Auditing Standards

SA 701 & SA 570: Auditor special considerations with respect to covid-19 pandemic

CA, CS, CMA - SA 701 & SA 570: Auditor special considerations with respect to covid-19 pandemic In light of the corona virus pandemic various tragedies and sufferings are currently faced by the community and there is also economic slowdown having significant impact on the economy resulting in halt down the GDP of the country, the users of the [&hel...

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Overview of the Standards on Auditing

CA, CS, CMA - A practicing chartered accountant is generally well versed with tax laws, company law and even the accounting standards. Unfortunately, as is evident from numerous findings of reviews by the Quality Review Board, the focus on standards on auditing is missing. This article aims to highlight the key aspects of the standards on auditing....

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SA 701 – Key Audit Matter – Evaluation with actual examples

CA, CS, CMA - Key Audit Matter, professionally known as SA 701, is no more a newly introduced standard for any auditor. The auditor has been given the onerous responsibility as well as individual decision to incorporate it in the audit report. Incorporated as those of the most significant in the audit of financial statements from the year reports [&hel...

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Impact of COVID 19 on Ind AS Financial Statements

CA, CS, CMA - 1. Management of the entity should assess the impact of COVID-19 and the measures taken on its ability to continue as a going concern. 2. The impact of COVID- 19 after the reporting date should also be considered and if, management after the reporting date either intends to liquidate the entity or to cease trading, or has no realistic alt...

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Standard on Internal Audit (SIA-150)- Compliance with laws & regulations

CA, CS, CMA - The Institute of Chartered Accountants of India (ICAI) has recently issued exposure draft on Standard of Internal Audit (SIA)- 150- 'Compliance with laws and Regulations'. Here in this article we would briefly understand the Internal Auditor's Responsibility with regard to Compliance with Laws and Regulations....

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Framework for Social Audit Standards – ICAI

CA, CS, CMA - Framework for Social Audit Standards defines and describes the elements and objectives of a social audit performed by social auditors. It provides a frame of reference Social auditors when performing social audit i.e., social impact assessment of project/ program executed by social enterprises....

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Draft ICSI SAS- 16 promoting welfare of migrants and displaced persons

CA, CS, CMA - ICSI Social Audit Standard – 16 (ICSI SAS-16) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of promoting welfare of migrants and displaced persons...

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Draft ICSI SAS- 15 on bridging the digital divide in internet and mobile phone access, addressing issues of misinformation and data protection

CA, CS, CMA - ICSI Social Audit Standard – 15 (ICSI SAS-15) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of bridging the digital divide in internet and mobile phone access, addressing issues of misinformation and data protection...

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Draft ICSI SAS- 14 on facilitating access to land and property assets for disadvantaged communities

CA, CS, CMA - ICSI Social Audit Standard – 14 (ICSI SAS-14) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of facilitating access to land and property assets for disadvantaged communities...

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Draft ICSI SAS- 13 on promotion of financial inclusion

CA, CS, CMA - ICSI Social Audit Standard – 13 (ICSI SAS-13) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of promotion of financial inclusion...

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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"

Framework for Social Audit Standards – ICAI

Framework for Social Audit Standards defines and describes the elements and objectives of a social audit performed by social auditors. It provides a frame of reference Social auditors when performing social audit i.e., social impact assessment of project/ program executed by social enterprises....

Read More
Posted Under: CA, CS, CMA |

Draft ICSI SAS- 16 promoting welfare of migrants and displaced persons

ICSI Social Audit Standard – 16 (ICSI SAS-16) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of promoting welfare of migrants and displaced persons...

Read More
Posted Under: CA, CS, CMA |

Draft ICSI SAS- 15 on bridging the digital divide in internet and mobile phone access, addressing issues of misinformation and data protection

ICSI Social Audit Standard – 15 (ICSI SAS-15) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of bridging the digital divide in internet and mobile phone access, addressing issues of misinformation and data protection...

Read More
Posted Under: CA, CS, CMA |

Draft ICSI SAS- 14 on facilitating access to land and property assets for disadvantaged communities

ICSI Social Audit Standard – 14 (ICSI SAS-14) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of facilitating access to land and property assets for disadvantaged communities...

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Posted Under: CA, CS, CMA |

Draft ICSI SAS- 13 on promotion of financial inclusion

ICSI Social Audit Standard – 13 (ICSI SAS-13) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of promotion of financial inclusion...

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Posted Under: CA, CS, CMA |

Draft ICSI SAS- 12 on disaster management, including relief, rehabilitation and reconstruction activities

ICSI Social Audit Standard – 12 (ICSI SAS-12) aims to aid the Social Auditor with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of disaster management, including relief, rehabilitation and reconstruction activities...

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Posted Under: CA, CS, CMA |

Draft ICSI SAS- 11 slum area development, affordable housing and other interventions to build sustainable and resilient cities

ICSI Social Audit Standard – 11 (ICSI SAS-11) aims to aid the Social Auditor with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of slum area development, affordable housing and other interventions to build sustainable and resilient cities...

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Posted Under: CA, CS, CMA |

Draft ICSI SAS- 10 on promoting livelihoods for rural and urban poor including enhancing income of small and marginal farmers and workers in the non-farm sector

ICSI Social Audit Standard – 10 (ICSI SAS-10) aims to aid the Social Auditor with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of promoting livelihoods for rural and urban poor including enhancing income of small and marginal farmers and workers in the non-farm sector...

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Posted Under: CA, CS, CMA |

Draft ICSI SAS- 09 on supporting other platforms that strengthen the non-profit ecosystem in fundraising and capacity building

ICSI Social Audit Standard – 09 (ICSI SAS-09) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of supporting other platforms that strengthen the non-profit ecosystem in fundraising and capacity building...

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Posted Under: CA, CS, CMA |

Draft ICSI SAS- 08 on supporting incubators of Social Enterprises

ICSI Social Audit Standard – 08 (ICSI SAS-08) aims to aid the Social Auditors with necessary instructions or checklists for the effective Social Audit of Social Enterprises engaged in the field of supporting incubators of Social Enterprises...

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Posted Under: CA, CS, CMA |

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