audit
SA 299:- Joint Audit of Financial Statements
A joint audit is an audit of financial statements of an entity by two or more auditors appointed with the objective of issuing the audit report. Such auditors are described as joint auditors.
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 …
SA 250:- Consideration of Laws and Regulations in an Audit of Financial Statements Read More »
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.