SlideShare a Scribd company logo
AUDIT STANDARD
AUDIT STANDARD (Principles)
• Audit standard means a set of principles, rules
or models used as a criterion to judge the
work of an auditor.
• It is the measurement quality of audit
performed by the auditor. AICPA and ICAI have
established many audit standards.
Auditing and Assurance Standard
(AAS):
• Institute of Chartered Accountants of
India(ICAI) issue Statements onn Auditing and
Assurance Standard, earlier called Standard
Auditing Practices (SAP) from time to time.
• These standards must be complied with by
the auditors. ICAI has so far issued 29 ASS.
General Auditing Standards:
I Personal Standards:
• Technical training and proficiency as auditor :
Auditor should posses technical knowledge and
experience in auditing.
• Independence in mental attitude: His opinions
would be independent, objective and unbiased.
• Due professional care : Auditor should exercise
reasonable professional care and skill while
discharging his duties.
II Standards of Field work:
• Planning and Supervision: Audit work should
be properly planned , allocated among staff
and effectively supervised
• Evaluation of Internal Control : he should
evaluate the extent of the effectiveness of
internal control and internal check at all levels.
• Sufficient Competent evidence :The opinions
of the auditor must be supported by proper
audit evidences.
III Standards of Reporting
• Conformity with accounting standards: Audit
report shall state whether the financial
statements are presented in accordance with
GAAP
• Consistency in application of accounting
principles : Audit report shall state whether
the accounting principles have been observed
consistently from year to year.
• Adequacy of Information disclosed : Auditor
has to disclose all information on financial
statements which he think necessary for the
presentation of report.
• Expression of Opinion: The report of the
auditor shall contain a clear cut indication of
the character of the auditors examinations.
He has to give a clear expression of his opinion
in the report.

More Related Content

Similar to Audit Standard.pptx

BDO General Audit of Financial Statements
BDO General Audit of Financial StatementsBDO General Audit of Financial Statements
BDO General Audit of Financial Statements
BDO Indonesia
 
BDO General Audit of Financial Statements
BDO General Audit of Financial StatementsBDO General Audit of Financial Statements
BDO General Audit of Financial Statements
BDO Indonesia
 
PPA - Unit 8 - Auditing Standards and Procedures
PPA - Unit 8 - Auditing Standards and ProceduresPPA - Unit 8 - Auditing Standards and Procedures
PPA - Unit 8 - Auditing Standards and Procedures
Ajay Nazarene
 
CISA Training - Chapter 1 - 2016
CISA Training - Chapter 1 - 2016CISA Training - Chapter 1 - 2016
CISA Training - Chapter 1 - 2016
Hafiz Sheikh Adnan Ahmed
 
Introduction to Internal Audits by 22000-tools
Introduction to Internal Audits by 22000-toolsIntroduction to Internal Audits by 22000-tools
Introduction to Internal Audits by 22000-tools
Atlantic Training, LLC.
 
Auditing in pharmacutical industries
Auditing in pharmacutical industriesAuditing in pharmacutical industries
Auditing in pharmacutical industries
Priyanka Kandhare
 
Iso 9001 internal audit tips
Iso 9001 internal audit tipsIso 9001 internal audit tips
Iso 9001 internal audit tips
Baptist Molai
 
How to Perform a Successful Internal Quality Audit
How to Perform a Successful Internal Quality AuditHow to Perform a Successful Internal Quality Audit
How to Perform a Successful Internal Quality Audit
Greenlight Guru
 
Best Practices in Auditing
Best Practices in AuditingBest Practices in Auditing
Best Practices in Auditing
PECB
 
Best Practices of Auditing an Energy Management System
Best Practices of Auditing an Energy Management SystemBest Practices of Auditing an Energy Management System
Best Practices of Auditing an Energy Management System
PECB
 
Wiley section.pptx
Wiley section.pptxWiley section.pptx
Wiley section.pptx
SilvioEstradaReyes
 
Auditing activities of microfinance institutions
Auditing activities of microfinance institutionsAuditing activities of microfinance institutions
Auditing activities of microfinance institutions
Frank Kabuye, CPA
 
Auditing and assurance standards
Auditing and assurance standardsAuditing and assurance standards
Auditing and assurance standards
Sri Ramakrishna College of Arts and Science
 
Customer Focus and Responsiveness
Customer Focus and ResponsivenessCustomer Focus and Responsiveness
Customer Focus and Responsiveness
MuhamadFajar63
 
Different Controlling Methods and Techniques.pptx
Different Controlling Methods and Techniques.pptxDifferent Controlling Methods and Techniques.pptx
Different Controlling Methods and Techniques.pptx
melmortiz1
 
1. NIA-Aseguramiento financiero Internacional.pdf
1. NIA-Aseguramiento financiero Internacional.pdf1. NIA-Aseguramiento financiero Internacional.pdf
1. NIA-Aseguramiento financiero Internacional.pdf
Janeth Lozano Lozano
 
Module_1_Acctg440.pptx
Module_1_Acctg440.pptxModule_1_Acctg440.pptx
Module_1_Acctg440.pptx
LeahMaeNolasco
 
Quality Control Guide Orientation Slides
Quality Control Guide Orientation SlidesQuality Control Guide Orientation Slides
Quality Control Guide Orientation Slides
International Federation of Accountants
 
Chapter 1 auditing and internal control
Chapter 1 auditing and internal controlChapter 1 auditing and internal control
Chapter 1 auditing and internal control
Tommy Zul Hidayat
 
Chapter 1 auditing and internal control
Chapter 1 auditing and internal controlChapter 1 auditing and internal control
Chapter 1 auditing and internal control
jayussuryawan
 

Similar to Audit Standard.pptx (20)

BDO General Audit of Financial Statements
BDO General Audit of Financial StatementsBDO General Audit of Financial Statements
BDO General Audit of Financial Statements
 
BDO General Audit of Financial Statements
BDO General Audit of Financial StatementsBDO General Audit of Financial Statements
BDO General Audit of Financial Statements
 
PPA - Unit 8 - Auditing Standards and Procedures
PPA - Unit 8 - Auditing Standards and ProceduresPPA - Unit 8 - Auditing Standards and Procedures
PPA - Unit 8 - Auditing Standards and Procedures
 
CISA Training - Chapter 1 - 2016
CISA Training - Chapter 1 - 2016CISA Training - Chapter 1 - 2016
CISA Training - Chapter 1 - 2016
 
Introduction to Internal Audits by 22000-tools
Introduction to Internal Audits by 22000-toolsIntroduction to Internal Audits by 22000-tools
Introduction to Internal Audits by 22000-tools
 
Auditing in pharmacutical industries
Auditing in pharmacutical industriesAuditing in pharmacutical industries
Auditing in pharmacutical industries
 
Iso 9001 internal audit tips
Iso 9001 internal audit tipsIso 9001 internal audit tips
Iso 9001 internal audit tips
 
How to Perform a Successful Internal Quality Audit
How to Perform a Successful Internal Quality AuditHow to Perform a Successful Internal Quality Audit
How to Perform a Successful Internal Quality Audit
 
Best Practices in Auditing
Best Practices in AuditingBest Practices in Auditing
Best Practices in Auditing
 
Best Practices of Auditing an Energy Management System
Best Practices of Auditing an Energy Management SystemBest Practices of Auditing an Energy Management System
Best Practices of Auditing an Energy Management System
 
Wiley section.pptx
Wiley section.pptxWiley section.pptx
Wiley section.pptx
 
Auditing activities of microfinance institutions
Auditing activities of microfinance institutionsAuditing activities of microfinance institutions
Auditing activities of microfinance institutions
 
Auditing and assurance standards
Auditing and assurance standardsAuditing and assurance standards
Auditing and assurance standards
 
Customer Focus and Responsiveness
Customer Focus and ResponsivenessCustomer Focus and Responsiveness
Customer Focus and Responsiveness
 
Different Controlling Methods and Techniques.pptx
Different Controlling Methods and Techniques.pptxDifferent Controlling Methods and Techniques.pptx
Different Controlling Methods and Techniques.pptx
 
1. NIA-Aseguramiento financiero Internacional.pdf
1. NIA-Aseguramiento financiero Internacional.pdf1. NIA-Aseguramiento financiero Internacional.pdf
1. NIA-Aseguramiento financiero Internacional.pdf
 
Module_1_Acctg440.pptx
Module_1_Acctg440.pptxModule_1_Acctg440.pptx
Module_1_Acctg440.pptx
 
Quality Control Guide Orientation Slides
Quality Control Guide Orientation SlidesQuality Control Guide Orientation Slides
Quality Control Guide Orientation Slides
 
Chapter 1 auditing and internal control
Chapter 1 auditing and internal controlChapter 1 auditing and internal control
Chapter 1 auditing and internal control
 
Chapter 1 auditing and internal control
Chapter 1 auditing and internal controlChapter 1 auditing and internal control
Chapter 1 auditing and internal control
 

Recently uploaded

The effects of customers service quality and online reviews on customer loyal...
The effects of customers service quality and online reviews on customer loyal...The effects of customers service quality and online reviews on customer loyal...
The effects of customers service quality and online reviews on customer loyal...
balatucanapplelovely
 
An introduction to the cryptocurrency investment platform Binance Savings.
An introduction to the cryptocurrency investment platform Binance Savings.An introduction to the cryptocurrency investment platform Binance Savings.
An introduction to the cryptocurrency investment platform Binance Savings.
Any kyc Account
 
The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...
Adam Smith
 
Creative Web Design Company in Singapore
Creative Web Design Company in SingaporeCreative Web Design Company in Singapore
Creative Web Design Company in Singapore
techboxsqauremedia
 
Authentically Social Presented by Corey Perlman
Authentically Social Presented by Corey PerlmanAuthentically Social Presented by Corey Perlman
Authentically Social Presented by Corey Perlman
Corey Perlman, Social Media Speaker and Consultant
 
Top mailing list providers in the USA.pptx
Top mailing list providers in the USA.pptxTop mailing list providers in the USA.pptx
Top mailing list providers in the USA.pptx
JeremyPeirce1
 
Auditing study material for b.com final year students
Auditing study material for b.com final year  studentsAuditing study material for b.com final year  students
Auditing study material for b.com final year students
narasimhamurthyh4
 
Mastering B2B Payments Webinar from BlueSnap
Mastering B2B Payments Webinar from BlueSnapMastering B2B Payments Webinar from BlueSnap
Mastering B2B Payments Webinar from BlueSnap
Norma Mushkat Gaffin
 
Exploring Patterns of Connection with Social Dreaming
Exploring Patterns of Connection with Social DreamingExploring Patterns of Connection with Social Dreaming
Exploring Patterns of Connection with Social Dreaming
Nicola Wreford-Howard
 
Agency Managed Advisory Board As a Solution To Career Path Defining Business ...
Agency Managed Advisory Board As a Solution To Career Path Defining Business ...Agency Managed Advisory Board As a Solution To Career Path Defining Business ...
Agency Managed Advisory Board As a Solution To Career Path Defining Business ...
Boris Ziegler
 
The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...
Adam Smith
 
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
AnnySerafinaLove
 
Project File Report BBA 6th semester.pdf
Project File Report BBA 6th semester.pdfProject File Report BBA 6th semester.pdf
Project File Report BBA 6th semester.pdf
RajPriye
 
Brand Analysis for an artist named Struan
Brand Analysis for an artist named StruanBrand Analysis for an artist named Struan
Brand Analysis for an artist named Struan
sarahvanessa51503
 
Maksym Vyshnivetskyi: PMO Quality Management (UA)
Maksym Vyshnivetskyi: PMO Quality Management (UA)Maksym Vyshnivetskyi: PMO Quality Management (UA)
Maksym Vyshnivetskyi: PMO Quality Management (UA)
Lviv Startup Club
 
Building Your Employer Brand with Social Media
Building Your Employer Brand with Social MediaBuilding Your Employer Brand with Social Media
Building Your Employer Brand with Social Media
LuanWise
 
In the Adani-Hindenburg case, what is SEBI investigating.pptx
In the Adani-Hindenburg case, what is SEBI investigating.pptxIn the Adani-Hindenburg case, what is SEBI investigating.pptx
In the Adani-Hindenburg case, what is SEBI investigating.pptx
Adani case
 
Helen Lubchak: Тренди в управлінні проєктами та miltech (UA)
Helen Lubchak: Тренди в управлінні проєктами та miltech (UA)Helen Lubchak: Тренди в управлінні проєктами та miltech (UA)
Helen Lubchak: Тренди в управлінні проєктами та miltech (UA)
Lviv Startup Club
 
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s Dholera
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraTata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s Dholera
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s Dholera
Avirahi City Dholera
 
Best Forex Brokers Comparison in INDIA 2024
Best Forex Brokers Comparison in INDIA 2024Best Forex Brokers Comparison in INDIA 2024
Best Forex Brokers Comparison in INDIA 2024
Top Forex Brokers Review
 

Recently uploaded (20)

The effects of customers service quality and online reviews on customer loyal...
The effects of customers service quality and online reviews on customer loyal...The effects of customers service quality and online reviews on customer loyal...
The effects of customers service quality and online reviews on customer loyal...
 
An introduction to the cryptocurrency investment platform Binance Savings.
An introduction to the cryptocurrency investment platform Binance Savings.An introduction to the cryptocurrency investment platform Binance Savings.
An introduction to the cryptocurrency investment platform Binance Savings.
 
The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...
 
Creative Web Design Company in Singapore
Creative Web Design Company in SingaporeCreative Web Design Company in Singapore
Creative Web Design Company in Singapore
 
Authentically Social Presented by Corey Perlman
Authentically Social Presented by Corey PerlmanAuthentically Social Presented by Corey Perlman
Authentically Social Presented by Corey Perlman
 
Top mailing list providers in the USA.pptx
Top mailing list providers in the USA.pptxTop mailing list providers in the USA.pptx
Top mailing list providers in the USA.pptx
 
Auditing study material for b.com final year students
Auditing study material for b.com final year  studentsAuditing study material for b.com final year  students
Auditing study material for b.com final year students
 
Mastering B2B Payments Webinar from BlueSnap
Mastering B2B Payments Webinar from BlueSnapMastering B2B Payments Webinar from BlueSnap
Mastering B2B Payments Webinar from BlueSnap
 
Exploring Patterns of Connection with Social Dreaming
Exploring Patterns of Connection with Social DreamingExploring Patterns of Connection with Social Dreaming
Exploring Patterns of Connection with Social Dreaming
 
Agency Managed Advisory Board As a Solution To Career Path Defining Business ...
Agency Managed Advisory Board As a Solution To Career Path Defining Business ...Agency Managed Advisory Board As a Solution To Career Path Defining Business ...
Agency Managed Advisory Board As a Solution To Career Path Defining Business ...
 
The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...The Influence of Marketing Strategy and Market Competition on Business Perfor...
The Influence of Marketing Strategy and Market Competition on Business Perfor...
 
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
 
Project File Report BBA 6th semester.pdf
Project File Report BBA 6th semester.pdfProject File Report BBA 6th semester.pdf
Project File Report BBA 6th semester.pdf
 
Brand Analysis for an artist named Struan
Brand Analysis for an artist named StruanBrand Analysis for an artist named Struan
Brand Analysis for an artist named Struan
 
Maksym Vyshnivetskyi: PMO Quality Management (UA)
Maksym Vyshnivetskyi: PMO Quality Management (UA)Maksym Vyshnivetskyi: PMO Quality Management (UA)
Maksym Vyshnivetskyi: PMO Quality Management (UA)
 
Building Your Employer Brand with Social Media
Building Your Employer Brand with Social MediaBuilding Your Employer Brand with Social Media
Building Your Employer Brand with Social Media
 
In the Adani-Hindenburg case, what is SEBI investigating.pptx
In the Adani-Hindenburg case, what is SEBI investigating.pptxIn the Adani-Hindenburg case, what is SEBI investigating.pptx
In the Adani-Hindenburg case, what is SEBI investigating.pptx
 
Helen Lubchak: Тренди в управлінні проєктами та miltech (UA)
Helen Lubchak: Тренди в управлінні проєктами та miltech (UA)Helen Lubchak: Тренди в управлінні проєктами та miltech (UA)
Helen Lubchak: Тренди в управлінні проєктами та miltech (UA)
 
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s Dholera
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraTata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s Dholera
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s Dholera
 
Best Forex Brokers Comparison in INDIA 2024
Best Forex Brokers Comparison in INDIA 2024Best Forex Brokers Comparison in INDIA 2024
Best Forex Brokers Comparison in INDIA 2024
 

Audit Standard.pptx

  • 2. AUDIT STANDARD (Principles) • Audit standard means a set of principles, rules or models used as a criterion to judge the work of an auditor. • It is the measurement quality of audit performed by the auditor. AICPA and ICAI have established many audit standards.
  • 3. Auditing and Assurance Standard (AAS): • Institute of Chartered Accountants of India(ICAI) issue Statements onn Auditing and Assurance Standard, earlier called Standard Auditing Practices (SAP) from time to time. • These standards must be complied with by the auditors. ICAI has so far issued 29 ASS.
  • 4. General Auditing Standards: I Personal Standards: • Technical training and proficiency as auditor : Auditor should posses technical knowledge and experience in auditing. • Independence in mental attitude: His opinions would be independent, objective and unbiased. • Due professional care : Auditor should exercise reasonable professional care and skill while discharging his duties.
  • 5. II Standards of Field work: • Planning and Supervision: Audit work should be properly planned , allocated among staff and effectively supervised • Evaluation of Internal Control : he should evaluate the extent of the effectiveness of internal control and internal check at all levels. • Sufficient Competent evidence :The opinions of the auditor must be supported by proper audit evidences.
  • 6. III Standards of Reporting • Conformity with accounting standards: Audit report shall state whether the financial statements are presented in accordance with GAAP • Consistency in application of accounting principles : Audit report shall state whether the accounting principles have been observed consistently from year to year.
  • 7. • Adequacy of Information disclosed : Auditor has to disclose all information on financial statements which he think necessary for the presentation of report. • Expression of Opinion: The report of the auditor shall contain a clear cut indication of the character of the auditors examinations. He has to give a clear expression of his opinion in the report.