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Standards on Auditing

In order to facilitate understanding of the scope and authority of the pronouncements of the Auditing and Assurance Standards Board (‘AASB’), the ICAI has issued revised preface viz., Preface to Standards on Quality Control for Auditing, Review, Other Assurance and Related Services, which has come into effect from 1st April, 2008. Standards of the following nature issued by the AASB shall be collectively known as ‘the Engagement Standards’:

Standards on Quality Control (SQC) are applicable to the auditing firms which performs Audits and Reviews of Historical Financial information and other Assurance and related services engagements.

Standards on Auditing (SAs), to be applied in the audit of historical financial information.

Standards on Review Engagements (SREs), to be applied in the review of historical financial information.

Standards on Assurance Engagements (SAEs), to be applied in assurance engagements, dealing with subject matters other than historical financial information.

Standards on Related Services (SRSs), to be applied to engagements involving application of agreed upon procedures to information, compilation engagements, and other related services engagements, as may be specified by the ICAI.

Auditing and Assurance Standard (‘AAS’) have been re-numbered and classified in the above five categories as Standards on Auditing:

LIST OF STATEMENTS AND STANDARDS AS ON 1ST APRIL 2018

SA

Subject

Dated

SQC 1

Quality Control for Firms that Perform Audits and 1-4-2009 Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements

 

200

Overall objectives of the Independent Auditor and the conduct of an Audit in accordance with Standards on Auditing

 

210

Terms of Audit Engagements

01/04/2010

220

Quality Control for an Audit of Financial Statements

01/04/2010

230

Audit Documentation

01/04/2009

240

The Auditor’s Responsibility Relating to Fraud in an Audit of Financial Statements

01/04/2009

250

Consideration of Laws and Regulations in an Audit of Financial Statements

01/04/2009

260

Communication with those Charged with Governance

01/04/2017

265

Communicating Deficiencies in Internal Control to those Charged with Governance and Management

01/04/2010

299

Responsibility of Joint Auditors

01/04/1996

300

Planning of Audit of Financial Statements

01/04/2008

315

Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment

01/04/2008

320

Materiality in Planning and Performing an Audit

01/04/2010

330

The Auditor’s Response to Assessed Risks

01/04/2008

402

Audit Considerations Relating to an Entity Using a Service Organisation

01/04/2010

450

Evaluation of Misstatements Identified during the Audit

01/04/2010

500

Audit Evidence

01/04/2009

501

Audit Evidence – Specific Considerations for Selected Items

01/04/2010

505

External Confirmations

01/04/2010

510

Initial Audit Engagements – Opening Balances

01/04/2010

520

Analytical Procedures

01/04/2010

530

Audit Sampling

01/04/2009

540

Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

01/04/2009

550

Related Parties

01/04/2010

560

Subsequent Events

01/04/2009

570

Going Concern

01/04/2017

580

Written Representations

01/04/2009

600

Using the Work of Another Auditor

01/04/2002

610

Using the work of an Internal Auditor

01/04/2010

620

Using work of an Auditor’s expert

01/04/2010

700

Forming an Opinion and Reporting on Financial Statements

01/04/2017

701

Communicating Key Audit Matters in the Independent Auditor’s Report

01/04/2017

705

Modifications to the Opinion in the Independent Auditor’s Report

01/04/2012

706

Emphasis of Matter Paragraphs and Order Matter Paragraphs in the Independent Auditor’s Report

01/04/2011

710

Comparatives Information – Corresponding Figures and Comparative Financial Statements

01/04/2011

720

The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements

01/04/2010

800

Special Consideration – Audits of Financial Statements Prepared in Accordance with Special Purpose Framework

01/04/2011

805

Special Consideration – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

01/04/2011

810

Engagements to Report on Summary Financial Statements

01/04/2011

SRE

Standards on Review Engagements

 

2400

Engagements to Review Historical Financial Statements

01/04/2010

2410

Review of Interim Financial Information Performed by the Independent Auditor of the Entity

01/04/2010

Assurance Engagements other than Audits or Reviews of Historical Financial information

SAE

Standards on Assurance Engagements

 

3400

The Examination of Prospective Financial Information

01/04/2007

3402

Assurance Reports on Controls at a Service Organisation

01/04/2011

3420

Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus

01/04/2016

SRS

Standards on Related Services

 

4400

Engagements to Perform Agreed-upon Procedures Regarding Financial Information

01/04/2004

4410

Compilation Engagements

01/04/2004

D.

Statements on Auditing

 

1

Statement on Auditing Practices

 

2

Statement on Qualifications in Auditor’s Report

 

3

Statement on CARO 2016

 

4

Statement of payments to Auditors for other services

 

5

Statement on responsibility of Joint Auditors

 

E.

Guidance Notes

 

I

Guidance Note on Tax Audit u/s. 44AB of Income-tax Act, 1961

 

II

Guidance Notes on Accounting Aspects

 

1

Guidance Note on Turnover in case of Contractors

 

2

Guidance Note on Applicability of Accounting Standard (AS)- 25 to Interim Financial Results

 

3

Guidance Note on Remuneration paid to key management personnel – Whether a related party transaction

 

4

Guidance Note on Applicability of Accounting Standard (AS) – 20, Earnings Per Share

 

5

Guidance Note on Terms used in Financial Statements

 

6

Guidance Note on Treatment of Reserves created on Revaluation of Fixed Asset

 

7

Guidance Note on Accrual Basis of Accounting

 

8

Guidance Note on Accounting for Depreciation for Companies

 

9

Guidance Note on Availability of Revaluation Reserve for Issue of Bonus Shares

 

10

Guidance Note on Accounting for Corporate Dividend Tax

 

11

Guidance Note on Accounting for Treatment of Excise Duty

 

12

Guidance Note on Accounting for Dot Com Companies

 

13

Guidance Note on Accounting for Employee Share Based Payments

 

14

Guidance Note on Accounting for State Level Value Added Tax

 

15

Guidance Note on Accounting for Fringe Benefits Tax

 

16

Guidance Note on Accounting by Schools

 

17

Guidance Note on Accounting for Credit available in respect of Minimum Alternative Tax under the Income-tax Act, 1961

 

18

Guidance Note on Accounting on Measurement of Income Tax for Interim Financial Reporting in the context of AS 25

 

19

Guidance Note on Accounting for MODVAT/CENVAT

 

20

Guidance Note on Accounting of Self-Generated Certified Emission Reductions (CERs) (Issued 2012)

 

21

Guidance Note on Accounting for Rate Regulated Activities

 

22

Guidance Note on Accounting for Real Estate Transaction (Revised 2012)

 

23

Guidance Note on Oil and Gas Producing Activities (Ind AS)

 

24

Guidance Note on Accounting for Derivative Contracts (Released 2015)

 

25

Guidance Note on Expenditure on Corporate Social Responsibility Activities (Issued 2015)

 

26

Guidance Note on Accounting for Real Estate Transactions (for entities to whom Ind AS is applicable)

 

27

Guidance Note on Audit of Internal Financial Controls Over Financial Reporting

 

28

Guidance Note on Accounting and Auditing of Political Parties

 

29

Guidance Note on Combined and Carve-Out Financial Statements (September 2016)

 

III

Guidance Notes on Auditing Aspects

 

1

Audit of Abridged Financial Statements

 

2

Audit of Accounts of Non-Corporate Entities

 

Audit of Cash and Bank Balances

 

4

Audit of Consolidated Financial Statements

 

5

Audit of Debtors, Loans & Advances

 

6

Audit of Expenses

 

7

Audit of Investments

 

8

Audit of Liabilities

 

9

Audit of Miscellaneous Expenditure (Revised)

 

10

Audit of Payment of Dividend

 

11

Audit of Revenue

 

12

Audit Reports and Certificates for Special Purposes

 

13

Audit of Accounts of Liquidators

 

14

Auditor’s Report on Revised Accounts of Companies Before Circulation to Shareholders

 

15

Capital & Reserves

 

16

Certificate on Corporate Governance

 

17

Certificate to be issued by the Auditor of a Company pursuant to Companies (Acceptance of Deposits) Rules, 1973

 

18

Certificate of Documents for Registration of Charges

 

19

Computer Assisted Audit Techniques (CAATs)

 

20

Duty Cast on the Auditors u/s. 45-MA of the Reserve Bank of India Act, 1934

 

21

Independence of Auditors (Revised)

 

22

Preparation of Financial Statements on Letterheads and Stationery of Auditors

 

23

Provision for Proposed Dividend

 

24

Revision/Rectification of Financial Statements

 

25

Sections 227(3)(e) and (f) of the Companies Act , 1956 (Revised)

 

26

Section 293A of the Companies Act and the Auditor

 

27

Special considerations in the Audit of Small Entities

 

28

Audit of Property, Plant & Equipment

 

29

Certification of XBRL Financial Statements

 

IV

Industry Specific Guidance Notes

 

1

Audit of Banks 2017 edition

 

2

Audit of Members of Stock Exchanges (Revised)

 

Audit of Companies Carrying on General Insurance Business

 

4

Audit of Companies Carrying on Life Insurance Business.

 

5

Guidance on Reporting under the Companies (Auditor’s Report) Order, 2016 (CARO, 2016).

 

6

Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013

 

7

Reports In Company Prospectuses (Revised)

 

8

Guidance Note on Reporting under Section 143(3)(f) of the Act and Reporting under Section 143(3)(h) of the Act

 

Secretarial Standards notified under the Companies Act, 2013

SS1

Meetings of the Board of Directors

 

SS2

General Meetings

 

 

New and revised SAs

Description of changes and scope

SA 700 (Revised), Forming an Opinion and Reporting on Financial Statements

Revisions to establish new required reporting elements, and to illustrate these new elements through an example in the auditor’s report.

SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report

New standard to establish requirements and guidance for the auditor’s determination and communication of Key Audit Matters (KAMs).

The KAMs which are selected from matters communicated to those charged with governance, are required to be communicated in the auditor’s reports for audits of financial statements of listed entities.

SA 705 (Revised), Modifications to the Opinion in the Independent Auditor’s Report

Clarification of how the new reporting elements are affected when expressing a modified opinion.

SA 706 (Revised), Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report

Clarification of the relationship between the emphasis of matter and other matter paragraphs and KAM section of the auditor’s report.

SA 570 (Revised) Going Concern

The Emphasis of Matter Paragraph has been replaced by “Materiality Uncertainty over Going Concern”. The content of the two is the same

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