ASA 200 - Objective and General Principles Governing an Audit of a Financial Report - April 2006
Conduct of an Audit of a Financial ReporConduct of an Audit of a Financial Report
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Conduct of an Audit of a Financial Report
9 The auditor shall conduct an audit in accordance with Auditing Standards.
10 The requirements of Auditing Standards, as set out in bold-type paragraphs, contain basic principles and essential procedures that are mandatory. The explanatory paragraphs in and any appendices to Auditing Standards provide guidance and illustrative examples to assist auditors in the application of the mandatory requirements.
11 In conducting an audit in accordance with the Auditing Standards, the auditor ordinarily considers Guidance Statements applicable to the audit engagement. Guidance Statements provide guidance on procedural matters and on entity or industry specific matters.
12 The auditor may also conduct the audit in accordance with both Australian Auditing Standards and the auditing standards of a specific jurisdiction or country.