Changes in the essence of the International Standard on Auditing – ISA 700

Author:Alexandru LUPEA, PwC



Keywords:profession, pillars, standards, engagement, optional, convergence, reviews

The material presents a short history of the financial audit as well as the perspectives for the International Standards On Auditing development in the immediate future. A separate chapter is dedicated to the content of the auditor’s report considering implementation of the ISA 700 revised starting with 2006. \r\n\r\nThe author points out the increase of the role of the auditors in the current economic environment, ISAs acceptance at the European level as well as IAASB efforts to revise a significant number of standards before 2008, respectively the convergence between ISAs and INTOSAI standards.