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Guide to International Standards on Auditing for Use in the Audit of Small- and Medium-sized Entities (ISA Guide) 

The ISA Guide is an implementation guide that assists practitioners to understand, comply with, and apply International Standards on Auditing (ISAs) in the audits of small- and medium-sized entities. The ISA Guide provides a detailed analysis of all ISAs and their requirements issued in the context of an SME audit. It also includes an in-depth case study based on a typical SME audit and a supporting toolkit of forms and checklists.

Developed by the Canadian Institute of Chartered Accountants (CICA) and originally released by the SMP Committee in 2007, the guide has been updated to provide non-authoritative guidance on applying ISAs issued by the IAASB as at April 1, 2010 as set out in the 2010 edition of IFAC’s Handbook of International Quality Control, Auditing, Review, Other Assurance, and Related Services Pronouncements.

The guide comprises two volumes: Volume 1 describes the basic concepts of a risk-based audit in conformance with ISAs and is directed at practitioners and students with little or no understanding of ISAs. Volume 2 sets out the practical guidance for the audit of SMEs and is targeted at practitioners with a reasonable working knowledge of ISAs.

The PDF print version of this guide, and other IFAC SMP Committee products, can be downloaded free of charge from the Publications and Resources section of the IFAC website. The Microsoft Word version of the guide is also available to allow for translation and adaptation by institutes and small firms. Updates on initiatives of IFAC boards and committees, including information on recent developments related to the explanatory guides, is available on the IFAC site.

Related Information

CGA-Canada | Last Updated: October 25, 2010