum, the standard forms that contain more details about the requirements should be used as a reference guide. Compliance with ISA requirements is required regardless of what forms (standard, condensed or memos to file) are used."
For further information on applying ISAs to various sized entities, please see the IAASB articles, which are available on their website, www.ifac.org.
The sample forms, checklists, work programs, and tools provided in the template are useful practice aids that can save time and money while ensuring completeness and consistency. However, these practice aids do not address the wide range of circumstances, risk factors, or specific industry issues that may exist for a particular client or groups of clients (such as those operating in a specialised industry). Consequently, forms should always be tailored to address the known facts and circumstances of each engagement.
CPA Canada states "the practitioner’s application of relevant knowledge and experience to the known facts and circumstances of each engagement is a key requirement to ensure informed decisions are made about matters such as materiality, nature and extent of procedures required, evaluation of evidence obtained and the drawing of appropriate conclusions."
The content is updated on a regular basis by CPA Canada and practitioners should ensure that they are using the most up to date version of all forms.
CaseWare has supplemented the CPA Canada content with additional content covering areas not currently addressed by CPA Canada.
These forms are designed to assist practitioners in the implementation of the International Standards of Auditing (ISAs) on the audit of small- and medium-sized entities. The forms are not intended to be a substitute for the ISAs themselves.
A practitioner should utilise these forms in light of his or her professional judgment and the facts and circumstances involved in each particular audit.
CaseWare® International Inc.and CPA Canada disclaim any responsibility or liability that may occur, directly or indirectly, as a consequence of the use and application of these forms.
The Audit International template is copyrighted by CaseWare® International Inc. Use of this template is subject to CaseWare® International Inc.’s end user license agreement. All intellectual property rights in the software and content remain the exclusive property of CaseWare® International Inc. or CPA Canada, as the case may be. When using this template, you must comply with the law, including without limitation, copyright laws.
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