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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