Shortcut to learn Standards on Auditing - IPCC

Friends, I'm here sharing some basics of Standards on Auditing (SAs) which is issued by ICAI. I got some messages from different people they want to know how to learn this name of SAs. Guyz, SAs are given in one sequence or called process, which is given below. Apart this, you may click on the particular Standard for reading the draft issued by ICAI.

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How to learn:

Range is divided into the gap of 100 points.  First 100-199 are covered for introduction.  After INTRODUCTION there is PRINCIPLE AND RESPONSIBILITY comes on any auditors. After principles and responsibilities RISK ASSESSMENT comes because RISKs is very wide term so it include 200 points (300-499). After finding the risk we find evidences then we match evidence WORK OF OTHERS in last we can find CONCLUSIONS.

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Process to learn standards on auditing

SR. NO.	RANGE	MAIN OBJECTIVE OF STANDARD
1	100-199	Introductory Matters
2	200-299	General Principles and Responsibilities
3	300-499	Risk Assessment and Response to Assessed Risks
4	500-599	Audit Evidence
5	600-699	Using Work of Others
6	700-799	Audit Conclusions and Reporting

Standards on Quality Control (SQCs)

• SQC 1, “Quality Control for Firms that Perform Audit and Reviews of Historical Financial Information, and other Assurance and Related Services Engagements”
• Announcement on Amendment to SQC 1 - Retention Period for Engagement Documentation (Working Papers)

Audits and Reviews of Historical Financial Information

New/Revised Standards (Auditing, Review and Others) issued under the Clarity Project

SA 100-199 Introductory Matters

SA 200-299 General Principles and Responsibilities

• SA 200 (Revised) issued under the Clarity Project, “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing”
• SA 210 (Revised) under the Clarity Project, “Agreeing the Terms of Audit Engagements”
• SA 220 (Revised)issued under the Clarity Project , “Quality Control for an Audit of Financial Statements”
• SA 230 (Revised) under the Clarity Project, “Audit Documentation”
• SA 240 (Revised) under the Clarity Project, “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements”
• SA 250 (Revised) under the Clarity Project, “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”
• SA 299 (AAS 12), “Responsibility of Joint Auditors”

SA 300-499 Risk Assessment and Response to Assessed Risks

• SA 300 (Revised) under the Clarity Project, “Planning an Audit of Financial Statements” •
• SA 315 under the Clarity Project, “Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment”
• SA 320 (Revised) issued under the Clarity Project, “Materiality in Planning and Performing an Audit”
• SA 330 under the Clarity Project, “The Auditor’s Responses to Assessed Risks”
• SA 402 (Revised) issued under the Clarity Project, “Audit Considerations Relating to an Entity Using a Service Organisation”
• SA 450 issued under the Clarity Project, “Evaluation of Misstatements Identified During the Audit”

SA 500-599 Audit Evidence

• SA 500 (Revised) under the Clarity Project, “Audit Evidence”
• SA 501 (Revised)issued under the Clarity Project, “Audit Evidence—Specific Considerations for Selected Items”
• SA 505 (Revised) issued under the Clarity Project, “External Confirmations”
• SA 510 (Revised) under the Clarity Project, “Initial Audit Engagements – Opening Balances”
• SA 520 (Revised) issued under the Clarity Project, “Analytical Procedures”
• SA 530 (Revised) under the Clarity Project, “Audit Sampling”
• SA 540 (Revised) under the Clarity Project, “Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures”
• SA 550 (Revised) under the Clarity Project, “Related Parties”
• SA 560 (Revised) under the Clarity Project, “Subsequent Events”
• SA 570 (Revised) under the Clarity Project, “Going Concern”
• SA 580 (Revised) under the Clarity Project, ”Written Representations”

SA 600-699 Using Work of Others

• SA 600 (AAS 10), “Using the Work of Another Auditor”
• SA 610 (Revised) issued under the Clarity Project, “Using The Work of Internal Auditors”
• SA 620 (Revised) issued under the Clarity Project, “Using the Work of an Auditor’s Expert”

SA 700-799 Audit Conclusions and Reporting

• SA 700 (Revised) issued under the Clarity Project, “Forming an Opinion and Reporting on Financial Statements
• SA 705 issued under the Clarity Project, “Modifications to the Opinion in the Independent Auditor’s Report"
• SA 706 issued under the Clarity Project, “Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report"
• SA 710 (Revised) issued under the Clarity Project, “Comparative Information—Corresponding Figures and Comparative Financial Statements”
• SA 720 under the Clarity Project, “The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements”

SA 800-899 Specialized Areas

• SA 800 issued under the Clarity Project, “Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks”
• SA 805 issued under the Clarity Project, “Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement”
• SA 810 issued under the Clarity Project, “Engagements to Report on Summary Financial Statements”

SA 2000-2699 Standards on Review Engagements (SREs)

• SRE 2400 (Revised), “Engagements to Review Financial Statements
• SRE 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”

Assurance Engagements Other Than Audits or Reviews of Historical Financial Information

• 3000-3699 Standards on Assurance Engagements (SAEs)
• 3000-3399 Applicable to All Assurance Engagements
• 3400-3699 Subject Specific Standards
• SAE 3400 (AAS 35), “The Examination of Prospective Financial Information”
• SAE 3402, “Assurance Reports on Controls At a Service Organisation”

Related Services

• 4000-4699 Standards on Related Services (SRSs)
• SRS 4400 (AAS 32), “Engagements to Perform Agreed-upon Procedures Regarding Financial Information”
• SRS 4410 (AAS 31), “Engagements to Compile Financial Information”

General Clarifications issued

• General Clarification (GC)-AASB/2/2004 on SA 210
• General Clarification (GC)-AASB/1/2002 on SA 620

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