Auditing standards
This query is : Resolved
05 October 2015
Summary of auditing standards for ca final
05 October 2015
Kindly help me with the summary of auditing standards
15 July 2024
For CA Final, the auditing standards you need to be familiar with are primarily based on the "Standards on Auditing" (SAs) issued by the Institute of Chartered Accountants of India (ICAI). Here’s a summary of the auditing standards relevant for CA Final:
### Standards on Auditing (SAs):
1. **SA 200 - Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing**:
- Sets out the objectives and scope of an audit, including responsibilities of the auditor and ethical requirements.
2. **SA 210 - Agreeing the Terms of Audit Engagements**:
- Deals with the auditor’s responsibilities in agreeing on the terms of audit engagement with management or those charged with governance.
3. **SA 220 - Quality Control for an Audit of Financial Statements**:
- Provides guidance on the responsibilities of the auditor regarding quality control procedures to ensure compliance with auditing standards.
4. **SA 230 - Audit Documentation**:
- Specifies the nature and extent of documentation required to be prepared and retained as evidence of the audit work performed.
5. **SA 240 - The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements**:
- Discusses the auditor’s responsibilities for detecting and addressing the risk of fraud in an audit engagement.
6. **SA 250 - Consideration of Laws and Regulations in an Audit of Financial Statements**:
- Guides auditors on how to identify and assess the impact of laws and regulations on the financial statements and audit procedures.
7. **SA 260 - Communication with Those Charged with Governance**:
- Deals with the auditor’s responsibility to communicate with those charged with governance regarding audit matters.
8. **SA 265 - Communicating Deficiencies in Internal Control to Those Charged with Governance and Management**:
- Discusses the auditor’s responsibility to communicate internal control deficiencies identified during the audit.
9. **SA 299 - Responsibility of Joint Auditors**:
- Specifies the responsibilities of joint auditors when multiple auditors are involved in the audit of the same entity.
10. **SA 300 to SA 330 - Audit Planning and Execution**:
- These standards cover various aspects of audit planning, including risk assessment, audit evidence, and audit procedures to be followed.
11. **SA 500 to SA 620 - Audit Evidence**:
- These standards provide guidance on obtaining and evaluating audit evidence, including specific procedures for different types of transactions and balances.
12. **SA 700 to SA 720 - Auditor’s Responsibilities Relating to Financial Statements**:
- These standards address the auditor’s responsibilities for forming an opinion on the financial statements, including the form and content of the audit report.
13. **SA 800 to SA 805 - Special Considerations**:
- These standards cover special audit considerations, including the audit of financial statements prepared in accordance with special purpose frameworks, small and medium-sized entities, and specific industries.
### Other Important Standards:
- **Guidance Notes and Statements**: Apart from SAs, candidates should be familiar with relevant Guidance Notes and Statements issued by ICAI that provide practical guidance on specific auditing issues.
### Study Approach:
- **Understanding Concepts**: Focus on understanding the underlying concepts and principles of each SA.
- **Application**: Practice applying these standards to case studies and scenarios.
- **Recent Amendments**: Stay updated with any amendments or revisions to the SAs issued by ICAI.
Preparing for CA Final requires a thorough understanding and application of these auditing standards, as they form the basis for auditing practices and procedures in India.
### Standards on Auditing (SAs):
1. **SA 200 - Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing**:
- Sets out the objectives and scope of an audit, including responsibilities of the auditor and ethical requirements.
2. **SA 210 - Agreeing the Terms of Audit Engagements**:
- Deals with the auditor’s responsibilities in agreeing on the terms of audit engagement with management or those charged with governance.
3. **SA 220 - Quality Control for an Audit of Financial Statements**:
- Provides guidance on the responsibilities of the auditor regarding quality control procedures to ensure compliance with auditing standards.
4. **SA 230 - Audit Documentation**:
- Specifies the nature and extent of documentation required to be prepared and retained as evidence of the audit work performed.
5. **SA 240 - The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements**:
- Discusses the auditor’s responsibilities for detecting and addressing the risk of fraud in an audit engagement.
6. **SA 250 - Consideration of Laws and Regulations in an Audit of Financial Statements**:
- Guides auditors on how to identify and assess the impact of laws and regulations on the financial statements and audit procedures.
7. **SA 260 - Communication with Those Charged with Governance**:
- Deals with the auditor’s responsibility to communicate with those charged with governance regarding audit matters.
8. **SA 265 - Communicating Deficiencies in Internal Control to Those Charged with Governance and Management**:
- Discusses the auditor’s responsibility to communicate internal control deficiencies identified during the audit.
9. **SA 299 - Responsibility of Joint Auditors**:
- Specifies the responsibilities of joint auditors when multiple auditors are involved in the audit of the same entity.
10. **SA 300 to SA 330 - Audit Planning and Execution**:
- These standards cover various aspects of audit planning, including risk assessment, audit evidence, and audit procedures to be followed.
11. **SA 500 to SA 620 - Audit Evidence**:
- These standards provide guidance on obtaining and evaluating audit evidence, including specific procedures for different types of transactions and balances.
12. **SA 700 to SA 720 - Auditor’s Responsibilities Relating to Financial Statements**:
- These standards address the auditor’s responsibilities for forming an opinion on the financial statements, including the form and content of the audit report.
13. **SA 800 to SA 805 - Special Considerations**:
- These standards cover special audit considerations, including the audit of financial statements prepared in accordance with special purpose frameworks, small and medium-sized entities, and specific industries.
### Other Important Standards:
- **Guidance Notes and Statements**: Apart from SAs, candidates should be familiar with relevant Guidance Notes and Statements issued by ICAI that provide practical guidance on specific auditing issues.
### Study Approach:
- **Understanding Concepts**: Focus on understanding the underlying concepts and principles of each SA.
- **Application**: Practice applying these standards to case studies and scenarios.
- **Recent Amendments**: Stay updated with any amendments or revisions to the SAs issued by ICAI.
Preparing for CA Final requires a thorough understanding and application of these auditing standards, as they form the basis for auditing practices and procedures in India.
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