INSTITUTO POLITÉCNICO NACIONAL

ESCUELA SUPERIOR DE COMERCIO Y ADMINISTRACIÓN

UNIDAD SANTO TOMÁS

JOSE MANUEL GARCIA GARCIA

CONTADOR PÚBLICO

Grupo: 3CX34
FUNDAMENTOS DE AUDITORIA

ACTIVIDAD: Normas de auditoría nacional e internacional

PROFESOR: CARLOS ALFREDO CARPY MORALES

FECHA DE ENTREGA: 20 DE DICIEMBRE 2024

 National and International Auditing Standards. Current national egulations vs. international regulations.

NAGAS.

The Generally Accepted Auditing Standards (NAGAS) have their origin in the Statements on Auditing
Standard (SAS), issued by the Audit Committee of the American Institute of Certified Public
Accountants of the United States of America (AICPA) in 1948
The Generally Accepted Auditing Standards (GAWS) are the principles and requirements formally
taken into account when performing auditing tasks. The NAGAS
respond to the indications and principles that govern the behavior of all professional auditors.
They are the fundamental principles or basic rules that the public accountant must follow when
conducting a review of information (administrative audit, tax audit) and issue professional judgment
based on the evidence found in the exercise of the exam.
Standards that should govern the auditor's work

The members of the American Institute of Certified Public Accountants (AICPA) have approved and
adopted NAGA standards that should govern the work of independent auditors and
are classified into three groups: general or personal standards, standards for the execution of the
work, and standards for preparing the Report.

General or personal rules:

1. The exam must be performed by people who have adequate training.

2. Are legally authorized to practice Public Accounting.
3. The Public Accountant must have mental independence in everything related to his work, to
guarantee the impartiality and objectivity of his judgments.

Rules relating to the execution of work:

 The work must be technically planned and appropriate supervision must be

exercised over the attendees.
 An appropriate study and evaluation of the existing internal control system should be carried
out.
 Valid and sufficient evidence obtained through internal audit procedures must be obtained.

Rules for the preparation of the report:

Applying generally accepted accounting principles, the report must state whether
the financial statements are presented in accordance with the

GAAP. This standard requires the auditor to be familiar with accounting principles and procedures,
including the methods of their application.
Identify those circumstances in which such principles have not been uniformly observed in the current
period in relation to the preceding period.
The financial statements present in a reasonable and appropriate manner, all the information
necessary to show and interpret them properly.
The opinion must express an opinion with respect to the financial statements taken as a whole or a
statement to the effect that it cannot express an opinion as a whole.

In all countries where public and private enterprises and entities are required to keep accounts of their
day-to-day operations, they may be subject to rigorous scrutiny.
The evaluation of these is subject to the regulations, legislation and prescriptions of each of the
governments, but as a general rule this examination is made under defined parameters, among which
are the Generally Accepted Auditing Standards that have been prepared under the fundamental,
evident and accepted truths of the accounting profession and the principles that govern it.

The International Auditing and Assurance Standards Board (CNIAA) performs its functions as an
independent standard-setting body under the principles of the International Federation of Accountants.

The purpose of the CNIAA is to establish auditing and quality assurance standards, in such a way as
to facilitate convergence between national and international standards, and thus improve the quality
and uniformity of accounting practice throughout the world.

International Standards on Auditing

In 2010, the Mexican Institute of Public Accountants A.C. (IMCP), a member of the International
Federation of Accoutants (IFAC), made a commitment to adopt and align itself with the standards
issued by this organization.
Consequently, on June 15 of the same year, the IMCP Membership approved
the full adoption of the International Standards on Auditing (ISA). for audits of financial
statements of accounting years that began on or after January 1, 2012 With this decision taken by the
IMCP, the use of the Generally Accepted Auditing Standards in Mexico (NAGAS) is replaced, which
were abrogated as of January 1, 2013, the new regulations to be implemented will be governed and
supervised through the Commission on Auditing and Assurance Standards (CONAA).
The International Standards on Auditing (ISA) are issued by the International Federation of
Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB), They
are a standard of regulation in procedures for the development of an
Audit, so that when auditing the techniques used are the adequate so that there
is no bias or lack of certainty of having reviewed, examined the records of the accounting facts.
The main activities of this convergence process were: Review of the main
differences in the documents:
International Framework for Assurance Engagements IFAE International Standard Quality
Control (ISQC)
NIAS Newsletters

ISAs help create a common audit language to strengthen all organizations focused on promoting audit
quality and auditors' skills to work across different types of entities: public and private, large and small

The content set out in the International Standards on Auditing (ISA) comprises 36 clarified auditing
standards and the quality standard (ISQC) that are organized into separate sections that allow the
standard to be fully understood and for the auditor to perform the audit appropriately, improving the
credibility of the financial information and the quality of the audit work.

It also establishes the general objectives of the auditor when conducting an audit in
accordance with international standards
on auditing, and each standard presents a specific objective establishing the auditor's obligation in
relation to those objectives by presenting requirements in each standard.

General principles and responsibilities

ISA 200: Basic Objectives and Principles Governing the Audit of Financial Statements.
ISA 210: Agreement on the terms of the audit engagements.
ISA 220: Quality Control of Audit Work.
ISA 230: Documentation.
 ISA 240: Auditor's Liability for Fraud and Error in Auditing.
ISA 250: Laws and Regulations in the Audit of Financial Statements.
ISA 260: Communicating audit matters with those charged with corporate governance.
ISA 265: Communication of deficiencies in internal control to those charged with governance and
management of the entity.

Planning

ISA 300: Planning an audit of financial statements.

ISA 315: Identification and assessment of the risk of material misstatement and
concordance and consequential modifications.
ISA 320: Materiality or materiality in audit planning and execution.
ISA 330: Auditor's Responses to Assessed Risks.

Risk assessment and response to assessed risks /internal control

ISA 402: Audit Considerations Related to an Entity Using a Service Organization.

ISA 450: Evaluation of misstatements identified during the audit.

Audit Evidence
ISA 500: Audit Evidence.
ISA 501: Specific Audit Evidence Considerations for Selected Items.
ISA 505: External Confirmations.
ISA 510: Initial Audit Commitments: Opening Balances. ISA 520: Analytical Procedures.
ISA 530: Audit Sampling.
ISA 540: Audit of accounting estimates, including accounting estimates of fair value and related
disclosures.
ISA 550: Related Parties.
ISA 560: Subsequent events.
ISA 570: Current concern.
ISA 580: Written Representations.

Using the Work of Others

ISA 600: Use of the work of another auditor.
ISA 610: Considerations of Internal Audit Work.
ISA 620: Use of an Expert's Work.

Conclusions and audit opinion

ISA 700: The auditor's opinion on the financial statements.

ISA 701: Modifications to the Independent Auditor's Opinion.
ISA 705: Modified opinion in the report issued by an independent auditor.
ISA 706: Emphasis paragraphs and paragraphs on other matters in the report issued by an
independent auditor.
ISA 710: Comparatives.
ISA 720: Auditor's Responsibilities Related to Other Information in Documents Containing
Audited Financial Statements.

Specialized areas

ISA 800: The auditor's opinion on special purpose audit engagements.

ISA 805: Special Considerations – Audits of individual financial statements and of specific items,
accounts, or items in a financial statement.
ISA 810: Engagements to Report on Summary Financial Statements.

General Objectives of the Independent Auditor and Conduct of an Audit, in

Accordance with the Standards International Audit

Introduction.

This auditing standard sets out the responsibilities of the independent auditor when conducting an
audit of financial statements based on international standards. It sets out the general objectives of the
independent auditor and explains the nature and scope of the audit designed to meet those
objectives. The requirements are also presented, establishing the general responsibilities of the
independent auditor to comply with the standard

When the auditor accepts the audit work, he is accepting the responsibility of acting in the
public interest , meeting not only the needs of his client, but also accepting the requirements
established in the Code of Ethics.

 Integrity

 Objectivity

 Professional competence and due care

 Confidentiality

 Professional conduct

Objectives

The auditor's objective is to express his or her opinion on the financial statements; As a basis for the
auditor's opinion, the standards require the auditor to obtain reasonable assurance, with a high level of
assurance and sufficient evidence to reduce audit risk, as to whether the financial statements, as a
whole, are free from misrepresentation due to fraud or error. However, there is no absolute level of
certainty, because the evidence on which the auditor relies may be more persuasive than conclusive.

 Exercise your professional judgment and maintain professional skepticism during audit
planning and conduct

 Identify and assess material misrepresentation risks, whether due to fraud or error, based
on an understanding of the entity, its environment and internal control

 Obtain sufficient appropriate audit evidence on whether material misstatements exist through
the design and implementation of appropriate responses to assessed risks.

 Establish an opinion on the financial statements based on conclusions drawn from audit
evidence.

 Rule on the financial statements and communicate according to the results obtained

Definitions

International standards on auditing deal with concepts, which need to be clarified for the proper
development of auditing and application of standards. Below are the main terms used for the purposes
of the International Standards on Auditing

• Applicable financial reporting reference framework: It is the reference framework adopted

by the entity's management, or in its absence by those who are in charge of preparing the
financial statements
• Audit evidence : Information used by the auditor to establish its conclusions, on which it
relies to express its opinion.
• Audit risk : The risk that the auditor will express an inappropriate opinion of the audit when
the financial statements are misrepresented in a materially misrepresented manner. This is
a function of the risks of misrepresentation and error detection.
• Auditor: Is the person or group of trained and experienced persons who are appointed by a
competent authority to review, evaluate and examine the financial statements of an entity,
and to give an opinion on them by making the pertinent observations and recommendations

• Detection risk : The risk that the procedures developed by the auditor to reduce audit risk will
not detect misstatements that could be material, either individually or in aggregate
with other misstatements.

• Financial statements: It is a structured representation of historical financial information,

which presents the economic resources or obligations of an entity in a given period
according to a financial reporting framework. Include notes referencing important accounting
policies and other clarifying information

• Historical financial information: It is the financial information of an entity, derived from its
accounting system on events, circumstances or economic conditions presented in specific
periods in the past.

• Administration: A person or group of people with executive responsibilities charged with

directing the operations of an entity

• Misrepresentation: It is the difference between an aspect reported in a financial statement

and what is required by the applicable financial reporting framework

• Premise: It is related to the responsibilities of the administration, or those in charge, on which

an audit is conducted

• Professional judgment: The application of training, knowledge, and experience in contexts

provided by auditing, accounting, and ethical standards in making appropriate decisions
about audit courses of action to achieve reasonable judgments.

• Professional skepticism: Questioning attitude, being attentive to conditions that may

indicate possible misrepresentation due to fraud or error, and critically evaluating audit
evidence.

• Reasonable Assurance: A high level of assurance, not absolute, that allows the auditor to
have a solid basis for giving an opinion on the financial statements.

• Risk of material misstatement: Risk that the financial statements will show material
misstatement prior to an audit.

• Corporate Governance Officers: The person or organization (management staff, board

 members, managed-owner) with responsibility for overseeing the entity's strategic direction
and obligations related to the entity's accountability

• Requirements
• The auditor must comply with the requirements established by the relevant international
auditing standards when planning and performing an audit, these requirements support
each objective of the auditor.

• Ethical requirements related to an audit of financial statements: The auditor is subject to

relevant ethical requirements relevant to audits of financial statements
• Professional skepticism: To obtain reasonable assurance, the auditor must maintain an
attitude of professional skepticism throughout the audit

• Professional judgment: The auditor must apply the relevant technical knowledge and
experience to select possible courses of action within the audit, to properly exercise his
profession and to perform the audit in an appropriate manner
• Sufficient appropriate audit evidence and audit risk: An important part of the auditor's job
is to obtain and evaluate audit evidence, enabling the auditor to support his or her audit
opinion and opinion.