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