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.