Clarity on ISA hotspots

In order to be awarded CPD units you must answer the following five random questions correctly. If you fail the test, please re-read the article before attempting the questions again.

  1. Which is the first accounting periods the clarified ISA's apply?

  2. What does Clarified ISA 240 regard as a significant risk?

  3. What should the auditor challenge as part of their ISA 550 considerations?

  4. Auditors may face a challenge if they have relied on weaker forms of evidence. What type of evidence should they seek?

  5. ISA 600 is the first time an ISA has been issued on what subject?

  6. Revised ISA 260 requires communication to those charged with governance. What example does it suggest be communicated?

  7. ISA 530 on audit sampling highlights a rare event. What is it?

  8. ISA 540 has replaced which old ISA?

  9. What is one of the aims of the new ISAs?

  10. What is the purpose of the ISA changes?