SA 300- Planning an Audit of Financial Statements(Effective 01/04/2009)
The objective of the auditor is to plan the audit so that it will be performed in an effective manner
Standards on Audit
SA 265:- Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
Deficiency in internal control:-
This exists when:
a) A control is designed, implemented or operated in such a way that it is unable to prevent, or detect and correct, misstatements in the financial statements on a timely basis; or
b) A control necessary to prevent, or detect and correct, misstatements in the financial statements on a timely basis is missing.
SA-260:- Communication with Those Charged with Governance
1) Management:-The person(s) with executive responsibility for the conduct of the entity’s operations. (Eg:- Executive director, CEO, CFO etc)
2) Those charged with governance(TCWG):-The person(s) or organization(s) (e.g., a corporate trustee) with responsibility for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes overseeing the financial reporting process. (Eg:- Board of Directors, Audit committee etc)
Note:- In some entities both management & TCWG could be same (or) members of management could be members of TCWG
SA 250:- Consideration of Laws and Regulations in an Audit of Financial Statements
Management’s responsibility for Compliance with Laws and Regulations Management, with the oversight of TCWG, is responsible for ensuring that the entity’s operations are conducted in accordance with laws and regulations.policies and procedures an entity may implement to assist in the prevention and detection of non-compliance with laws and regulations: 1) Maintaining a register of significant …
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SA 500 Audit Evidence – Standards on Auditing for CA Students
Audit evidence is the Information used by the auditor in arriving at the conclusions on which the auditor’s opinion is based. Audit evidence includes both information contained in the accounting records underlying the financial statements and other information.
SA 230 Audit Documentation – Standards on Auditing
Audit documentation serves a number of purposes, including the following
1) Evidence of the auditor’s basis for a conclusion about the achievement of the overall objectives of the auditor
2) Evidence that the audit was planned and performed in accordance with SAs
3) Assisting the engagement team to plan and perform the audit.
4) Assisting members of the engagement team responsible for supervision to direct and supervise the audit work, and to discharge their review responsibilities in accordance with SA 220.
SA 210 Agreeing the Terms of Audit Engagements
Objective of SA 210:- The objective of the auditor is to accept or continue an audit engagement only when the basis upon which it is to be performed has been agreed, through:
a) Establishing whether the preconditions for an audit are present; and
b) Confirming that there is a common understanding between the auditor and management and, where appropriate, those charged with governance of the terms of the audit engagement.
SA-200:- Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
This Standard on Auditing (SA) establishes the overall objectives of independent auditor when conducting an audit of financial statements in accordance with SA’s and requirements that the auditor should posses in order to achieve those objectives.