Audit International - Overview
CaseWare® International Inc. (CaseWare) 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 implementation guide is intended to help practitioners understand and efficiently apply the clarified International Standards on Auditing (ISAs) to audits of small- and medium-sized entities (SMEs). The ISA Engagement Forms were developed by the authors of IFAC’s guide to using International Standards on Auditing in the audits of Small- and Medium-sized entities (ISA Guide). These time-saving practice aids allow you to customize the forms and letters to meet the needs of individual engagements.
Condensed forms are designed primarily for use on smaller engagements by auditors who understand the International Standards on Auditing (ISA) requirements. They omit many of the instructions and consideration points contained in the standard forms. Condensed forms would generally not be appropriate for: Audits of larger entities or those with complex operations, high-value or numerous small transactions, or significant risk factors, and use by auditors who are relatively new to auditing or unfamiliar with all of the ISA requirements." 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 on the accompanying file 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 that, "practitioners should utilize this guide in light of their professional judgment and the facts and circumstances involved in each particular engagement."
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.
Disclaimer
These forms are designed to assist practitioners in the implementation of the International Standards on 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.
Copyright
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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