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Wednesday, October 2, 2013

STANDARDS ON AUDITING

Auditing Standards are very important for CA. Try is made to give a small summary of Name and Its Description of Auditing Standards. Now they will become most important as Companies Act, 2013 has also give due consideration to Auditing Standards.


A list of Auditing Standard has been given herein under. Hope it will help you in your exams for summarizing it.
SA NO

Description



General principles and responsibilities
200
R
Overall objectives of Independent Auditor and the conduct of an Audit in Accordance with Standards on Auditing
210
R
Agreeing Terms of Audit Engagement
220
R
Quality Control for Audit of Financial Statement
230
R
Audit Documentation
240
R
Auditors’ Responsibility relating to Fraud of Financial Statement
250
R
Auditors’ Responsibility relating to Law & Regulation in an Audit of Financial Statement
260
R
Communication with Those Charged With Governance
265

Cmmunicating Deficiences in Internal Audit to Those Charged With Governance & Management
299

Responsibilities of Joint Auditors



Risk Assessment and Response to Assessed Risk
300
R
Planning of Audit of Financial Statement
315

Identifying and Assessing the Risk of Material Misstatement through Understanding the Entity and its Environment
320
R
Materiality in Planning and Performing Audit
330

Auditors’ Response to Assessed Risk
402
R
Audit Consideration relating to Entity Using Service Organisation
450

Evaluation of Misstatement Identified During Audit



AUDIT EVIDENCES
500
R
AUDIT EVIDENCE
501
R
AUDIT EVIDENCE – SPECIFIC CONSIDERATION FOR SELECTED ITEMS
505
R
EXTERNAL CONFIRMATION
510
R
INITIAL ENGAGEMENT – OPENING BALANCE
520
R
ANALYTICAL PROCEDURE
530
R
AUDIT SAMPLING
540
R
AUDITING ACCOUNTING ESTIMATES INCLUDING FAIR VALUE ACCOUNTING ESTIMATES AND RELATED DISCLOSURES
550
R
RELATED PARTIES
560
R
SUBSEQUENT EVENTS
570
R
GOING CONCERN
580
R
WRITTEN REPRESENTATION



WORK PERFORMED BY OTHERS
600
R
USING WORK OF ANOTHER AUDITOR
610
R
USING WORK OF INTERNAL AUDITORS
620
R
USING WORK OF AN AUDITORS’ EXPERT



AUDIT CONCLUSION AND REPORTING
700
R
FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENT
705

MODIFICAITON TO OPINION IN INDEPENDENT AUDITORS’ REPORT
706

EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPH IN INDEPENDENT AUDITORS’ REPORT
710
R
COMPARATIVE INFORMATION – CORROSPONDING AND COMPARATIVE FINANCIAL STATEMENTS
720

THE AUDITORS’ RESPONSIBILITY IN REALTION TO OTHER INFORMATION IN DOCUMENTS CONTAINING AUDITED FINANCIAL STATEMENTS



SPECIALISED AREAS
800

SPECIAL CONSIDERATION – AUDIT OF FINANCIAL STATEMENT PREPARED IN ACCORDANCE WITH SPECIAL PURPOSE FRAMEWORK
805

SPECIAL CONSIDERATION – AUDIT OF SINGLE PURPOSE FINANCIAL STATEMENTS AND SPECIFIC ELEMENTS, ACCOUNTS OR ITEMS OF A FINANCIAL STATEMENT
810

ENGAGEMENTS TO REPORT ON SUMMARY FINANCIAL STATEMENT

Now how to remember this Standards on Auditing. The following  is one way to remember it.

Series
Remarks
2
Related to General Principles
3 &4
Related to RISK
5
Related to Evidences
6
Related to Use the Work of Other
7
Related to Conclusion & Reporting
8
Related to Special Area

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