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Audit And Assurance


International Standards on Auditing (ISA) Zambia adopted the use of International Standards on Auditing as the standards to be used by all auditors in the Country. The Standards are to be applied in the audit of historical financial information. Under this section members and other stakeholders can access the International Framework for Assurance Engagements which defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which International Standards on Auditing (ISAs), International Standards on Review Engagements (ISREs) and International Standards on Assurance Engagements (ISAEs) apply


International Standards on Auditing

Under this section members and other stakeholders can access the International Framework for Assurance Engagements which defines and describes the elements and objectives of an assurance engagement, and identifies engagements to which International Standards on Auditing (ISAs), International Standards on Review Engagements (ISREs) and International Standards on Assurance Engagements (ISAEs) apply


Latest Updates

This section allows you to find current developments in Auditing and Assurance.

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Framework

The Framework provides a structure of reference for:

a)

Professional accountants in public practice (“practitioners”) when performing assurance engagements. Professional accountants in the public sector refer to the Public Sector Perspective at the end of the Framework. Professional accountants who are neither in public practice nor in the public sector are encouraged to consider the Framework when performing assurance engagements;

b)

Others involved with assurance engagements, including the intended users of an assurance report and the responsible party; and

c)

The International Auditing and Assurance Standards Board (IAASB) in its development of ISAs, ISREs and ISAEs.

We have therefore dedicated this section to contemporary auditing and assurance publications issued by International Auditing and Assurance Standards Board (IAASB) and associated bodies. For information on technical updates, Click here for more information.

In support of its commitment to explore standards for services that meet the unique needs of small- and medium-sized entities (SMEs), the International Auditing and Assurance Standards Board (IAASB) on 27th September 2012 released International Standard on Review Engagements (ISRE) 2400 (Revised).

resources/international-standard-review-engagements-2400-revised-engagements-review-his ISRE 2400 (Revised) follows the release earlier in 2012 of International Standard on Related Services (ISRS) 4410 (Revised), Compilation Engagements, a standard also addressing services of particular relevance to SMEs.

“An important aspect of the IAASB’s strategic focus in recent years has been our response to the growing demand for assurance services, other than the financial statement audit, that help enhance the credibility of SMEs’ financial statements,” noted Prof. Arnold Schilder, IAASB chairman. “In light of this demand, it is fundamental that there be robust standards to support a diverse range of services for this important stakeholder group. ISRE 2400 (Revised) is an important contribution to this aim.”