Auditing final
This query is : Resolved
03 February 2017
Paper 3: Advanced Auditing and Professional Ethics
I. Statements and Standards
1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956
(Section 143(1) of the Companies Act, 2013).
2. Framework for Assurance Engagements.
II. Engagements and Quality Control Standards on Auditing
S.No SA Title of Standard on Auditing
1 SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
2 SA 200 Overall Objectives of the Independent Auditor and the Conduct of
an Audit in Accordance with Standards on Auditing
3 SA 210 Agreeing the Terms of Audit Engagements
4 SA 220 Quality Control for Audit of Financial Statements
5 SA 230 Audit Documentation
6 SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
7 SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements
8 SA 260 Communication with Those Charged with Governance
9 SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
10 SA 299 Responsibility of Joint Auditors
11 SA 300 Planning an Audit of Financial Statements
12 SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
13 SA 320 Materiality in Planning and Performing an Audit
14 SA 330 The Auditor’s Responses to Assessed Risks
15 SA 402 Audit Considerations Relating to an Entity Using a Service Organization
16 SA 450 Evaluation of Misstatements Identified during the Audits
17 SA 500 Audit Evidence
18 SA 501 Audit Evidence - Specific Considerations for Selected Items
19 SA 505 External Confirmations
20 SA 510 Initial Audit Engagements-Opening Balances
21 SA 520 Analytical Procedures
22 SA 530 Audit Sampling
23 SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
24 SA 550 Related Parties
25 SA 560 Subsequent Events
26 SA 570 Going Concern
27 SA 580 Written Representations
28 SA 600 Using the Work of Another Auditor
29 SA 610 (Revised) Using the Work of Internal Auditors
30 SA 620 Using the Work of an Auditor’s Expert
31 SA 700 Forming an Opinion and Reporting on Financial Statements
32 SA 705 Modifications to the Opinion in the Independent Auditor’s Report
33 SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
34 SA 710 Comparative Information – Corresponding Figures and
Comparative Financial Statements
35 SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
36 SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework
37 SA 805 Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
38 SA 810 Engagements to Report on Summary Financial Statements
39 SRE 2400 (Revised) Engagements to Review Historical Financial Statements
40 SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
41 SAE 3400 The Examination of Prospective Financial Information
42 SAE 3402 Assurance Reports on Controls At a Service Organisation
43 SAE 3420 (New) Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
44 SRS 4400 Engagements to Perform Agreed Upon Procedures Regarding Financial Information
45 SRS 4410 (Revised) Compilations Engagements
III. Guidance Notes and other publications
1. Code of Ethics
2. Guidance Note on Independence of Auditors.
3. Guidance Note on Audit under Section 44AB of the Income-tax Act.
4. Guidance Note on Audit of Inventories.
5. Guidance Note on Audit of Debtors, Loans and Advances.
6. Guidance Note on Audit of Investments.
7. Guidance Note on Audit of Cash and Bank Balances.
8. Guidance Note on Audit of Liabilities.
9. Guidance Note on Audit of Revenue.
10. Guidance Note on Audit of Expenses.
11. Guidance Note on Computer Assisted Audit Techniques (CAATs).
12. Guidance Note on Audit of Payment of Dividend.
13. Guidance Note on Audit of Capital and Reserves.
14. Guidance Note on Audit of Banks.
15. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
16. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013.
17. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013.
18. Guidance Note on the Companies (Auditor’s Report) Order, 2016.
IV Applicability of the Companies Act, 2013:
(i) The relevant notified Sections of the Companies Act, 2013 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities, cut-off date will be 31st October, 2016.
(ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for May, 2017 Examination.
I. Statements and Standards
1. Statement on Reporting under Section 227(1A) of the Companies Act, 1956
(Section 143(1) of the Companies Act, 2013).
2. Framework for Assurance Engagements.
II. Engagements and Quality Control Standards on Auditing
S.No SA Title of Standard on Auditing
1 SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements
2 SA 200 Overall Objectives of the Independent Auditor and the Conduct of
an Audit in Accordance with Standards on Auditing
3 SA 210 Agreeing the Terms of Audit Engagements
4 SA 220 Quality Control for Audit of Financial Statements
5 SA 230 Audit Documentation
6 SA 240 The Auditor’s responsibilities Relating to Fraud in an Audit of Financial Statements
7 SA 250 Consideration of Laws and Regulations in An Audit of Financial Statements
8 SA 260 Communication with Those Charged with Governance
9 SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management
10 SA 299 Responsibility of Joint Auditors
11 SA 300 Planning an Audit of Financial Statements
12 SA 315 Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and its Environment
13 SA 320 Materiality in Planning and Performing an Audit
14 SA 330 The Auditor’s Responses to Assessed Risks
15 SA 402 Audit Considerations Relating to an Entity Using a Service Organization
16 SA 450 Evaluation of Misstatements Identified during the Audits
17 SA 500 Audit Evidence
18 SA 501 Audit Evidence - Specific Considerations for Selected Items
19 SA 505 External Confirmations
20 SA 510 Initial Audit Engagements-Opening Balances
21 SA 520 Analytical Procedures
22 SA 530 Audit Sampling
23 SA 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures
24 SA 550 Related Parties
25 SA 560 Subsequent Events
26 SA 570 Going Concern
27 SA 580 Written Representations
28 SA 600 Using the Work of Another Auditor
29 SA 610 (Revised) Using the Work of Internal Auditors
30 SA 620 Using the Work of an Auditor’s Expert
31 SA 700 Forming an Opinion and Reporting on Financial Statements
32 SA 705 Modifications to the Opinion in the Independent Auditor’s Report
33 SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report
34 SA 710 Comparative Information – Corresponding Figures and
Comparative Financial Statements
35 SA 720 The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements
36 SA 800 Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Framework
37 SA 805 Special Considerations-Audits of Single Purpose Financial Statements and Specific Elements, Accounts or Items of a Financial Statement
38 SA 810 Engagements to Report on Summary Financial Statements
39 SRE 2400 (Revised) Engagements to Review Historical Financial Statements
40 SRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity
41 SAE 3400 The Examination of Prospective Financial Information
42 SAE 3402 Assurance Reports on Controls At a Service Organisation
43 SAE 3420 (New) Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus
44 SRS 4400 Engagements to Perform Agreed Upon Procedures Regarding Financial Information
45 SRS 4410 (Revised) Compilations Engagements
III. Guidance Notes and other publications
1. Code of Ethics
2. Guidance Note on Independence of Auditors.
3. Guidance Note on Audit under Section 44AB of the Income-tax Act.
4. Guidance Note on Audit of Inventories.
5. Guidance Note on Audit of Debtors, Loans and Advances.
6. Guidance Note on Audit of Investments.
7. Guidance Note on Audit of Cash and Bank Balances.
8. Guidance Note on Audit of Liabilities.
9. Guidance Note on Audit of Revenue.
10. Guidance Note on Audit of Expenses.
11. Guidance Note on Computer Assisted Audit Techniques (CAATs).
12. Guidance Note on Audit of Payment of Dividend.
13. Guidance Note on Audit of Capital and Reserves.
14. Guidance Note on Audit of Banks.
15. Guidance Note on Audit of Internal Financial Controls over Financial Reporting.
16. Guidance Note on Reporting under section 143(3)(f) and (h) of the Companies Act, 2013.
17. Guidance Note on Reporting on Fraud under section 143(12) of the Companies Act, 2013.
18. Guidance Note on the Companies (Auditor’s Report) Order, 2016.
IV Applicability of the Companies Act, 2013:
(i) The relevant notified Sections of the Companies Act, 2013 and other legislative amendments including relevant Notifications / Circulars / Rules / Guidelines issued by Regulating Authorities, cut-off date will be 31st October, 2016.
(ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies (Auditor’s Report) Order, 2016 are applicable for May, 2017 Examination.
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