July 2020

Editorial Note

Mind map

Related commentary in Navigate Audit

This standard is effective for audits of financial statements for periods commencing on or after 15 December 2021, early adoption permitted. For earlier periods, the previous standard can be found here.

Contents
 
Introduction
Scope of this ISA (UK) 1.
Key Concepts in this ISA (UK) 2. - 8.
Scalability 9.
Effective Date 10.
Objective 11.
Definitions 12.
Requirements
Risk Assessment Procedures and Related Activities 13. - 18.
Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework and the Entity’s System of Internal Control (Ref: Para. A48–A49) 19. - 27.
Identifying and Assessing the Risks of Material Misstatement (Ref: Para. A184–A185) 28. - 37.
Documentation 38.
Application and Other Explanatory Material
Definitions (Ref: Para. 12) A1. - A10.
Risk Assessment Procedures and Related Activities (Ref: Para. 13–18) A11. - A47.
Obtaining an Understanding of the Entity and Its Environment, the Applicable Financial Reporting Framework and the Entity’s System of Internal Control (Ref: Para. 19–27) A48. - A183.
Identifying and Assessing the Risks of Material Misstatement (Ref: Para. 28–37) A184. - A236.
Documentation (Ref: Para. 38) A237. - A241.
Appendix 1 Considerations for Understanding the Entity and its Business Model 1. - 7.
Appendix 2 Understanding Inherent Risk Factors 1. - 5.
Appendix 3 Understanding the Entity’s System of Internal Control 1. - 24.
Appendix 4 Considerations for Understanding an Entity’s Internal Audit Function 1. - 11.
Appendix 5 Considerations for Understanding Information Technology (IT) 1. - 23.
Appendix 6 Considerations for Understanding General IT Controls 1. - 2.
CONFORMING AND CONSEQUENTIAL AMENDMENTS TO OTHER ISAs (UK) 7. - A51.

(Effective for audits of financial statements for periods beginning on or after 15 December 2021)

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