Auditing Standards

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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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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Draft SIA 250 Communication with those charged with Governance

CA, CS, CMA - The term Those Charged with Governance (TCWG) refers to either an individual, or a body of individuals, or a separate legal entity with the responsibility for overseeing the strategic direction and accountability of the organisation....

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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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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"

SA 701 – Key Audit Matter – Evaluation with actual examples

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...

Read More
Posted Under: CA, CS, CMA |

Impact of COVID 19 on Ind AS Financial Statements

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...

Read More
Posted Under: CA, CS, CMA |

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

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....

Read More
Posted Under: CA, CS, CMA |

Draft SIA 250 Communication with those charged with Governance

The term Those Charged with Governance (TCWG) refers to either an individual, or a body of individuals, or a separate legal entity with the responsibility for overseeing the strategic direction and accountability of the organisation....

Read More
Posted Under: CA, CS, CMA |

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...

Read More
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...

Read More
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...

Read More
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...

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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 |

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