Pre statutory audit - checklist

STATUTORYAUDIT
M K TYAGI & CO.,
Chartered Accountants - Bangalore
1/31/2016M K TYAGI & CO., Chartered Accountants - Bangalore- India info@mktyagi.com
1

PRIOR TO COMMENCEMNET OF STATUTORY AUDIT
ACCOUNTING
STANDARDS
GUIDANCE
NOTES
STANDARDS
ON AUDITING
SECRETARIAL
STANDARDS
NOTICES AND
CIRCULARS
M K TYAGI & CO., Chartered Accountants - Bangalore- India info@mktyagi.com
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1/31/2016

ACCOUNTING STANDARDS- AS
ACCOUNTING STANDARDS
 AS-1- Disclosure of Accounting Policies
 AS-2- Valuation of Inventories
 AS-3- Cash Flow Statements
 AS-4- Contingencies and events occurring
after the Balance Sheet Date
 AS-5- Net Profit or Loss for the Period, Prior
Period Items and Changes in Accounting
Policies
 AS-6- Depreciation
 AS-7- Construction Contracts
 AS-9- Revenue Recognition
Ind AS- CONVERGED IFRS (See Note)
 Ind AS-101- First Time Adoption of Indian
Accounting Standards
 Ind AS-102- Share Based Payments
 Ind AS-103- Business Combinations
 Ind AS-104- Insurance Contracts
 Ind AS-105-Non-Current Assets held for
sale and Discontinued Operations
 Ind AS-106- Exploration for and
Evaluation of Mineral Resources
 Ind AS-107- Financial Instruments-
Disclosure
 Ind AS-108- Operating Segments
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1/31/2016

ACCOUNTING STANDARDS…,
 AS-10-Fixed Assets
 AS-11-The Effects of Changes in Foreign
Exchange Rates
 AS-12- Accounting for Government Grants
 AS-13- Accounting for Investments
 AS-14- Accounting for Amalgamations
 AS-15- Employee Benefits
 AS-16- Borrowing Costs
 AS-17- Segment Reporting
 AS-18- Related Party Disclosures
 AS-19- Accounting for Leases
 AS-20- Earning Per Share
Ind AS- CONVERGED IFRS
 Ind AS-109- Financial Instruments
 Ind AS-110- Consolidated Financial
Instruments
 Ind AS-111- Joint Arrangements
 Ind AS-112- Disclosure of Interests in
Other Entities
 Ind AS-113- Fair Value Measurement
 Ind AS-114- Regulatory Deferral
Accounts
 Ind AS-115- Revenue from Contracts
with Customers
 Ind AS-1- Presentation of Financial
Statements
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1/31/2016

ACCOUNTING STANDARDS…,
 AS-21- Consolidated Financial Statements
 AS-22- Accounting for Taxes
 AS-23-Accounting for Investments in
Associates in Consolidated Financial
Statements
 AS-24-Discontinuing Operations
 AS-25-Interim Financial Reporting
 AS-26- Intangible Assets
 AS-27-Financial Reporting of Interests in
Joint Ventures
 AS-28-Impairment of Assets
 AS-29-Provisions, Contingent Liabilities and
Contingent Assets
 Ind AS-2- Inventories
 Ind AS-7-Statement of Cash Flows
 Ind AS-8- Accounting Policies, Changes
in Accounting Estimates and Errors
 Ind AS-10- Events after Reporting
Period
 Ind AS-12- Income Taxes
 Ind AS-16- Property, Plant and
Equipment
 Ind AS-17- Leases
 Ind AS-19- Employee Benefits
 Ind AS-20- Accounting for Government
Grants and Disclosure of Government
Assistance
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1/31/2016

ACCOUNTING STANDARDS…
 AS-30- Financial Instruments-Presentation
 AS-31- Financial Instruments
 AS-32- Financial Instruments
(Disclosure)
 Ind AS-21- The Effects of Changes in
Foreign Exchange Rates
 Ind AS-23- Borrowing Costs
 Ind AS-24- Related Party Disclosures
 Ind AS-27- Separate Financial Statements
 Ind AS-28- Investments in Associates and
Joint Ventures
 Ind AS-29- Financial Reporting in
Hyperinflationary Economies
 Ind AS-32- Financial Instruments:
Presentation
 Ind AS-33- Earnings per Share
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1/31/2016

ACCOUNTING STANDARDS…
 Ind AS-34-Interim Financial Reporting
 Ind AS-36- Impairment of Assets
 Ind AS-37-Provisions, Contingent Liabilities and Contingent Assets
 Ind AS-38- Intangible Assets
 Ind AS-40- Investment Property
 Ind AS-41- Agriculture
Note: Ind AS (Converged IFRS) is applicable only for Listed Companies and Unlisted
Companies with Net worth of 250 Crores or more w.e.f financial year 2016-17 and
onwards ( double click on the pdf icon to refer notification )
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1/31/2016

Guidance Notes on Auditing Aspects
 Audit of Property, Plant and Equipment
 Audit of Cash and Bank Balances
 Audit of Consolidated Financial
Statements
 Audit of Debtors, Loans and Advances
 Audit of Expenses
 Audit of Inventories
 Audit of Investments
 Audit of Liabilities
 Audit of Miscellaneous Expenditure
(Revised)
 Audit of Payment of Dividend
 Audit of Revenue
 Audit Reports and Certificates for
Special Purposes
 Auditing of Accounts of Liquidators
 Capital and Reserves
 Certificate on Corporate Governance
(Revised)
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1/31/2016

Guidance Notes on Auditing Aspects
 Certificate to be Issued by the Auditor of a
Company Pursuant to Companies
(Acceptance of Deposits) Rules, 1975
 Certification of Documents for Registration of
Charges
 Computer Assisted Audit Techniques (CAATs)
 Duty Cast on the Auditors under Section 45-
MA of the Reserve Bank of India Act, 1934
 Independence of Auditors (Revised)
 Preparation of Financial Statements on
Letterheads and Stationery of Auditors
 Provision for Proposed Dividend
 Reports in Company Prospectuses
(Revised)
 Section 227(3) (e) and (f) of the
Companies Act, 1956 (Revised)
 Section 293 A of the Companies Act
and the Auditor
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1/31/2016

Guidance Notes on Accounting Aspects
 Guidance Note on Accounting for Expenditure
on Corporate Social Responsibility Activities
(Issued May 15, 2015)
 Guidance Note on Accounting for Derivative
Contracts (Issued 2015)
 Guidance Note on Accounting for Oil and Gas
Producing Activities (revised 2013)
 Guidance Note on Treatment of Reserves
Created on Revaluation of Fixed Assets
 Guidance Note on Accounting for Depreciation
in Companies
 Guidance Note on Some Important Issues
Arising from the Amendments in Schedule XIV
to the Companies Act, 1956
 Guidance Note on Availability of Revaluation
Reserve for Issue of Bonus Shares
 Guidance Note on Accounting for
Corporate Dividend Tax
 Guidance Note on Accounting Treatment
for Excise Duty
Employee Share-based Payments
 Guidance Note on Accounting for State-
level Value Added Tax
 Guidance Note on Accounting for Fringe
Benefits Tax
 Guidance Note on Accounting by Schools
 Guidance Note on Accounting for Credit
Available in Respect of Minimum
Alternative Tax under the Income-tax Act,
1961
 Guidance Note on Accounting for Real
Estate Transactions (Revised 2012)
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1/31/2016

Guidance Notes on Accounting Aspects
 Guidance Note on Measurement of Income Tax
for Interim Financial Reporting in the context of
AS 25.
 Guidance Note on Accounting Treatment for
MODVAT/CENVAT
 Guidance Note on Applicability of Accounting
Standard (AS) 20, Earnings Per Share
 Guidance Note on Remuneration paid to key
management personnel – whether a related
party transaction
 Guidance Note on Applicability of AS 25 to
Interim Financial Results
 Guidance Note on Turnover in case of
Contractors
Self-generated Certified Emission
Reductions (CERs) (Issued 2012)
 Guidance Note on Accounting and
Auditing of Political Parties
 Guidance Note on Terms Used in
Financial Statements
 Guidance Note on Accrual Basis of
Accounting
 Guidance Note on Accounting by
Dot-Com Companies
Rate Regulated Activities
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1/31/2016

STANDARDS ON AUDITING- SA
 SA 200 (Revised) “Overall Objectives of the Independent Auditor and the Conduct of an
Audit in Accordance with Standards on Auditing”
 SA 210 (Revised) “Agreeing the Terms of Audit Engagements”
 SA 220 (Revised) “Quality Control for an Audit of Financial Statements”
 SA 230 (Revised “Audit Documentation”
 SA 240 (Revised) “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial
Statements”
 SA 250 (Revised) “Consideration of Laws and Regulations in an Audit of Financial
Statements”
 SA 260 (Revised) under the Clarity Project, “Communication with Those Charged with
Governance”
 SA 265 issued under the Clarity Project, “Communicating Deficiencies in Internal Control
to Those Charged With Governance and Management”
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1/31/2016

STANDARDS ON AUDITING- SA….
 SA 299 (AAS 12), “Responsibility of Joint Auditors”
 SA 300 (Revised) “Planning an Audit of Financial Statements” •
 SA 315 “Identifying and Assessing the Risks of Material Misstatement through
Understanding the Entity and Its Environment”
 SA 320 (Revised) “Materiality in Planning and Performing an Audit”
 SA 330 “The Auditor’s Responses to Assessed Risks”
 SA 402 (Revised) “Audit Considerations Relating to an Entity Using a Service Organisation”
 SA 450 “Evaluation of Misstatements Identified During the Audit”
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1/31/2016

STANDARDS ON AUDITING- SA…..
 SA 500 (Revised) “Audit Evidence”
 SA 501 (Revised) “Audit Evidence—Specific Considerations for Selected Items”
 SA 505 (Revised) “External Confirmations”
 SA 510 (Revised) “Initial Audit Engagements – Opening Balances”
 SA 520 (Revised) “Analytical Procedures”
 SA 530 (Revised) “Audit Sampling”
 SA 540 (Revised) “Auditing Accounting Estimates, Including Fair Value Accounting
Estimates, and Related Disclosures”
 SA 550 (Revised) “Related Parties”
 SA 560 (Revised) “Subsequent Events”
 SA 570 (Revised) “Going Concern”
 SA 580 (Revised) ”Written Representations”
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1/31/2016

 SA 600 (AAS 10), “Using the Work of Another Auditor”
 SA 610 (Revised) “Using The Work of Internal Auditors”
 SA 620 (Revised) “Using the Work of an Auditor’s Expert”
 SA 700 (Revised) “Forming an Opinion and Reporting on Financial Statements
 SA 705 “Modifications to the Opinion in the Independent Auditor’s Report"
 SA 706 “Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent
Auditor’s Report"
 SA 710 (Revised) “Comparative Information—Corresponding Figures and Comparative
Financial Statements”
 SA 720 “The Auditor’s Responsibility in Relation to Other Information in Documents
Containing Audited Financial Statements”
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1/31/2016

 SA 800 “Audits of Financial Statements Prepared in Accordance with Special Purpose
Frameworks”
 SA 805 “Special Considerations—Audits of Single Financial Statements and Specific
Elements, Accounts or Items of a Financial Statement”
 SA 810 “Engagements to Report on Summary Financial Statements”
 SQC 1 “Quality Control for Firms that Perform Audit and Reviews of Historical Financial
Information, and other Assurance and Related Services Engagements”
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1/31/2016

SECRETARIAL STANDARDS
 Secretarial Standard on Meeting of the Board (SS-1)
 Secretarial Standard on Meeting of the Members (SS-2)
* Refer www.icsi.edu.in for further details on secretarial standards
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1/31/2016

NOTICES, CIRCULARS AND OTHER UPDATES
 Income Tax Act, 1962 - www.incometaxindia.gov.in
 Companies Act, 2013 - www.mca.gov.in
 Service Tax Act - www.cbec.gov.in
 Central Excise Act,1944 - www.cbec.gov.in
 Customs Act, 1962 - www.cbec.gov.in
 Karnataka Value Added Tax - www.vat.kar.nic.in/ www.ctax.kar.nic.in
 Software Technology Parks of India - www.stpi.in
 Foreign Exchange Management Act, 1999- www.rbi.gov.in
 ICAI- www.icai.org.in
 ICSI- www.icsi.edu.in
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Notices and Circulars under various Acts are available in the below websites
1/31/2016

Pre statutory audit - checklist

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