List of Standards on Auditing applicable for audits of FY 2017-18 and 2018-19 and onwards
Under the provisions of the Companies Act 2013, it is mandatory for auditors of companies to comply with the Standards on Auditing (SAs) issued by the Institutes of Chartered Accountants of India (ICAI). Auditors are expected to ensure compliance with SAs in their audit engagements to ensure quality audits.
The list of SAs applicable for audits of financial year 2017-18 is as under:
List of SAs applicable for audits of F.Y. 2017-18
| S.N. | Standard Number (SA) (100-999) |
Standards on Auditing (SAs) | Effective date |
| 100-199 | Introductory Matters | ||
| 200-299 | General Principles and Responsibilities | ||
| 1. | 200 | Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 2. | 210 | Agreeing the Terms of Audit Engagements | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 3. | 220 | Quality Control for an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 4. | 230 | Audit Documentation | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 5. | 240 | The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 6. | 250 | Consideration of Laws and Regulations in an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 7. | 260(Revised) | Communication with Those Charged with Governance | Effective for audits of financial statements for periods beginning on or after April 1, 2017. |
| 8. | 265 | Communicating Deficiencies in Internal Control to Those Charged with Governance and Management | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 9. | 299 | Responsibility of Joint Auditors | Effective for all audits related to accounting periods beginning on or after April 1, 1996 |
| 300-499 | Risk Assessment and Response to Assessed Risks | ||
| 10. | 300 | Planning an Audit of Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2008. |
| 11. | 315 | Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment | Effective for audits of financial statements for periods beginning on or after April 1, 2008. |
| 12. | 320 | Materiality in Planning and Performing an Audit | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 13. | 330 | The Auditor’s Responses to Assessed Risks | Effective for audits of financial statements for periods beginning on or after April 1, 2008. |
| 14. | 402 | Audit Considerations Relating to an Entity Using a Service Organisation | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 15. | 450 | Evaluation of Misstatements Identified during the Audit | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 500–599 | Audit Evidence | ||
| 16. | 500 | Audit Evidence | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 17. | 501 | Audit Evidence – Specific Considerations for Selected Items | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 18. | 505 | External Confirmations | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 19. | 510 | Initial Audit Engagements—Opening Balances | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 20. | 520 | Analytical Procedures | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 21. | 530 | Audit Sampling | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 22. | 540 | Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 23. | 550 | Related Parties | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 24. | 560 | Subsequent Events | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 25. | 570(Revised) | Going Concern | Effective for audits of financial statements for periods beginning on or after April 1, 2017. |
| 26. | 580 | Written Representations | Effective for audits of financial statements for periods beginning on or after April 1, 2009. |
| 600-699 | Using Work of Others | ||
| 27. | 600 | Using the Work of Another Auditor | Effective for all audits related to accounting periods beginning on or after April 1, 2002. |
| 28. | 610(Revised) | Using the Work of Internal Auditors | Effective for audits of financial statements for periods beginning on or after April 1, 2016. |
| 29. | 620 | Using the Work of an Auditor’s Expert | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 700-799 | Audit Conclusions and Reporting | ||
| 30. | 700 | Forming an Opinion and Reporting on Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2012. |
| 31. | 705 | Modifications to the Opinion in the Independent Auditor’s Report | Effective for audits of financial statements for periods beginning on or after April 1, 2012. |
| 32. | 706 | Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report | Effective for audits of financial statements for periods beginning on or after April 1, 2012. |
| 33. | 710 | Comparative Information – Corresponding Figures and Comparative Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
| 34. | 720 | The Auditor’s Responsibility in Relation to Other Information in Documents Containing Audited Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2010. |
| 800-899 | Specialized Areas | ||
| 35. | 800 | Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
| 36. | 805 | Special Considerations-Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
| 37. | 810 | Engagements to Report on Summary Financial Statements | Effective for audits of financial statements for periods beginning on or after April 1, 2011. |
The list of SAs applicable for audits of financial year 2018-19 and onwards Click Here >>
View Comments
to whom these are applicable (whether for firms or companies or both)
these are auditing standards and not accounting standards, pls note