The overall objective of ISA 200 is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.
The objective of ISA 210 is to accept or continue audit engagement when the basis upon which is to be performed has been agreed by establishing whether the preconditions for an audit are present and confirming that there is a common understanding between the auditor and management.
The objective of ISA 220 is to implement quality control procedures at the engagement level that provide the auditor with reasonable assurance that the audit complies with professional standards and applicable legal and regulatory requirements and auditor’s report issued is appropriate in the circumstances.
The objectives of ISA 402 are to obtain an understanding of the nature and significance of the services provided by the service organization and their effect on the user entity’s internal control relevant to the audit, sufficient to identify and assess the risks of material misstatement and to design and perform audit procedures responsive to those risks.
The objective of ISA 501 is to obtain sufficient appropriate audit evidence regarding existence and condition of inventory, completeness of litigation and claims involving the entity and presentation and disclosure of segment information in accordance with the applicable financial reporting framework
The objective of ISA 505, when using external confirmation procedures, is to design and perform such procedures to obtain relevant and reliable audit evidence.
The objective of ISA 510 with respect to opening balances is to obtain appropriate audit evidence whether opening balances contain misstatements that materially affect the current period’s financial statements and appropriate accounting policies reflected in the opening balances have been consistently applied in the current period’s financial statements or changes thereto are appropriately accounted for and adequately presented and disclosed in accordance with the applicable financial reporting framework.
The objectives of ISA 520 are to obtain relevant and reliable audit evidence when using substantive analytical procedures and to design and perform analytical procedures near the end of the audit that assist the auditor when forming an overall conclusion as to whether the financial statements are consistent with the auditor’s understanding of the entity.
The objective of ISA 530 when using audit sampling is to provide a reasonable basis for the auditor to draw conclusions about the population from which the sample is selected.
The objective of ISA 540 is to obtain sufficient appropriate audit evidence about whether accounting estimates and related disclosures in the financial statements are reasonable in the context of the applicable financial reporting framework.
The objectives of ISA 550 are to obtain an understanding of related party relationships and transactions sufficient to be able to recognize fraud and conclude based on audit report obtained. where the applicable financial reporting framework establishes related party requirements, to obtain sufficient appropriate audit evidence about whether related party relationships and transactions have been appropriately identified, accounted for and disclosed in the financial statements in accordance with the framework
The objectives of ISA 560 are to obtain sufficient appropriate audit evidence about whether events occurring between the date of the financial statements and the date of the auditor’s report that require adjustment of or disclosure in the financial statements are appropriately reflected in those financial statements in accordance with the applicable financial reporting framework and to respond appropriately to facts that become known to the auditor after the date of the auditor’s report.
The objectives of ISA 570 are to obtain sufficient appropriate audit evidence regarding the appropriateness of management’s use of the going concern assumption in the preparation of the financial statements , to conclude based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity’s ability to continue as a going concern and to determine the implications for the auditor’s report
The objectives of ISA 580 are to obtain written representations from management or those charged with governance for the completeness of the information provided to the auditor and to support other audit evidence relevant to the financial statements or specific assertions in the financial statements by means of written representations if determined necessary by the auditor or required by other ISAs.