ISA Due Process and Adoption Status

Due Process for adoption of ISA

ISA Adoption Status as of July 2018

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      Quality Control for an Audit of Financial Statements
ISA 230      Audit Documentation
ISA 240      The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
ISA 250      Consideration of Laws and Regulations in an Audit of Financial Statements (Revised)
ISA 260      Communication with Those Charged with Governance  (Revised)
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    Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment (Revised)
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      Auditing Accounting Estimates and Related Disclosures (Revised)
ISA 550      Related Parties
ISA 560      Subsequent Events
ISA 570      Going Concern (Revised) 
ISA 580      Written Representations

600-699    Using the Work of Others

ISA 600     Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors)
ISA 610      Using the Work of Internal Auditors
ISA 620      Using the Work of an Auditor’s Expert

700-799    Audit Conclusions and Reporting

ISA 700     Forming an Opinion and Reporting on Financial Statements (Revised)

ISA 701      Communicating Key Audit Matters in the Independent Auditor’s Report (New)

ISA 705      Modifications to the Opinion in the Independent Auditor’s Report (Revised)
ISA 706      Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report (Revised)
ISA 710      Comparative Information—Corresponding Figures and Comparative Financial Statements
ISA 720      The Auditor’s Responsibilities Relating to Other Information in documents Containing Audited Financial Statements (Revised)

800-899    Specialized Areas

ISA 800     Special Considerations—Audits of Financial Statements prepared in Accordance with Special Purpose Frameworks (Revised)
ISA 805  Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial  Statement (Revised)
ISA 810     Engagements to Report on Summary Financial Statements (Revised)

International Auditing Practice Notes

IAPN 1000    Special Considerations in Auditing Financial Instruments

International Standards on Review Engagements (ISREs)

ISRE 2400    Engagements to Review Financial Statements (Revised)
ISRE 2410    Review of Interim Financial Information Performed by the Independent  Auditor of the Entity

International Standards on Assurance Engagements (ISAEs)

ISAE 3000    Assurance Engagements Other than Audits or Review of Historical Financial Information (Revised)
ISAE 3400   The Examination of Prospective Financial Information
ISAE 3402   Assurance Reports on Control at a Service Organisations
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

International Standards on Related Services (ISRSs)

ISRS 4400  Engagements to Perform Agreed-Upon Procedures Regarding Financial Information
ISRS 4410  Compilation Engagements (Revised)


1. The clarified ISAs issued by IAASB comprised of 36 ISAs. ICAP adopted the clarified ISAs (except ISA 600) through Circular No. 12 of 2010, effective for the audits of financial statements for periods beginning on or after December 15, 2010.

2. ICAP adopted ISA 600 through Circular No. 5 of 2015, effective for audits of financial statements for periods beginning on or after July 1, 2015.

3. IAASB issued the new ISA 701, which deals with the auditor’s responsibility to communicate Key Audit Matters in the auditor’s report. ICAP has adopted ISA 701 through Circular No. 7 of 2016, effective for audits of financial statements for periods ending on or after December 15, 2016.

4. IAASB has revised ISA 540 which will become effective for financial statement audits for periods beginning on or after December 15, 2019. 

5. In case IAASB makes subsequent revisions/ amendments to the ISA/s, such revisions / amendments would be deemed adopted by ICAP and accordingly would be applicable from the IAASB prescribed effective date.

6. ICAP has also adopted all ISREs, ISAEs and ISRSs.