Standards on Auditing :
Standards on Auditing prescribe the norms of principles and practices, which the Auditors are expected to follow
in the conduct of Audit. They provide minimum guidance to the Auditor that helps determine the extent of auditing steps and procedures that should be applied in the audit and constitute the criteria or yardstick against which the quality of audit results are evaluated.
Scope of SAs: The SAs apply whenever an independent audit is carried out; that is, in the independent examination of financial information of any entity, whether profit oriented or not, and irrespective of its size, or legal form (unless specified otherwise) when such an examination is conducted with a view to expressing an opinion. The SAs may also have application, as appropriate, to other related functions of auditors. Any limitation on the applicability of a specific SA is made clear in the introductory paragraph of the SA.
The Council of the ICAI has issued following Standards on Auditing (SAs):
1. |
SQC 1 |
Quality Control for Firms that Perform Audit and Reviews of Historical Financial Information and other Assurance and Related Services Engagements |
2. |
SA 200 |
Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing |
3. |
SA 210 |
Agreeing the Terms of Audit Engagements |
4. |
SA 220 |
Quality Control for an Audit of Financial Statements |
5. |
SA 230 |
Audit Documentation |
6. |
SA 240 |
The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements |
7. |
SA 250 |
Consideration of Laws and Regulations in an Audit of Financial Statements |
8. |
SA 260 |
Communication with Those Charged with Governance |
9. |
SA 265 |
Communicating Deficiencies in Internal Control to Those Charged With Governance and Management |
10. |
SA 299 |
Responsibility of Joint Auditors |
11. |
SA 300 |
Planning an Audit of Financial Statements |
12. |
SA 315 |
Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment |
13. |
SA 320 |
Materiality in Planning and Performing an Audit |
14. |
SA 330 |
The Auditor’s Responses to Assessed Risks |
15. |
SA 402 |
Audit Considerations Relating to an Entity Using a Service Organisation |
16. |
SA 450 |
Evaluation of Misstatements Identified During the Audit |
17. |
SA 500 |
Audit Evidence |
18. |
SA 501 |
Audit Evidence – Specific Considerations for Selected Items |
19. |
SA 505 |
External Confirmations |
20. |
SA 510 |
Initial Audit Engagements – Opening Balances |
21. |
SA 520 |
Analytical Procedures |
22. |
SA 530 |
Audit Sampling |
23. |
SA 540 |
Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures |
24. |
SA 550 |
Related Parties |
25. |
SA 560 |
Subsequent Events |
26. |
SA 570 |
Going Concern |
27. |
SA 580 |
Written Representations |
28. |
SA 600 |
Using the Work of Another Auditor |
29. |
SA 610 |
Using The Work of Internal Auditors |
30. |
SA 620 |
Using the Work of an Auditor’s Expert |
31. |
SA 700 |
Forming an Opinion and Reporting on Financial Statements |
32. |
SA 705 |
Modifications to the Opinion in the Independent Auditor’s Report |
33. |
SA 706 |
Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report |
34. |
SA 710 |
Comparative Information—Corresponding Figures and Comparative Financial Statements |
35. |
SA 720 |
The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements |
36. |
SA 800 |
Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks |
37. |
SA 805 |
Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement |
38. | SA 810 |
Engagements to Report on Summary Financial Statements |
39. | SRE 2400 |
Engagements to Review Financial Statements |
40. | SRE 2410 |
Review of Interim Financial Information Performed by the Independent Auditor of the Entity |
41. | SAE 3400 |
The Examination of Prospective Financial Information |
42. |
SAE 3402 |
Assurance Reports on Controls at a Service Organisation |
43. |
SRS 4400 |
Engagements to Perform Agreed-upon Procedures Regarding Financial Information |
44. |
SRS 4410 |
Engagements to Compile Financial Information |