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Standards on Auditing

Updated on: Jun 15th, 2024

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3 min read

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 1Quality Control for Firms that Perform Audit and Reviews of Historical Financial Information, and other Assurance and Related Services Engagements
Standards on Auditing (SAs)
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
SA 260Communication with Those Charged with Governance
Revised SA 260Communication with Those Charged with Governance
SA 265Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
SA 299Responsibility of Joint Auditors
Revised SA 299Joint Audit of Financial Statements
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
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
SA 570Going Concern
Revised SA 570Going Concern
SA 580Written Representations
SA 600Using the Work of Another Auditor
SA 610Using the Work of Internal Auditors
Revised SA 610Using the Work of Internal Auditors
SA 620Using the Work of an Auditor’s Expert
SA 700Forming an Opinion and Reporting on Financial Statements
Revised SA 700Forming an Opinion and Reporting on Financial Statements
SA 701Communicating Key Audit Matters in the Independent Auditor’s Report
SA 705Modifications to the Opinion in the Independent Auditor’s Report
Revised SA 705Modifications to the Opinion in the Independent Auditor’s Report
SA 706Emphasis of Matter Paragraphs and Other Matter Paragraphs 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
SA 720The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
Revised SA 720The Auditor’s Responsibilities Relating to Other Information
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
Standards on Review Engagements (SREs)
SRE 2400Engagements to Review Financial Statements
SRE 2400 (Revised)Engagements to Review Historical Financial Statements
SRE 2410Review of Interim Financial Information Performed by the Independent Auditor of the Entity
Standards on Assurance Engagements (SAEs)
SAE 3400The Examination of Prospective Financial Information
SAE 3402Assurance Reports on Controls At a Service Organisation
SAE 3420Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
Standards on Related Services (SRSs)
SRS 4400Engagements to Perform Agreed-upon Procedures Regarding Financial Information
SRS 4410Engagements to Compile Financial Information
SRS 4410 (Revised)Compilation Engagements

 

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Quick Summary

Auditing and Assurance Standards board of ICAI formulates standards in line with IAASB, including SQCs, SAs, SREs, SAEs, and SRSs. Major standards include Quality Control, Auditing Standards, Review Engagements, Assurance Engagements, and Related Services. Specific standards are detailed for various audit processes like planning, evidence, communication, and reporting.

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