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Chapter 1: Regulatory Environment, Purpose: consider the reason behind the…

- - - - International Auditing and Assurance Standard Board (IAASB)
        
        Assurance
        1. International Standard on Auditing (ISAs)
        Audit Report: Address to the shareholders (mandatory)
        > Audit report uses ISAs standard
        2. International Standard on Assurance Engagements (ISAEs)
        
        ISAES does not perform audit procedure but express out opinion
        
        There are audit that does not involve numbers
        
        There are 2 type of reports
        
        Type 1 report: contain design + operational control in service organisation
        
        Type 2 report: contain same as type report 1 + information of effectiveness control
        
        Review (is a stand-alone engagement) - nothing to do with audit
        International Standards on Review Engagements (ISREs)
        
        Review engagement: moderate level of assurance
        > negative opinion - the information is plausible
        
        Short engagement
        
        Review engagement report : Address to whoever wants to review.
        Review engagement use ISREs standard