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 EvidenceFindings are inclusive of both below ISAs:ISA 501 Audit Evidence-Specific Considerations for Selected Items b) ISA 505 External ConfirmationsISA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

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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