SA 220 – QUALITY CONTROL FOR AN AUDIT OF FINANCIAL STATEMENTS

Scope:

Ø This sa deals with the specific responsibilities of an Auditor regarding quality control procedures for an audit of financial statements

Ø This SA is based on the premise that the firm is subject ot SQC 1.

Note:

Under SQC 1, the firm has to maintain a system of quality control, to provide it with reasonable assurance { the Engagement Partner is primarily responsible to look after this}

Sa 210 – Agreeing The Terms Of Audit Engagements

Scope of this SA:

Ø  This SA deals with the Auditor’s responsibilities in agreeing the terms of the audit engagement with Management/TCWG.

Ø  This SA includes establishing that preconditions for an Audit are present.

Objective:

The auditor shall accept or continue Audit engagement only when -

Sa - 200 - Overall Objectives Of An Auditor And Conduct Of Audit In Accordance With Standards On Auditing

Scope of this SA:

·        It establishes the Independent Auditor’s overall responsibilities when conducting an audit in accordance with SAs

·        It sets out –

Ø  The objectives of the auditor and

Ø  The nature and scope of an audit designed to meet those objectives.

An audit of Financial Statements:

An Auditor is required to express an opinion on whether the Financial Statements are prepared, in all material respects, in accordance with an applicable Financial Reporting Framework.

The Management/TCWG are primarily responsible for preparation & presentation of Financial Statements.

List of Auditing Standards

The Standards are issued by the Auditing and Assurance Standards Board (AASB) under the authority of the ICAI which are collectively known as Engagement Standards. They are:- 

·       Standards on Auditing (SAs)  - applied in the audit of historical financial information.

·       Standards on Review Engagements (SREs)  - applied in the review of historical financial information.

·       Standards on Assurance Engagements (SAEs)  - applied in assurance engagements, dealing with subject matters other than historical financial information.