Auditing

SA 520 Auditing

SA 520 Analytical Procedures (Effective 01/04/2010)

The term “analytical procedures” means evaluations of financial information through analysis of plausible relationships among both financial and non-financial data. Analytical procedures also encompass such investigation as is necessary of identified fluctuations or relationships that are inconsistent with other relevant information or that differ from expected values by a significant amount.

SA 510 Standard Auditing

SA 510:- Initial Audit Engagements—Opening Balances (Effective 01/04/2010)

Those account balances that exist at the beginning of the period. Opening balances are based upon the closing balances of the prior period and reflect the effects of transactions and events of prior periods and accounting policies applied in the prior period. Opening balances also include matters requiring disclosure that existed at the beginning of the period, such as contingencies and commitments.

SA 315 - Identifying and Assessing the Risk of Material Misstatement

SA 315 – Identifying and Assessing the Risk of Material Misstatement through understanding the Entity and its Environment (Effective 01/04/2008)

The objective of the auditor is to identify and assess the risks of material misstatement, whether due to fraud or error, at the financial statement and assertion levels, through understanding the entity and its environment, including the entity’s internal control, thereby providing a basis for designing and implementing responses to the assessed risks of material misstatement.

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