Standards on Auditing

Standards on Auditing (SAs) are a set of guidelines and procedures issued by the Institute of Chartered Accountants of India (ICAI) that govern the conduct of an audit in India. SAs provide detailed guidance on various aspects of an audit, including planning, execution, documentation, and reporting.

The purpose of SAs is to ensure that audits are conducted in accordance with the generally accepted auditing standards and that auditors follow a consistent and systematic approach to their work. The ICAI issues SAs in order to promote high-quality audits and maintain public trust in the auditing profession.

The 36 SAs in India provide guidance and direction to auditors to ensure that their audit work is conducted in accordance with established standards and procedures. These SAs outline the responsibilities of auditors, provide guidance on audit planning and execution, and detail the procedures and techniques to be used in conducting an audit. They also provide guidance on reporting requirements and the content of the audit report. By following these standards, auditors can help ensure that their audit work is of a high quality and that they are providing accurate and reliable information to stakeholders.

There are currently 36 SAs in India, which are regularly updated to reflect changes in auditing practices and regulations. These standards cover a wide range of topics, including ethical requirements, risk assessment, internal control evaluation, audit evidence, and reporting.

In addition to SAs, the ICAI has also issued guidance notes and other publications that provide additional guidance on specific audit-related topics.

The 36 Standards on Auditing (SAs) in India are:

SA 200 – Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing

SA 210 – Agreeing the Terms of Audit Engagements

SA 220 – Quality Control for an Audit of Financial Statements

SA 230 – Audit Documentation

SA 240 – The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements

SA 250 – Consideration of Laws and Regulations in an Audit of Financial Statements

SA 260 – Communication with Those Charged with Governance

SA 265 – Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

SA 299 – Responsibility of Joint Auditors

SA 300 – Planning an Audit of Financial Statements

SA 315 – Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment

SA 320 – Materiality in Planning and Performing an Audit

SA 330 – The Auditor’s Responses to Assessed Risks

SA 402 – Audit Considerations Relating to an Entity Using a Service Organization

SA 450 – Evaluation of Misstatements Identified during the Audit

SA 500 – Audit Evidence

SA 501 – Audit Evidence – Specific Considerations for Selected Items

SA 505 – External Confirmations

SA 510 – Initial Audit Engagements – Opening Balances

SA 520 – Analytical Procedures

SA 530 – Audit Sampling

SA 540 – Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

SA 550 – Related Parties

SA 560 – Subsequent Events

SA 570 – Going Concern

SA 580 – Written Representations

SA 600 – Using the Work of Another Auditor

SA 610 – Using the Work of Internal Auditors

SA 620 – Using the Work of an Expert

SA 700 – Forming an Opinion and Reporting on Financial Statements

SA 701 – Communicating Key Audit Matters in the Independent Auditor’s Report

SA 705 – Modifications to the Opinion in the Independent Auditor’s Report

SA 706 – Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report

SA 710 – Comparative Information – Corresponding Figures and Comparative Financial Statements

SA 720 – The Auditor’s Responsibilities Relating to Other Information

SA 800 – Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks.