Auditing standards determine details, procedures, methods and techniques used in the provision of audit services (Act on Auditors No. 254/2000 Coll., Section 38). According to the law, the Council of the Chamber of Auditors of the Czech Republic is responsible for the approval and issuance of auditing standards. Aimed at ensuring the provision of services of internationally comparable quality and with respect to the requirements of the European Union, following decisions were made by the Council:
- May 2003: the decision on the transition to the International Standards on Quality Control, Auditing, Assurance and Related Services issued by the International Federation of Accountants IFAC - ISAs
- May 2004: the decision on the application of ISAs on audits of the financial statements covering periods beginning on or after 1 January 2005
- September 2004: the decision on the application of ISAs on other assurance engagements and related services where the report is issued on or after 1 January 2006
National auditing standards remain in force depending on the audited/reviewed period and on the date of the audit report issuance, respectively. They are gradually replaced with the relevant ISAs.
If necessary, ISAs are amended by the National Application Guidelines approved and issued by the Council. Purpose of the National Application Guidelines is to impose audit procedures or requirements:
- in addition to
- by carving out parts of
the ISAs if these stem from specific national legal requirements.
The Chamber of Auditors of the Czech Republic firstly published electronic version of the Czech translation of he 2004 Handbook of International Auditing, Assurance and Ethics Pronouncements. Printed bound volumes of the Czech translation of the 2005 Handbook and 2006 Handbook were issued in addition to the electronic versions. It includes Introduction, Code of Ethics of IFAC, International Standard on Quality Control, International Standards on Auditing and Review Engagements, International Auditing Practice Statements, International Standards on Assurance Engagements and International Standards on Related Services issued as of 1 January of the respective years. The Czech translation of 2006 Handbook is available for sale in the office of the Chamber of Auditors of the Czech Republic and may be ordered here. It may be downloaded free of charge here.
The list of standards 2008
International Standards on Quality Control (ISQCs)
| 1 |
Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements |
Framework
|
International Framework for Assurance Engagements |
International Standards on Auditing (ISAs)
| 200 |
Objective and General Principles Governing an Audit of Financial Statements |
| 210 |
Terms of Audit Engagements |
| 220 |
Quality Control for Audits of Historical Financial Information |
| 230 |
Audit Documentation |
| 240 |
The Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements |
| 250 |
Consideration of Laws and Regulations in an Audit of Financial Statements |
| 260 |
Communications of Audit Matters with Those Charged with Governance |
| 300 |
Planning an Audit of Financial Statements |
| 315 |
Understanding the Entity and Its Environment and Assessing in the Risks of Material Misstatement |
| 320 |
Audit Materiality |
| 330 |
The Auditor's Procedures in Response to Assessed Risks |
| 402 |
Audit Considerations Relating to Entities Using Service Organizations |
| 500 |
Audit Evidence |
| 501 |
Audit Evidence-Additional Considerations for Specific Items |
| 505 |
External Confirmations |
| 510 |
Initial Engagements-Opening Balances |
| 520 |
Analytical Procedures |
| 530 |
Audit Sampling and Other Means of Testing |
| 540 |
Audit of Accounting Estimates |
| 545 |
Auditing Fair Value Measurements and Disclosures |
| 550 |
Related Parties |
| 560 |
Subsequent Events |
| 570 |
Going Concern |
| 580 |
Management Representations |
| 600 |
Using the Work of another Auditor |
| 610 |
Considering the Work of Internal Auditing |
| 620 |
Using the Work of an Expert |
| 700 |
The Independent Auditor's Report on a Complete Set of General Purpose Financial Statements
Application Guidelines to ISA 700 CZ “Requirements on the Auditor's Report defined by the Act on Auditors” |
| 701 |
Modifications to the Independent Auditor's Report |
| 710 |
Comparatives
Application Guidelines to ISA 710 CZ "Comparatives" |
| 720 |
Other Information in Documents Containing Audited Financial Statements
Application Guidelines to ISA 720 CZ“Audit of the Annual Report” |
| 800 |
The Independent Auditor's Report on Special Purpose Audit Engagements |
International Auditing Practice Statements (IAPSs)
| 1000 |
Inter-Bank Confirmation Procedures |
| 1004 |
The Relationship between Banking Supervisors and Banks' External Auditors |
| 1005 |
The Special Considerations in the Audit of Small Entities |
| 1006 |
Audits of the Financial Statements of Banks |
| 1010 |
The Consideration of Environmental Matters in the Audit of Financial Statements |
| 1012 |
Auditing Derivative Financial Instruments |
| 1013 |
Electronic Commerce-Effect on the Audit of Financial Statements |
| 1014 |
Reporting by Auditors on Compliance with International Financial Reporting Standards |
International Standards on Review Engagements (ISREs)
| 2400 |
Engagements to Review Financial Statements
Application Guidelines to ISRE 2400 CZ “Review of the Related Party Transactions Report |
| 2410 |
Review of Interim Financial Information Performed by the Independent Auditor of the Entity |
International Standards on Assurance Engagements (ISAEs)
| 3000 |
Assurance Engagements Other than Audits or Reviews of Historical Financial Information |
| 3400 |
The Examination of Prospective Financial Information |
International Standards on Related Services (ISRSs)
| 4400 |
Engagements to Perform Agreed-upon Procedures Regarding Financial Information |
| 4410 |
Engagements to Compile Financial Information |
Redrafted International Standards (Clarity Project) - ISAs effective for audits of financial statements for periods beginning on ar after December 15, 2009
| 230 |
Audit Documentation |
| 240 |
The Auditor's Responsibility to Consider Fraud in an Audit of Financial Statements |
| 260 |
Communication with Those Charged with Governance |
| 300 |
Planning an Audit of Financial Statements |
| 315 |
Understanding the Entity and Its Environment and Assessing in the Risks of Material Misstatement |
| 330 |
The Auditor´s Procedures in Response to Assessed Risks |
| 540 |
Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures |
| 600 |
Special Considerations - The Audit of Group Financial Statements (Including the Work of Component Auditors) |
| 720 |
The Auditor´s Recponsibility in Relation to Other Information in Documents Containing Audited Financial Statements |
List of the Auditing Standards set by The Czech Chamber of Auditors
- Objective and General Principles Governing an Audit of Financial Statements
- Audit Evidence
- The Auditor's Report on Financial Statements
- Documentation
- Planning
- Audit Materiality
- Risk Assessments and Internal Control
- Audit Sampling and Other Selective Testing Procedures
- Management Representations
- Quality Control for Audit Work
- Auditing in a Computer Information Systems Enviroment
- The Auditor´s Responsibility to Considere Fraud and Error in an Audit of Financial Statements
- Using the Work of Another Auditor
- The Auditor's Report on Special Purpose Audit Engagements
- Subsequent Events
- Going Concern
- Analytical Procedures
- Other Information in Documents Containing Audited Financial Statements
- Initial Engagements - Opening Balances
- The Special Considerations in the Audit of Small Entities
- Audit of Accounting Estimates
- Comparatives
- Engagements to Review Financial Statements
- Considering the Work of Internal Auditing
- Knowledge of the Business
- Communications with Management
- Consideration of Laws and Regulations in an Audit of Financial Statements
- The Relationship between Bank Supervisors and External Auditors
- The Audit of Municipalities
- Review of Intra-Group Transactions and Relations Report
|
