Common Audit Failures

Common Audit Failures

The Top 8 ISAs with the most findings noted in the past year MIA practice review are

  • ISA 230 Audit Documentation

  • ISA 500 Audit Evidence

    • Findings are inclusive of both below ISAs:

    • ISA 501 Audit Evidence-Specific Considerations for Selected Items b) ISA 505 External Confirmations

    • ISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

  • ISA 315(Revised)Identifying and Assessing the Risks of Material Misstatement through Understanding of the Entity and Its Environment

  • ISA 530 Audit Sampling

  • ISA 320 Materiality in Planning and Performing an Audit

  • ISA 330 The Auditor's Responses to Assessed Risks

  • ISA 570(Revised) Going Concern

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