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change of AAS to SA!

indu nagar (ca) (36 Points)

05 November 2008

Since when did the AAS change to SA? Can u give me reference of the notification if possible?

What does the number of these SAs indicate? Are they not serially numbered like AAS?

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10 Replies

Vijay (CA) (254 Points)
Replied 05 November 2008

HI Indu In order to facilitate understanding of the scope and authority of the pronouncements of the Auditing and Assurance Standards Board (‘AASB’), the ICAI has issued revised preface viz., Preface to Standards on Quality Control, Auditing, Review, Other Assurance and Related Services, which has come into effect from 1st April, 2008. As per the same the Standards of the following nature issued by the AASB shall collectively known as the Engagement Standards: Standards on Auditing (SAs), to be applied in the audit of historical financial information. Standards on Review Engagements (SREs), to be applied in the review of historical financial information. Standards on Assurance Engagements (SAEs), to be applied in assurance engagements, dealing with subject matters other than historical financial information. Standards on Related Services (SRSs), to be applied to engagements involving application of agreed upon procedures to information, compilation engagements, and other related services engagements, as may be specified by the ICAI. In terms of the same, the existing Auditing and Assurance Standard (‘AAS’) has been re-numbered and classified. Thanks