CA Durgesh Kabra

CA Durgesh KabraWhy 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

More Under Company Law

Posted Under

Category : Company Law (3706)
Type : Articles (16232)

Leave a Reply

Your email address will not be published. Required fields are marked *