The Institute of Chartered Accountants of India (ICAI) has recently announced the issuance of revised Standards on Auditing (SAs), including SA 800, SA 805, and SA 810. These revisions aim to enhance the quality and effectiveness of audit engagements, ensuring compliance with evolving financial reporting frameworks.
Detailed Analysis:
1. SA 800 (Revised): Special Considerations
- This standard addresses audits of financial statements prepared under special purpose frameworks, providing guidance on unique auditing considerations in such scenarios.
- The revision reflects updates in auditing practices to align with changes in special purpose frameworks and ensure accurate and reliable financial reporting.
2. SA 805 (Revised): Special Considerations for Single Financial Statements
- SA 805 focuses on audits of single financial statements and specific elements, accounts, or items within financial statements.
- The revised standard enhances clarity and guidance on auditing procedures for individual financial components, catering to diverse audit scenarios.
3. SA 810 (Revised): Engagements on Summary Financial Statements
- SA 810 pertains to engagements aimed at reporting on summary financial statements, offering guidance on the scope and objectives of such engagements.
- The revised standard emphasizes the importance of providing relevant and reliable information in summary financial statements to facilitate informed decision-making.
Implications and Applicability:
- These revised standards will be applicable for audits and engagements commencing on or after April 1, 2024, covering financial years starting from 2024-25 onwards.
- Existing versions of SA 800, SA 805, and SA 810 will remain applicable for audits and engagements up to the financial year 2023-24.
Conclusion: The issuance of revised Auditing Standards by ICAI signifies the commitment to upholding audit quality and aligning with global best practices. By updating SA 800, SA 805, and SA 810, ICAI aims to address emerging challenges in financial reporting and ensure the integrity and reliability of audit processes. These revisions mark a significant step towards enhancing the effectiveness and relevance of auditing practices in today’s dynamic business environment. Members of ICAI are encouraged to familiarize themselves with the updated standards to uphold professional excellence and ensure compliance with regulatory requirements.
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Auditing and Assurance Standards Board
The Institute of Chartered Accountants of India
7th February, 2024
Issuance of SA 800 (Revised), SA 805 (Revised), SA 810 (Revised)
The Institute of Chartered Accountants of India (ICAI) is issuing the following revised Standards on Auditing (SAs):
| S. No. | Standards | Link |
| 1 |
SA 800 (Revised), “Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks” |
Please click here to download |
| 2 |
SA 805 (Revised), “Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement” |
Please click here to download |
| 3 |
SA 810 (Revised), “Engagements to Report on Summary Financial Statements” |
Please click here to download |
These Standards will be applicable to audits/engagements for financial years beginning on or after 1st April 2024 i.e., these Standards will be applicable to audits/engagements for the financial year 2024-25 and onwards.
The members may note that extant SA 800, SA 805, SA 810 will continue to apply till audits/engagements for the financial year 2023-24. Extant SA 800, SA 805, SA 810 are available on ICAI’s website at the following link:
https://www.icai.org/Resources.html?mod=7
