ICAI has issued an Implementation Guide to Standard on Auditing (SA) 580 – Written Representations.
The Implementation Guide provide practical guidance on implementation of the Standard on Auditing (SA) 580 “Written Representations”. The Standard is effective for audits of financial statements for periods beginning on or after April 1, 2009.
Written representations are audit evidence that the auditor requires in connection with the audit of the entity’s financial statements
The Standard deals with the auditor’s responsibility to obtain written representations from management to support other audit evidence and to respond to written representations.
The Implementation Guide contains Introduction and Overview, Implementation Guidance, Illustrative Checklist and Appendices. Chapter 2 of the Implementation Guide contains detailed guidance on various aspects of SA 580 in a Question-Answer format. The Implementation Guide will enable auditors to comply with requirements of SA 580 effectively.
Download ICAI Implementation Guide to SA 580 Click Here >>
- AO took a reasonable stand that 25 kg written in WhatsApp chat was 25 lakh – ITAT
- Shareholders can’t be taxed for income from properties owned by the company – HC
- Jurisdictional error in reassessment approval can’t be shielded by the law of limitation
- ITAT ought to remanded whole matter of bogus purchases instead of profit determination
- Where proceedings u/s 153C barred by limitation, AO can’t invoke section 148 & 148A
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