| INTERNATIONAL STANDARDS ON QUALITY MANAGEMENT | |
| ISQM 1 | Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements 3 |
| ISQM 2 | Engagement Quality Reviews 3 |
| AUDITS OF HISTORICAL FINANCIAL INFORMATION | |
| International Standards on Auditing | |
| 200-299 | General Principles and Responsibilities |
| ISA 200 | Overall Objectives of the Independent Auditor and the Conduct of an Audit in accordance with International Standards on Auditing |
| ISA 210 | Agreeing the Terms of Audit Engagements |
| ISA 220 (Revised) | Quality Management for an Audit of Financial Statements 3 |
| ISA 230 | Audit Documentation |
| ISA 240 | The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements 5 |
| ISA 250 (Revised) | Consideration of Laws and Regulations in an Audit of Financial Statements |
| ISA 260 (Revised) | Communication with Those Charged with Governance |
| ISA 265 | Communicating Deficiencies in Internal Control to Those Charged with Governance and Management |
| 300-499 | Risk Assessment and Response to Assessed Risks |
| ISA 300 | Planning an Audit of Financial Statements |
| ISA 315 (Revised 2019) | Identifying and Assessing the Risks of Material Misstatement |
| ISA 320 | Materiality in Planning and Performing an Audit |
| ISA 330 | The Auditor’s Responses to Assessed Risks |
| ISA 402 | Audit Considerations Relating to an Entity Using a Service Organization |
| ISA 450 | Evaluation of Misstatements Identified during the Audit |
| 500-599 | Audit Evidence |
| ISA 500 | Audit Evidence |
| ISA 501 | Audit Evidence – Specific Considerations for Selected Items |
| ISA 505 | External Confirmations |
| ISA 510 | Initial Audit Engagements – Opening Balances |
| ISA 520 | Analytical Procedures |
| ISA 530 | Audit Sampling |
| ISA 540 (Revised) | Auditing Accounting Estimates and Related Disclosures |
| ISA 550 | Related Parties |
| ISA 560 | Subsequent Events |
| ISA 570 (Revised) | Going Concern 5 |
| ISA 580 | Written Representations |
| 600-699 | Using the Work of Others |
| ISA 600 (Revised) | Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors) |
| ISA 610 (Revised 2013) | Using the Work of Internal Auditors |
| ISA 620 | Using the Work of an Auditor’s Expert |
| 700-799 | Audit Conclusions and Reporting |
| ISA 700 (Revised) | Forming an Opinion and Reporting on Financial Statements |
| ISA 701 | Communicating Key Audit Matters in the Independent Auditor’s Report |
| ISA 705 (Revised) | Modifications to the Opinion in the Independent Auditor’s Report |
| ISA 706 (Revised) | Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report |
| ISA 710 | Comparative Information – Corresponding Figures and Comparative Financial Statements |
| ISA 720 (Revised) | The Auditor’s Responsibilities Relating to Other Information |
| 800-899 | Specialized Areas |
| ISA 800 (Revised) | Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks |
| ISA 805 (Revised) | Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement |
| ISA 810 (Revised) | Engagements to Report on Summary Financial Statements |
| International Auditing Practice Notes | |
| IAPN 1000 | Special Considerations in Auditing Financial Instruments |
| AUDITS AND REVIEWS OF HISTORICAL FINANCIAL INFORMATION | |
| 2000–2699 | International Standards on Review Engagements (ISREs) |
| ISRE 2400 (Revised) | Engagements to Review Historical Financial Statements |
| ISRE 2410 | Review of Interim Financial Information Performed by the Independent Auditor of the Entity |
| ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OR REVIEWS OF HISTORICAL FINANCIAL INFORMATION | |
| 3000–3699 | International Standards on Assurance Engagements (ISAEs) |
| 3000–3399 | Applicable to All Assurance Engagements |
| ISAE 3000 (Revised) | Assurance Engagements Other than Audits or Reviews of Historical Financial Information |
| 3400–3699 | Subject Specific Standards |
| ISAE 3400 | The Examination of Prospective Financial Information (Previously ISA 810) |
| ISAE 3402 | Assurance Reports on Controls at a Service Organization |
| ISAE 3410 | Assurance Engagements on Greenhouse Gas Statements |
| ISAE 3420 | Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus |
| RELATED SERVICES | |
| 4000–4699 | International Standards on Related Services (ISRSs) |
| ISRS 4400 (Revised) | Agreed-Upon Procedures Engagements |
| ISRS 4410 (Revised) | Compilation Engagements |
Notes:
1. ICAP has also adopted all ISAs, ISREs, ISAEs and ISRSs without any modification.
2. Where any subsequent revisions/ amendments are made to the ISAs, ISREs, ISAEs and ISRSs by IAASB, such revisions / amendments are deemed to be adopted by ICAP and accordingly would be applicable from the IAASB’s prescribed effective date.
3. ICAP has adopted IAASB’s suit of Quality Management Standards (ISQM 1, ISQM 2 & ISA 220 (Revised)) in November 2022. The ISQM standards have become effective for the firms performing the audits of public interest companies from December 15, 2023 and for others from December 15, 2024. The evaluation of the SOQM is required to be performed within one year following the above effective dates. With the adoption of ISQMs, the previous ISQC 1 and ISA 220 have been superseded.
ICAP has developed resources on ISQMs including ISQM Guide and Toolkit which can be downloaded using the link: https://www.icap.net.pk/archives/6612
4. IAASB has published final pronouncement of the ISA for LCE. It is under consideration of ICAP relevant board for adoption.
5. The IAASB has recently issued the revised ISA 240 (Revised), The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements and ISA 570, Going Concern. The revised standards will be effective for the audits of financial statements for periods beginning on or after December 15, 2026.