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Standards on Auditing

Updated on: May 25th, 2023


8 min read

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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 major standards are listed here below:

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
Standards on Auditing (SAs)
SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
SA 210 Agreeing the Terms of Audit Engagements
SA 220 Quality Control for an Audit of Financial Statements
SA 230 Audit Documentation
SA 240 The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
SA 250 Consideration of Laws and Regulations in an Audit of Financial Statements
SA 260 Communication with Those Charged with Governance
Revised SA 260 Communication with Those Charged with Governance
SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
SA 299 Responsibility of Joint Auditors
Revised SA 299 Joint Audit of Financial Statements
SA 300 Planning an Audit of Financial Statements
SA 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment
SA 320 Materiality in Planning and Performing an Audit
SA 330 The Auditor’s Responses to Assessed Risks
SA 402 Audit Considerations Relating to an Entity Using a Service Organisation
SA 450 Evaluation of Misstatements Identified During the Audit
SA 500 Audit Evidence
SA 501 Audit Evidence-Specific Considerations for Selected Items
SA 505 External Confirmations
SA 510 Initial Audit Engagements – Opening Balances
SA 520 Analytical Procedures
SA 530 Audit Sampling
SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
SA 550 Related Parties
SA 560 Subsequent Events
SA 570 Going Concern
Revised SA 570 Going Concern
SA 580 Written Representations
SA 600 Using the Work of Another Auditor
SA 610 Using the Work of Internal Auditors
Revised SA 610 Using the Work of Internal Auditors
SA 620 Using the Work of an Auditor’s Expert
SA 700 Forming an Opinion and Reporting on Financial Statements
Revised SA 700 Forming an Opinion and Reporting on Financial Statements
SA 701 Communicating Key Audit Matters in the Independent Auditor’s Report
SA 705 Modifications to the Opinion in the Independent Auditor’s Report
Revised SA 705 Modifications to the Opinion in the Independent Auditor’s Report
SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
Revised SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
SA 710 Comparative Information—Corresponding Figures and Comparative Financial Statements
SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
Revised SA 720 The Auditor’s Responsibilities Relating to Other Information
SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
SA 805 Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
SA 810 Engagements to Report on Summary Financial Statements
Standards on Review Engagements (SREs)
SRE 2400 Engagements to Review Financial Statements
SRE 2400 (Revised) Engagements to Review Historical Financial Statements
SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
Standards on Assurance Engagements (SAEs)
SAE 3400 The Examination of Prospective Financial Information
SAE 3402 Assurance Reports on Controls At a Service Organisation
SAE 3420 Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
Standards on Related Services (SRSs)
SRS 4400 Engagements to Perform Agreed-upon Procedures Regarding Financial Information
SRS 4410 Engagements to Compile Financial Information
SRS 4410 (Revised) Compilation Engagements


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