Auditing Standards

Auditing Standards Issued By ICSI

CA, CS, CMA - ICSI has recently issued four Auditing Standards for the members in practice in order to enable them to carry out the audit engagements more effectively. The four Auditing Standards are: CSAS-1 Auditing Standard on Audit Engagement CSAS-2 Auditing Standard on Audit Process and Documentation CSAS-3- Auditing Standard on Forming of Opinion ...

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Summary of SA 706 w.e.f. 01.04.2018.

CA, CS, CMA - Summary SA-706: Emphasis of Matter and Other Matter: Meaning of Emphasis of Matter: A Para included in the auditor report that That refers to a matter disclosed/presented in the financial statement that In the auditors judgment is of such importance that it is fundamental to users of financial statement. Meaning of other Matter: A Para [&...

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SA- 701- key audit matters

CA, CS, CMA - SA 701 is applicable for audits of financial statements for periods beginning on or after April 01,2018 for audits of complete sets of general purpose financial statements of listed entities. It casts a new reporting requirement on auditors of listed entities to communicate the key audit matters in their audit reports....

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Key Audit Matter – Introduction & Practical Approach

CA, CS, CMA - CA Amogh Dongshanwar Introduction and meaning of Key Audit Matter With the introduction of new Standard on Auditing – SA 701 by Institute of Chartered Accountants of India (ICAI), the members of the ICAI have been entrusted with the new responsibility along with opining on the financial statements, to communicate the key audit matters (...

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FAQs on SA 570 ‘Going Concern’ (Applicable for audits of FY 2017-18)

CA, CS, CMA - To clarify the implementation issues, the Auditing and Assurance Standards Board of ICAI, hereby issues the following FAQs on SA 570(Revised) based on the queries received from the members:...

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Exposure Draft of SIA 350, Review and Supervision of Audit Assignments

CA, CS, CMA - Exposure Draft of Standard on Internal Audit (SIA) 350, Review and Supervision of Audit Assignments (Comments to be received by September 14, 2019) EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 350 REVIEW AND SUPERVISION OF AUDIT ASSIGNMENTS The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) inv...

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Exposure Draft of SIA 390, Monitoring and Reporting of Prior Audit Issues

CA, CS, CMA - Exposure Draft of Standard on Internal Audit (SIA) 390, Monitoring and Reporting of Prior Audit Issues (Comments to be received by September 14, 2019) EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 390 MONITORING AND REPORTING OF PRIOR AUDIT ISSUES The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICA...

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Exposure Draft of Standard on Internal Audit (SIA) 120, Internal Controls

CA, CS, CMA - Exposure Draft of Standard on Internal Audit (SIA) 120, Internal Controls (Comments to be received by September 14, 2019) Exposure Draft of Standard on Internal Audit (SIA) 120, Internal Controls* The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SI...

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ICSI issues four Auditing Standards on Audit Engagement

CA, CS, CMA - The four Standards namely CSAS-1: Auditing Standard on Audit Engagement; CSAS-2: Auditing Standard on Audit Process and Documentation; CSAS-3: Auditing Standard on Forming of Opinion and CSAS-4:  Auditing Standard on Secretarial Audit are applicable on recommendatory basis on Audit engagements accepted by the Auditor on or after 1...

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CSAS-4 Auditing Standard on Secretarial Audit

CA, CS, CMA - CSAS-4 Auditing Standard on Secretarial Audit deals with responsibilities of the auditor while carrying out Secretarial Audit of a Company. The Standard is in addition to other Auditing Standards, as may be applicable with regard to Secretarial Audit. Contents Scope Effective Date Objective Definitions i. Auditor ii. Audit Procedure iii. ...

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No further deferment of Standard on Auditing 701 (SA 701): MCA

F. No. 01/33/2013-CL.V (Pt.) - (12/04/2019) - Further deferral of SA 701 cannot be permitted and it remains applicable for audits of financial statements for periods beginning on or after 1st April, 2018:‑(i) SA 701 was issued in May, 2016 with applicability for all audits of the year 2017-18 onwards. On the grounds of lack of adequate time f...

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Recent Posts in "Auditing Standards"

Exposure Draft of SIA 350, Review and Supervision of Audit Assignments

Exposure Draft of Standard on Internal Audit (SIA) 350, Review and Supervision of Audit Assignments (Comments to be received by September 14, 2019) EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 350 REVIEW AND SUPERVISION OF AUDIT ASSIGNMENTS The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) inv...

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Posted Under: CA, CS, CMA |

Exposure Draft of SIA 390, Monitoring and Reporting of Prior Audit Issues

Exposure Draft of Standard on Internal Audit (SIA) 390, Monitoring and Reporting of Prior Audit Issues (Comments to be received by September 14, 2019) EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 390 MONITORING AND REPORTING OF PRIOR AUDIT ISSUES The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICA...

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Posted Under: CA, CS, CMA |

Exposure Draft of Standard on Internal Audit (SIA) 120, Internal Controls

Exposure Draft of Standard on Internal Audit (SIA) 120, Internal Controls (Comments to be received by September 14, 2019) Exposure Draft of Standard on Internal Audit (SIA) 120, Internal Controls* The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SI...

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Posted Under: CA, CS, CMA |

Auditing Standards Issued By ICSI

ICSI has recently issued four Auditing Standards for the members in practice in order to enable them to carry out the audit engagements more effectively. The four Auditing Standards are: CSAS-1 Auditing Standard on Audit Engagement CSAS-2 Auditing Standard on Audit Process and Documentation CSAS-3- Auditing Standard on Forming of Opinion ...

Read More
Posted Under: CA, CS, CMA |

ICSI issues four Auditing Standards on Audit Engagement

The four Standards namely CSAS-1: Auditing Standard on Audit Engagement; CSAS-2: Auditing Standard on Audit Process and Documentation; CSAS-3: Auditing Standard on Forming of Opinion and CSAS-4:  Auditing Standard on Secretarial Audit are applicable on recommendatory basis on Audit engagements accepted by the Auditor on or after 1...

Read More
Posted Under: CA, CS, CMA |

CSAS-4 Auditing Standard on Secretarial Audit

CSAS-4 Auditing Standard on Secretarial Audit deals with responsibilities of the auditor while carrying out Secretarial Audit of a Company. The Standard is in addition to other Auditing Standards, as may be applicable with regard to Secretarial Audit. Contents Scope Effective Date Objective Definitions i. Auditor ii. Audit Procedure iii. ...

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Posted Under: CA, CS, CMA |

CSAS-3- Auditing Standard on Forming of Opinion

CSAS-3- Auditing Standard on Forming of Opinion deals with basis and manner for forming Auditor’s opinion on subject matter of the audit. Contents Scope  Effective Date  Objective  Definitions  i. Auditor ii. Audit Evidence iii. Records iv. Materiality v. Misstatement vi. Third Party vii. Third Party Information Requirements  1. Pr...

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Posted Under: CA, CS, CMA |

CSAS-2 Auditing Standard on Audit Process and Documentation

CSAS-2 Auditing Standard on Audit Process and Documentation deals with responsibilities, duties and powers of the Auditor with respect to Audit Process to be followed by him in performing the audit function and maintaining proper documentation with respect to the audit. Contents Scope Effective Date Objective Definitions i. Auditor ii. Au...

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Posted Under: CA, CS, CMA |

CSAS-1 Auditing Standard on Audit Engagement

CSAS-1 Auditing Standard on Audit Engagement prescribe for an Auditor, principles to accept or continue with an Audit Engagement by agreeing to the terms of engagement with the Management or any changes therein and matters related thereto....

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Posted Under: CA, CS, CMA |

No further deferment of Standard on Auditing 701 (SA 701): MCA

F. No. 01/33/2013-CL.V (Pt.) (12/04/2019)

Further deferral of SA 701 cannot be permitted and it remains applicable for audits of financial statements for periods beginning on or after 1st April, 2018:‑(i) SA 701 was issued in May, 2016 with applicability for all audits of the year 2017-18 onwards. On the grounds of lack of adequate time for preparedness the said applicability d...

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