Standards on Auditing


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To ensure that information provided in the financial statements are of high quality and are acceptable worldwide the Auditing and Assurance Standards board under the council of Institute of Chartered Accountants (ICAI) have formulated few Standards. These are in line with the International Standards issued by the International Auditing and Assurance Board (IAASB). Standards issued by the AASB include :

  • Standards of Quality Control (SQCs) For all the services under Engagement Standards. These standards are applicable to all auditing firms which perform audits and reviews of historical financial information including assurances and related service engagements.
  • Standards on Auditing (SAs) For auditing historical financial information. These apply whenever any independent Audit is carried out.

In simpler words, whenever an independent examination of financial information is carried on for ANY entity whether the business motive is t make the profit or not, whether the size of the entity is big or small or even if the entity has any legal form (unless any lays specifies something else) the SAs will be applicable All SAs are interlinked and have to apply in unity. The number given to SA is similar to the numbering system followed for International Standards on Auditing formulated by IAASB.

  • Standards on Review Engagements (SREs) for reviewing historical financial information
  • Standards on Assurance Engagements (SAEs) for assurance engagements other than the audits and reviews of financial information
  • Standards on Related Services (SRSs) for all engagements about the application of agreed procedures to information, compilation engagements, and other related services engagements
The List of Standards on Auditing :
Standards on Quality Control (SQCs)
SQC 1“Quality Control for Firms that Perform Audit and Reviews of Historical Financial Information, and other Assurance and Related Services Engagements”

Announcement on Amendment to SQC 1 - Retention Period for Engagement Documentation (Working Papers)
SA 100-199Introductory Matters
200-299 General Principles and Responsibilities
SA 200Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
SA 210Agreeing the Terms of Audit Engagements
SA 220Quality Control for an Audit of Financial Statements
SA 230Audit Documentation
SA 240The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
SA 250Consideration of Laws and Regulations in an Audit of Financial Statements
Revised SA 260Communication with Those Charged with Governance
SA 265Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
Revised SA 299Joint Audit of Financial Statements
300-499 Risk Assessment and Response to Assessed Risks
SA 300Planning an Audit of Financial Statements
SA 315Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment
SA 320Materiality in Planning and Performing an Audit
SA 330The Auditor’s Responses to Assessed Risks
SA 402Audit Considerations Relating to an Entity Using a Service Organisation
SA 450Evaluation of Misstatements Identified During the Audit
500-599 Audit Evidence
SA 500Audit Evidence
SA 501Audit Evidence-Specific Considerations for Selected Items
SA 505External Confirmations
SA 510Initial Audit Engagements – Opening Balances
SA 520Analytical Procedures
SA 530Audit Sampling
SA 540Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
SA 550Related Parties
SA 560Subsequent Events
Revised SA 570Going Concern
SA 580Written Representations
600-699 Using Work of Others
SA 600Using the Work of Another Auditor
Revised SA 610Using the Work of Internal Auditors
SA 620Using the Work of an Auditor’s Expert
700-799 Audit Conclusions and Reporting
Revised SA 700Forming an Opinion and Reporting on Financial Statements
SA 701Communicating Key Audit Matters in the Independent Auditor’s Report
Revised SA 705Modifications to the Opinion in the Independent Auditor’s Report
Revised SA 706Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
SA 710Comparative Information—Corresponding Figures and Comparative Financial Statements
Revised SA 720The Auditor’s Responsibilities Relating to Other Information
800-899 Specialized Areas
SA 800Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
SA 805Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
SA 810Engagements to Report on Summary Financial Statements
2000-2699 Standards on Review Engagements (SREs)
SRE 2400 (Revised)Engagements to Review Historical Financial Statements
SRE 2410“Review of Interim Financial Information Performed by the Independent Auditor of the Entity”
3000-3699 Standards on Assurance Engagements (SAEs)
3000-3399 Applicable to All Assurance Engagements
3400-3699 Subject Specific Standards
SAE 3400“The Examination of Prospective Financial Information”
SAE 3402“Assurance Reports on Controls At a Service Organisation”
SAE 3420Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
4000-4699 Standards on Related Services (SRSs)

SRS 4400“Engagements to Perform Agreed-upon Procedures Regarding Financial Information”
SRS 4410Compilation Engagements


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