International Standards on Auditing (ISA) are professional standards for the performance of financial audit of financial information. These standards are issued by International Federation of Accountants (IFAC) through the International Auditing and Assurance Standards Board (IAASB). According to Olung M (CAO - L) ISA guides the auditor to add value to the assignment hence building confidence of investors.
ISA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with International Standards on AuditingISA 210 Agreeing the Terms of Audit EngagementsISA 220 Quality Control for an Audit of Financial StatementsISA 230 Audit DocumentationISA 240 The Auditor's Responsibilities Relating to Fraud in an Audit of Financial StatementsISA 250 Consideration of Laws and Regulations in an Audit of Financial StatementsISA 260 Communication with Those Charged with GovernanceISA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and ManagementISA 299 Responsibility of Joint AuditorsISA 300 Planning an Audit of Financial StatementsISA 315 Identifying and assessing the risks of material misstatement through understanding the entity and its environmentISA 320 Materiality in planning and performing an auditISA 330 The auditor's responses to assessed risksISA 402 Audit Considerations Relating to an Entity Using a Service OrganizationISA 450 Evaluation of Misstatements Identified during the AuditISA 500 Audit EvidenceISA 501 Audit Evidence – Additional Considerations for Specific ItemsISA 505 External ConfirmationsISA 510 Initial Engagements - Opening BalancesISA 520 Analytical ProceduresISA 530 Audit Sampling and Other Means of TestingISA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related DisclosuresISA 550 Related PartiesISA 560 Subsequent EventsISA 570 Going ConcernISA 580 Written RepresentationsISA 600 Special Considerations - Audits of Group Financial Statements (Including the Work of Component Auditors)ISA 610 Using the Work of Internal AuditorsISA 620 Using the Work of an Auditor's ExpertAudit conclusions and Audit report
ISA 700 Forming an Opinion and Reporting on Financial StatementsISA 701 Communicating Key Audit Matters in the Independent Auditor's ReportISA 705 Modifications to the Opinion in the Independent Auditor's ReportISA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor's ReportISA 710 Comparative Information - Corresponding Figures and Comparative Financial StatementsISA 720 The Auditor's Responsibilities Relating to Other Information in Documents Containing Audited Financial StatementsISA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose FrameworksISA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial StatementISA 810 Engagements to Report on Summary Financial StatementsInternational Standard on Quality Control (ISQC) 1, Quality Controls for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services EngagementsEuropean Union: The Audit Directive of 17 May 2006 enforces the use of the International Standards on Auditing for all Statutory audit to be performed in the European Union.The Audit Directive of 17 May 2006 is important in order to ensure a high quality for all statutory audits required by Community law requiring all statutory audits be carried out on the basis of all international auditing standards. The Directive has given implementing powers to the European Commission, in order to adopt "en bloc" the ISAs in accordance with the Council Decision of 28 June 1999, also known as the "Comitology Decision".
European Court of Auditors: the European Court of Auditors performs its audits in accordance with the IFAC and INTOSAI International Auditing Standards and Codes of Ethics, in so far as these are applicable in the European Community context.The United Nations Board of Auditors (the external audit of the UN) has adopted the ISAs although this Board is composed of three Supreme Audit Institutions chairmen, usually using the INTOSAI Auditing Standards. 
