ASCA (Jordan) Issues the Translated Arabic Version of the Guide to Using ISAs in the Audits of SMEs

This Guide aims at enabling practitioners to develop a profound understanding of the audit engagement performed in accordance with the International Standards on Auditing through explanation and illustrative examples. It also provides a methodology for the practical application of audit engagements used by practitioners

AMMAN------ November 21, 2012----- The Arab Society of Certified Accountants (Jordan) issued the approved translated Arabic version of the Guide to Using ISAs in the Audits of Small and Medium-Sized Enterprises (SMEs), issued by the International Federation of Accountants (IFAC).

This Guide aims at enabling practitioners to develop a profound understanding of the audit engagement performed in accordance with the International Standards on Auditing through explanation and illustrative examples. It also provides a methodology for the practical application of audit engagements used by practitioners. The Guide has been organized into two volumes as follows: Volume 1, which provides an overview of the entire audit and a discussion of key audit concepts such as materiality, assertions, internal control, risk assessment procedures, and the use of further audit procedures in responding to assessed risks. It also includes a summary of ISA requirements with respect to:

• Specific areas such as accounting estimates, related parties and subsequent events;
• Documentation requirements; and
• Forming an opinion on the financial statements.

Volume 2 focuses on how to apply the concepts outlined in Volume 1. It follows the typical stages involved in performing an audit, starting with client acceptance, planning, and risk assessment, and then the risk response, evaluating audit evidence obtained, and forming an appropriate audit opinion. Ultimately, this Guide should help practitioners conduct high-quality, cost-effective audits, and can be used as a basis for training and a practical reference guide for audit engagements. It is worth mentioning that ASCA-Jordan continuously seeks to develop accounting and management sciences, as well as all related principles applicable to professional services. ASCA-Jordan also strives to improve competence and practice and strengthen the code of ethics in accordance with the highest professional standards through the issuance of accounting publications and following up on the recent developments in accounting and auditing.