Auditing Standards

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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Changes in SA 610 with Effective from 1.4.2016

CA, CS, CMA - The external auditor has sole responsibility for the audit opinion expressed, and that responsibility is not reduced by the external auditor’s use of the work of the internal audit function or internal auditors to provide direct assistance on the engagement....

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Guide to Standard on Auditing (SA) 230, Audit Documentation

CA, CS, CMA - Implementation Guide to Standard on Auditing (SA) 230, Audit Documentation (Revised 2018) The Institute of Chartered Accountants of India  (Set up by an Act of Parliament) New Delhi  Foreword Standards on Auditing are critical in ensuring and enhancing quality in audits of financial statements. It is therefore necessary that the auditor...

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Standard on Auditing for Audits of Smaller & Less Complex Entities (SASE) 200

CA, CS, CMA - Exposure Draft of Standard on Auditing for Audits of Smaller and Less Complex Entities (SASE) 200- Last date for comments: January 17, 2019- Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing for Audits of Smaller and Less Complex Entities...

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Standard on Auditing (SA) applicable for Financial Year 2017-18 & 2018-19

CA, CS, CMA - This Article explains Standard on Auditing (SA) which are applicable for Audit of Financial Year 2017-18 and Financial year 2018-19. ...

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Exposure Draft of Standard on Internal Audit (SIA), Planning Internal Audit Assignment

CA, CS, CMA - IASB of ICAI invites comments on proposed revision of the Standard on Internal Audit (SIA) 000 – Planning the Internal Audit Assignment. Comments are most helpful if they indicate a clear rationale and, where applicable, provide a suggestion for alternative wording....

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Exposure Draft of Standard on Internal Audit (SIA), Conducting Overall Internal Audit Planning

CA, CS, CMA - IASB of ICAI invites comments on proposed revision of the Standard on Internal Audit (SIA) 000 – Conducting Overall Internal Audit Planning. Comments are most helpful if they indicate a clear rationale and, where applicable, provide a suggestion for alternative wording....

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Recent Posts in "Auditing Standards"

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

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 [&...

Read More
Posted Under: CA, CS, CMA |

SA- 701- key audit matters

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....

Read More
Posted Under: CA, CS, CMA |

Guide to Standard on Auditing (SA) 230, Audit Documentation

Implementation Guide to Standard on Auditing (SA) 230, Audit Documentation (Revised 2018) The Institute of Chartered Accountants of India  (Set up by an Act of Parliament) New Delhi  Foreword Standards on Auditing are critical in ensuring and enhancing quality in audits of financial statements. It is therefore necessary that the auditor...

Read More
Posted Under: CA, CS, CMA |

Standard on Auditing for Audits of Smaller & Less Complex Entities (SASE) 200

Exposure Draft of Standard on Auditing for Audits of Smaller and Less Complex Entities (SASE) 200- Last date for comments: January 17, 2019- Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing for Audits of Smaller and Less Complex Entities...

Read More
Posted Under: CA, CS, CMA |

Key Audit Matter – Introduction & Practical Approach

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 (...

Read More
Posted Under: CA, CS, CMA |

Standard on Auditing (SA) applicable for Financial Year 2017-18 & 2018-19

This Article explains Standard on Auditing (SA) which are applicable for Audit of Financial Year 2017-18 and Financial year 2018-19. ...

Read More
Posted Under: CA, CS, CMA |

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

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:...

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Standard on Internal Audit (SIA), Planning Internal Audit Assignment

IASB of ICAI invites comments on proposed revision of the Standard on Internal Audit (SIA) 000 – Planning the Internal Audit Assignment. Comments are most helpful if they indicate a clear rationale and, where applicable, provide a suggestion for alternative wording....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Standard on Internal Audit (SIA), Conducting Overall Internal Audit Planning

IASB of ICAI invites comments on proposed revision of the Standard on Internal Audit (SIA) 000 – Conducting Overall Internal Audit Planning. Comments are most helpful if they indicate a clear rationale and, where applicable, provide a suggestion for alternative wording....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Standard on Internal Audit (SIA), Internal Audit Evidence

IASB of ICAI invites comments on a revised Standard on Internal Audit (SIA) 000 – Internal Audit Evidence. Comments are most helpful if they indicate a clear rationale and, where applicable, provide a suggestion for alternative wording....

Read More
Posted Under: CA, CS, CMA |

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