This Article explains Standard on Auditing (SA) which are applicable for Audit of Financial Year 2017-18 and Financial year 2018-19.
This Standard on Auditing (SA) establishes the independent auditor’s overall responsibilities when conducting an audit of financial statements in accordance with SAs. Specifically, it sets out the overall objectives of the independent auditor, and explains the nature and scope of an audit designed to enable the independent auditor to meet those objectives. It also explains the scope, authority and structure of the SAs, and includes requirements establishing
the general responsibilities of the independent auditor applicable in all audits, including the obligation to comply with the SAs. The independent auditor is referred to as ―the auditor‖hereafter.
SAs are written in the context of an audit of financial statements by an auditor. They are to be adapted as necessary in the circumstances when applied to audits of other historical financial information.
SA 701, “Communicating Key Audit Matters in the Independent Auditor’s Report” is effective/applicable for audits of financial statements for periods beginning on or after April 1, 2018 (instead of audits of financial statements for periods beginning on or after April 1, 2017) while extant SAs 700, 705 and 706 will continue to apply for audits of financial statements for periods beginning on or after April 1, 2017.
Revised SA 700, Revised SA 705 and Revised SA 706 will be applicable for audits of financial statements for periods beginning on or after April 1, 2018.
List of Standard on Auditing (SA) applicable for audits of F.Y. 2017-18
| S.N. | Standard Number (SA) (100-999) |
Standards on Auditing (SAs) | Effective date |
| 100-199 | Introductory Matters | ||
| 200-299 | General Principles and Responsibilities | ||
| 1. | 200 | Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 2. | 210 | Agreeing the Terms of Audit Engagements | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 3. | 220 | Quality Control for an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 4. | 230 | Audit Documentation | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 5. | 240 | The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 6. | 250 | Consideration of Laws and Regulations in an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 7. | 260(Revised) | Communication with Those Charged with Governance | Effective for audits of financial statements for periods beginning on or after April 1, 2017. |
| 8. | 265 | Communicating Deficiencies in Internal Control to Those Charged with Governance and Management | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 9. | 299 | Responsibility of Joint Auditors | Effective for all audits related to accounting periods beginning on or after April 1, 1996 |
| 300-499 | Risk Assessment and Response to Assessed Risks | ||
| 10. | 300 | Planning an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2008. |
| 11. | 315 | Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment | Effective for audits of financial statements for periods beginning on or after April 1, 2008. |
| 12. | 320 | Materiality in Planning and Performing an Audit | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 13. | 330 | The Auditor’s Responses to Assessed Risks | Effective for audits of financial statements for periods beginning on or after April 1, 2008. |
| 14. | 402 | Audit Considerations Relating to an Entity Using a Service Organisation | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 15. | 450 | Evaluation of Misstatements Identified during the Audit | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 500–599 | Audit Evidence | ||
| 16. | 500 | Audit Evidence | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 17. | 501 | Audit Evidence – Specific Considerations for Selected Items | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 18. | 505 | External Confirmations | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 19. | 510 | Initial Audit Engagements—Opening Balances | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 20. | 520 | Analytical Procedures | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 21. | 530 | Audit Sampling | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 22. | 540 | Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 23. | 550 | Related Parties | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 24. | 560 | Subsequent Events | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 25. | 570(Revised) | Going Concern | Effective for audits of financial statements for periods beginning on or after April 1, 2017. |
| 26. | 580 | Written Representations | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 600-699 | Using Work of Others | ||
| 27. | 600 | Using the Work of Another Auditor | Effective for all audits related to accounting periods beginning on or after April 1, 2002. |
| 28. | 610(Revised) | Using the Work of Internal Auditors | Effective for audits of financial statements for periods beginning on or after April 1, 2016. |
| 29. | 620 | Using the Work of an Auditor’s Expert | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 700-799 | Audit Conclusions and Reporting | ||
| 30. | 700 | Forming an Opinion and Reporting on Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2012. |
| 31. | 705 | Modifications to the Opinion in the Independent Auditor’s Report | Effective for audits of financial statements for periods beginning on or after April 1, 2012. |
| 32. | 706 | Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report | Effective for audits of financial statements for periods beginning on or after April 1, 2012. |
| 33. | 710 | Comparative Information – Corresponding Figures and Comparative Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
| 34. | 720 | The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 800-899 | Specialized Areas | ||
| 35. | 800 | Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
| 36. | 805 | Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
| 37. | 810 | Engagements to Report on Summary Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
List of Standard on Auditing (SA) applicable for audits of F.Y. 2017-18 & onwards
| S.N. | Standard Number
(SA) (100-999) |
Standards on Auditing (SAs) | Effective date |
| 100-199 | Introductory Matters | ||
| 200-299 | General Principles and Responsibilities | ||
| 1. | 200 | Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 2. | 210 | Agreeing the Terms of Audit Engagements | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 3. | 220 | Quality Control for an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 4. | 230 | Audit Documentation | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 5. | 240 | The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 6. | 250 | Consideration of Laws and Regulations in an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 7. | 260(Revised) | Communication with Those Charged with Governance | Effective for audits of financial statements for periods beginning on or after April 1, 2017. |
| 8. | 265 | Communicating Deficiencies in Internal Control to Those Charged with Governance and Management | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 9. | 299(Revised) | Joint Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2018. |
| 300-499 | Risk Assessment and Response to Assessed Risks | ||
| 10. | 300 | Planning an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2008. |
| 11. | 315 | Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment | Effective for audits of financial statements for periods beginning on or after April 1, 2008. |
| 12. | 320 | Materiality in Planning and Performing an Audit | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 13.
|
330
|
The Auditor’s Responses to Assessed Risks
|
Effective for audits of financial statements for periods beginning on or after April 1, 2008. |
| 14. | 402 | Audit Considerations Relating to an Entity Using a Service Organisation | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 15. | 450 | Evaluation of Misstatements Identified during the Audit |
Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 500-599 | Audit Evidence | ||
| 16. | 500 | Audit Evidence | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 17. | 501 | Audit Evidence – Specific Considerations for Selected Items | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 18. | 505 | External Confirmations | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 19. | 510 | Initial Audit Engagements—Opening Balances | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 20. | 520 | Analytical Procedures | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 21. | 530 | Audit Sampling | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 22. | 540 | Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 23. | 550 | Related Parties | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 24. | 560 | Subsequent Events | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 25. | 570(Revised) | Going Concern | Effective for audits of financial statements for periods beginning on or after April 1, 2017. |
| 26. | 580 | Written Representations | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 600-699 | Using Work of Others | ||
| 27. | 600 | Using the Work of Another Auditor | Effective for all audits related to accounting periods beginning on or after April 1, 2002. |
| 28. | 610(Revised) | Using the Work of Internal Auditors | Effective for audits of financial statements for periods beginning on or after April 1, 2016. |
| 29. | 620 | Using the Work of an Auditor’s Expert | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 700-799 | Audit Conclusions and Reporting | ||
| 30. | 700(Revised) | Forming an Opinion and Reporting on Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2018. |
| 31. | 701 | Communicating Key Audit Matters in the Independent Auditor’s Report | Effective for audits of financial statements for periods beginning on or after April 1, 2018 |
| 32. | 705(Revised) | Modifications to the Opinion in the Independent Auditor’s Report | Effective for audits of financial statements for periods beginning on or after April 1, 2018. |
| 33. | 706(Revised) | Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report | Effective for audits of financial statements for periods beginning on or after April 1, 2018. |
| 34. | 710 | Comparative Information – Corresponding Figures and Comparative Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
| 35. | 720(Revised) | The Auditor’s Responsibilities Relating to Other Information | Effective for audits of financial statements for periods beginning on or after April 1, 2018. |
| 800-899 | Specialized Areas | ||
| 36. | 800 | Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
| 37. | 805 | Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
| 38. | 810 | Engagements to Report on Summary Financial Statements |
Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
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