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Standards of Auditing - Introduction and Application in the Indian Context

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A brief introduction to those who are new to the standards of auditing as issued by the Institute of Chartered Accountants of India. This presentation briefs about the concept of Auditing Standards, its relevance and its application in our daily audits.

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Standards of Auditing - Introduction and Application in the Indian Context

  1. 1. Standards of Auditing – Intro andApplication Bharath Rao
  2. 2. Outline  Need for Uniformity  Regulation, Standards, Frameworks  Benchmarking  Introduction to Standards toAuditing  SA 200, SA 210, SA 220, Sa 230, SA 250, SA 300, SA 320, SA 500, SA 501, SA 505, SA 510, SA 585, SA 700  Structure of a Standard ofAudit Document
  3. 3. Why do we need the benchmark uniformity? Investor Protection and Fraud Detection Compliance Comparability Decision Making Growth and Development Increased Standard of Living
  4. 4. Section 143(2) of the Companies Act 2013  The auditor shall make a report to the members of the company on the accounts examined by him and on every financial statements which are required by or under this Act to be laid before the company in general meeting and the report shall after taking into account the provisions of this Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of thisAct or any rules made thereunder or under any order made under sub-section (11) and to the best of his information and knowledge, the said accounts, financial statements give a true and fair view of the state of the company’s affairs as at the end of its financial year and profit or loss and cash flow for the year and such other matters as may be prescribed.
  5. 5. Clause 9 of Professional Ethics  Fails to invite attention to any material departure from the generally accepted procedure of audit applicable to the circumstances  This clause implies that the audit should be performed in accordance with “generally accepted procedure of audit applicable to the circumstances” and if for any reason the auditor has not been able to perform the audit in accordance with such procedure, his report should draw attention to the material departures from such procedures. What constitutes “generally accepted audit procedure” would depend upon the facts and circumstances of each case, but guidance is available in general terms from the various pronouncements of the institute is issued by way of statements and guidance notes and SAs to the members.
  6. 6. Understandi ng a Standard Regulation • Mandatory to comply • Companies Act, Income Tax Act Standard • Mandatory or Recommendatory • ISO Standards, AS, SA Framework • Recommendatory • COBIT, COSO
  7. 7. Introduction ofStandards toAuditing  Auditing Standards issued by ICAI to its members and students  There are 37 Auditing Standards issued  Initially they were called as AAS i.e. Auditing and Assurance Standards  Revised in the year 2010 under the Clarity Project  Mandatory to be followed as per circumstance for every member of ICAI
  8. 8. Standards of Auditing Commonly Used SA Name Application 200 Principles of Audit 21o Terms of Engagement Client procurement 220 Quality of service Every audit and work 230 Audit Documentation Workpapers 250 Regulation understanding Regulation applicable to client 300 Audit Planning Planning 320 Sampling Test Check Basis 500 Audit Evidence Audit Evidence 501 Audit Evidence – Specifics Inventories, Litigations, Valuation of Investments, Segment Reporting 505 External Confirmation Audit Evidence 510 Opening Balances Opening Balances, Policies, Opinion of previous auditor 585 Written Representations Closing Stock etc. 700 Audit report opinion For every audit
  9. 9. Structureof aSA document  Table of Contents  Introduction  Scope  Effective Date  Objectives  Definitions  Requirements  Application and other explanatory material  Para – Axx  Reference to Above always  Appendix
  10. 10. ThankYou 

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