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CA Durgesh Kabra
Why Auditing Standards are Important??
- Auditing Standards are mandatory to be by followed by practitioners under the direction issued by the council of ICAI
- If not complied with Auditing Standards in performing Assurance Engagement
- CA shall be held guilty of Professional misconduct under Schedule-II of CA-Act, 1949
- As per the Section 143(9) of Companies Act-2013, Every auditor shall comply with the auditing standards
Audit Report Procedure
| SA | Description | Reference |
| SA 300 | Preliminary Engagement Activities | Client continuance (SA 220) |
| Ethical requirement (SA 200 and SA 220) | ||
| Terms of Engagement etc (SA 210) | ||
| Planning Activities | Audit Strategy
Scope, Timing & Direction |
|
| Audit Plan
N.T.E. of audit procedures |
||
| SA 315 | Risk Assessment Procedures | Understanding of Entity, its Environment & Internal Control |
| SA 330 | Performing Test of controls | for Existence, Effectiveness & Continuity |
| Performing Test of details – Substantive Procedures | Completeness, Validity, Accuracy, Measurement, Valuation | |
| SA 450 | Evaluation of Misstatement, if identified | |
| SA 700 | Forming an opinion based on audit evidence obtained | |
| SA 705 | Modifications to the Opinion in the Independent Auditor’s Report” | |
| SA 706 | Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report |
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