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STANDARDS ON AUDIT

INTRODUCTORY TABLE:

Standards on Audit Particulars


100 – (SA)
199 (((SA) Introductory Matters
200 – 299 General principles and responsibilities
300 – 499 Risk assessment and response to assessed risks
500 – 599 Audit evidence

Standards on audit (SA)


600 – 699 Using work of others
700 – 799 Audit conclusions and reporting
800 – 899 Specialized areas
2000 – 2699 Standards on review engagements
3000 – 3399 Standards applicable to all assurance engagements
3400 – 3699 Subject specific standards
4000 – 4699 Standards on related services

STANDARDS ON AUDIT (SA) [In comparison with Auditing and assurance standards
(AAS)]:

Auditing and
Standards on
assurance Particulars
Audit (SA)
standards (AAS)
100 – 199 Introductory matters
200 – 299 General principles and responsibilities
200 1 Basic principles governing an audit
200A 2 Objectives and scope of auditing financial statements
210 26 Terms of audit engagement
220 17 Quality control of audit work
230 3 Audit documentation
The auditor’s responsibility to consider fraud and
240 4
error on the audit of financial statements
Consideration of laws and regulations in an audit of
250 21
financial statements
Communication of audit matters of those charged
260 27
with governance
Communicating deficiencies in internal control to
265
those charged with governance and management
299 12 Responsibility of joint auditors

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For “R.N.Bishnoi & Associates”.
Auditing and
Standards on
assurance Particulars
Audit (SA)
standards (AAS)
300 – 499 Risk assessment and response to assessed risks
300 8 Planning an audit of financial statements
Indentifying and assessing the risk of material
315 misstatement through understanding the entity and
its environment
320 13 Audit materiality

Standards on audit (SA)


330 Auditors responses to assessed risks
Audit considerations relating to entities using service
402 24
organizations
Evaluation of misstatements identified during the
450
audit
500 – 599 Audit evidence
500 5 Audit evidence
Audit evidence - Additional considerations for
501 34
specific items
505 30 External confirmations
510 22 Initial engagements – opening balances
520 14 Analytical procedures
530 15 Audit sampling
Auditing of accounting estimates, including fair
540 18
value accounting estimates and related disclosures
550 23 Related parties
560 19 Subsequent events
570 16 Going concern
580 11 Written representations
600 – 699 Using work of others
600 10 Using the work of another auditor
610 7 Relying upon the work of the internal auditor
620 9 Using the work of an expert
700 – 799 Audit conclusions and reporting
700 28 The auditors reports on the financial statements
710 25 Comparatives
The auditors responsibility in relation to other
720 information in documents containing audited
financial statements
800 – 899 Specialized areas
2000 – 2699 Standards on review engagements
2400 33 Engagements to review financial statements
3000 – 3399 Standards applicable to all assurance engagements
3400 – 3699 Subject related standards

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For “R.N.Bishnoi & Associates”.
Auditing and
Standards on
assurance Particulars
Audit (SA)
standards (AAS)
The examination of prospective financial
3400 35
information
4000 – 4699 Standards on related services
4410 31 Engagements to compile financial information
Engagements to perform agreed upon procedures
4400 32
regarding financial information

Standards on audit (SA)


CHECK LIST for various STANDARDS ON AUDIT:

Particulars Observation
SA 200 : Basic principles governing an audit
Independence
Confidentiality
Work performed by
others
Documentation
Planning
Audit evidence
Accounting system
Internal control
Audit conclusions
SA 200A : Objectives and scope of auditing financial statements
Nature of evidence
Internal control
Test checking
Judgment
SA 500 : Audit evidence
Sufficiency
Appropriateness
Type of evidence
Reliability of the
evidence
Procedures in obtaining
Both compliance and substantive procedures have been adopted
the audit evidence
Method of obtaining the Inspection, observation, inquiry, conformation, computation and
audit evidence analytical review
Inspection for
Observation for

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For “R.N.Bishnoi & Associates”.
Inquiry for
Conformation for
Computation for
Analytical review for
SA 320 : Audit materiality
Misstatements
Effect of misstatements
on Balance sheet
SA 300 : Audit planning
Terms of engagement, statutory responsibilities, statutory and legal
Coverage
requirements, materiality, internal control, etc

Standards on audit (SA)


Knowledge of the client’s
business
Developing the overall
audit plan
Details regarding matters
covered by audit
SA 530 : Audit sampling
Details of the samples
drawn for each area of
audit
SA 580 : Representations by management
Any written
representations received
from the management
Matter covered by the
representation given
SA 265 : Communicating deficiencies in internal control to those charged with governance
and management
Accounting control
Administrative control
Sufficiency &
appropriateness

THE IMPLIED THOUGHT BEHIND A “STATUTORY AUDIT”

“THE AUDITOR IS RESPONSIBLE MANOEUVER ON TO EXPRESS AN OPINION ON THE FINANCIAL


STATEMENTS”

THE MANAGEMENT IS RESPONSIBLE FOR MAITAINING AN ADEQUATE ACCOUNTING SYSTEM


INCORPORATING VARIOUS CONTROLS APPROPRIATE TO THE SIZE AND NATURE OF THE
BUSINESS AND ALSO SELECTION AND APPLICATION OF BASIC ACCOUNTING POLICIES AND
SAFEGUARDING THE ASSETS OF THE ENTERPRISE.

THE BASIC RESPONSIBILITIES OF THE MANAGEMENT ARE ABSOLUTE AND CANNOT BE REDUCED
BY ANY AUDIT.

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For “R.N.Bishnoi & Associates”.