Auditing Standards

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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Satyam Case-: an eye opener

CA, CS, CMA - We have been taught that an audit conducted with a view to give an opinion about the truthful and fairness of financial statements, it does not include the objective to find out frauds / errors. Though the principle has remained constant, the expectations thereof have gone a sea change....

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Positioning Of Internal Audit In Corporate Framework

CA, CS, CMA - The scope of internal auditing within an organization involves topics such as an organization's governance, risk management and management controls. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation ...

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Decoding 2015 Statutory Audits Of The Banks

CA, CS, CMA - A chartered accountant is mandated to conduct statutory and other audit of banking industries. This is in compliance of various statutes applicable to audits, there are kind of audits and there are many ways to appoint the auditors for the Banking Sector. ...

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

CA, CS, CMA - 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....

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

CA, CS, CMA - IASB of ICAI invites comments on a revised Standard on Internal Audit (SIA) 000 – Internal Audit Documentation. 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"

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 |

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

IASB of ICAI invites comments on a revised Standard on Internal Audit (SIA) 000 – Internal Audit Documentation. 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), Managing Internal Audit Function

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

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Posted Under: CA, CS, CMA |

Guide on Revised Reporting Standards SA 700, 705 & 706

In 2016, ICAI issued the revised auditors reporting standards i.e. Revised SA 700 –‘Forming an Opinion and Reporting on Financial Statements, Revised SA 705 – ‘Modifications to the Opinion in the Independent Auditors Report and Revised SA 706...

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Posted Under: CA, CS, CMA |

Revised SA 299 Joint Audit of Financial Statements

The practice of appointing more than one auditor to conduct the audit of large entities is followed for a longtime, sometimes voluntarily by the shareholders or sometimes due to the requirements of laws or regulations....

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Posted Under: CA, CS, CMA |

Implementation Guide to Standard on Auditing (SA) 701

In the year 2016, ICAI revised the extant suite of auditor’s reporting standard (i.e. SAs 700, 705, 706) and also issued a new standard SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report...

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Posted Under: CA, CS, CMA |

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