Den nye ISA 315 og 610

Kenneth Sandbæk Karlsen

Student thesis: Master thesis


The aim of this thesis is to make a comparative analysis of the new standards ISA 315 and ISA 610. By that it becomes clearer to understand the reasons behind making adjustments in these standards and the adjustments. The comparative analysis will consist of comparing the new standards with the use of relevant theory, laws, and the current existing clarified standards. By that a thorough analysis will be conducted to understand how the new standards have changed. The new standards have been implemented due to attention from stakeholders who made IFAC aware of a general tendency, where an increase in the use of internal audit function is present. Due to this the stakeholders wished a clarification of the roles of internal and external auditors. This thesis assesses this purpose as the main purpose; which also corresponds to the formally written purpose. The thesis analyzes that an increased clarification is present compared to that external auditor makes suitable inquires of internal auditors in relation to the audit. This change has more formal characters as it, compared to the existing, will have limited effect. This relates that the external auditor during the audit already wants to involve external auditor as a part of its relationship with the internal controls. However this thesis cannot exclude that there implicitly can occur an increased usage of the internal audit function by always having the external auditor raising questions to the internal auditor. External auditors’ use of internal audit function’s work has been sharpened. The use of the work is not being excluded however research, actions and assessments must be conducted before the work can be involved. This is considered appropriate considering the purpose. In addition to this a change in the concepts that the internal auditor must comply with is happening. The concepts; efficient communication and due professional care are excluded from the standard and instead focus is on objectivity, professional competence and a systematic and disciplined approach. The increased focus on these concepts is considered reasonable. Last a significantly introduction in direct assistance from internal auditors is happening. This is almost an unregulated area where the new ISA 610 suggests comprehensive standards. In this thesis these standards are judged to be appropriate, however the thesis suggests the words systematic and disciplined should be incorporated in the definition.

EducationsMSc in Auditing, (Graduate Programme) Final Thesis
Publication date2011
Number of pages78