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INTERNATIONAL STANDARD ON AUDITING 200
OBJECTIVE AND GENERAL PRINCIPLES GOVERNING
AN AUDIT OF FINANCIAL STATEMENTS
(Effective for audits of financial statements for periods beginning on or after June 15, 2006)∗

CONTENTS
Paragraph
Introduction .................................................................................................... 1
Objective of an Audit of Financial Statements .............................................. 2-3
Ethical Requirements Relating to an Audit of Financial Statements ............. 4-5
Conduct of an Audit of Financial Statements ................................................ 6-9
Scope of an Audit of Financial Statements .................................................... 10-14
Professional Skepticism ................................................................................. 15-16
Reasonable Assurance ................................................................................... 17-21
Audit Risk and Materiality ............................................................................. 22-32
Responsibility for the Financial Statements ................................................... 33-36
Determining the Acceptability of the Financial Reporting Framework ......... 37-48
Expressing an Opinion on the Financial Statements ...................................... 49-51
Effective Date ................................................................................................ 52

∗ ISA 315, “Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement,” ISA 330, “The Auditor’s Procedures in Response to Assessed Risks” and ISA 500,“Audit Evidence” gave rise to conforming amendments to ISA 200. These amendments are effective for audits of financial statements for periods beginning on or after December 15, 2004 and have been incorporated in the text of ISA 200.

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