ICSI Auditing Standards aims to support the Company Secretaries in developing auditing acumen, techniques and tools and inculcate best auditing practices while conducting the audit and promote standardisation and uniformity in the professional arena. The Institute of Company Secretaries of India has issued the first four Auditing Standards, i.e (i) Auditing Standard on Audit Engagement (CSAS-1) ;(ii) Auditing Standard on Audit Process and Documentation (CSAS-2) ;(iii) Auditing Standard on Forming of Opinion (CSAS-3) and (iv) Auditing Standard on Secretarial Audit (CSAS-4), which are applicable mandatorily on the audit assignments accepted by the auditor on or after 1st April, 2020.
The adoption of Auditing Standards will bring substantial impact on the quality of audits performed by Company Secretaries and bring uniformity and consistency.
These Guidance Notes on Auditing Standards have been formulated to set out the explanations, procedures and practical aspects of various provisions contained in ICSI Auditing Standards [CSAS-1 to CSAS-3] to facilitate compliance thereof by the stakeholders. The text of the Guidance Note is written in italics, while the text of the Standards is in normal font.