ISA Due Process and Adoption Status

Due Process for adoption of ISA
 
ISA Adoption Status and Effective Dates as of November 15, 2023
 
INTERNATIONAL STANDARDS ON QUALITY MANAGEMENT
ISQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements 3
ISQM 2 Engagement Quality Reviews 3
 
AUDITS OF HISTORICAL FINANCIAL INFORMATION
   
International Standards on Auditing
200-299 General Principles and Responsibilities
ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in accordance with International Standards on Auditing
ISA 210 Agreeing the Terms of Audit Engagements
ISA 220 (Revised) Quality Management for an Audit of Financial Statements 3
ISA 230 Audit Documentation
ISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
ISA 250 (Revised) Consideration of Laws and Regulations in an Audit of Financial Statements
ISA 260 (Revised) Communication with Those Charged with Governance
ISA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
   
300-499 Risk Assessment and Response to Assessed Risks
ISA 300 Planning an Audit of Financial Statements
ISA 315 (Revised 2019) Identifying and Assessing the Risks of Material Misstatement
ISA 320 Materiality in Planning and Performing an Audit
ISA 330 The Auditor’s Responses to Assessed Risks
ISA 402 Audit Considerations Relating to an Entity Using a Service Organization
ISA 450 Evaluation of Misstatements Identified during the Audit
   
500-599 Audit Evidence
ISA 500 Audit Evidence
ISA 501 Audit Evidence – Specific Considerations for Selected Items
ISA 505 External Confirmations
ISA 510 Initial Audit Engagements – Opening Balances
ISA 520 Analytical Procedures
ISA 530 Audit Sampling
ISA 540 (Revised) Auditing Accounting Estimates and Related Disclosures 
ISA 550 Related Parties
ISA 560 Subsequent Events
ISA 570 (Revised) Going Concern
ISA 580 Written Representations
   
600-699 Using the Work of Others
ISA 600 (Revised) Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) 4
ISA 610 (Revised 2013) Using the Work of Internal Auditors
ISA 620 Using the Work of an Auditor’s Expert
   
700-799 Audit Conclusions and Reporting
ISA 700 (Revised) Forming an Opinion and Reporting on Financial Statements 
ISA 701 Communicating Key Audit Matters in the Independent Auditor’s Report
ISA 705 (Revised) Modifications to the Opinion in the Independent Auditor’s Report
ISA 706 (Revised) Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
ISA 710 Comparative Information – Corresponding Figures and Comparative Financial Statements
ISA 720 (Revised) The Auditor’s Responsibilities Relating to Other Information
   
800-899 Specialized Areas
ISA 800 (Revised) Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
ISA 805 (Revised) Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial  Statement
ISA 810 (Revised) Engagements to Report on Summary Financial Statements
   
International Auditing Practice Notes
IAPN 1000 Special Considerations in Auditing Financial Instruments
   
AUDITS AND REVIEWS OF HISTORICAL FINANCIAL INFORMATION
   
2000–2699 International Standards on Review Engagements (ISREs)
ISRE 2400 (Revised) Engagements to Review Historical Financial Statements
ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
   
ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OR REVIEWS OF HISTORICAL FINANCIAL INFORMATION
   
3000–3699 International Standards on Assurance Engagements (ISAEs)
3000–3399 Applicable to All Assurance Engagements
ISAE 3000 (Revised) Assurance Engagements Other than Audits or Reviews of Historical Financial Information
3400–3699 Subject Specific Standards
ISAE 3400 The Examination of Prospective Financial Information (Previously ISA 810)
ISAE 3402 Assurance Reports on Controls at a Service Organization
ISAE 3410 Assurance Engagements on Greenhouse Gas Statements
ISAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
   
RELATED SERVICES
   
4000–4699 International Standards on Related Services (ISRSs)
ISRS 4400 (Revised) Agreed-Upon Procedures Engagements
ISRS 4410 (Revised) Compilation Engagements


Notes:  
1. ICAP has also adopted all ISAs, ISREs, ISAEs and ISRSs without any modification.
2. Where any subsequent revisions/ amendments are made to the ISAs, ISREs, ISAEs and ISRSs by IAASB, such revisions / amendments are deemed to be adopted by ICAP and accordingly would be applicable from the IAASB’s prescribed effective date.
3. ICAP has adopted IAASB’s suit of Quality Management Standards (ISQM 1, ISQM 2 & ISA 220 (Revised)) through Circular No. 06/2022 (dated November 25, 2022). The effective date approved by the Council is from December 15, 2023 (for the firms performing the audits of public interest companies) and December 15, 2024 (for the firms performing the audits of other than public interest companies). ICAP has developed resources on ISQMs including ISQM Guide and Toolkit, which can be downloaded using the link: https://www.icap.net.pk/archives/6612
4. ISA 600 (Revised) will be effective for the periods beginning on or after December 15, 2023.