ICAI

Standards on Auditing applicable to companies should also apply to audit of LLPS- ICAI

Standards on Auditing applicable to companies should also apply to audit of limited liability partnerships. ICAI issues exposure Draft of Standards on Auditing for LLPS

The Institute of Chartered Accountants of India (ICAI) had submitted ICAI’s recommendations to the National Financial Reporting Authority (NFRA) regarding 35 Standards on Auditing for their notification under Section 143(10) of the Companies Act, 2013 for audit of companies. ICAI is of the view that the aforesaid Standards on Auditing applicable to audit of companies recommended by ICAI to NFRA, should apply mutatis mutandis to audit of limited liability partnerships.

The ICAI has issued the following Exposure Draft of Standards on Auditing for Limited Liability Partnerships (LLPs) for public comments.

S.No.	Exposure Drafts of Standards on Auditing for Limited Liability Partnerships
1	Exposure Draft of SA 200, “Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing”
2	Exposure Draft of SA 210, “Agreeing the Terms of Audit Engagements”
3	Exposure Draft of SA 220, “Quality Control for an Audit of Financial Statements”
4	Exposure Draft of SA 230, “Audit Documentation”
5	Exposure Draft of SA 240, “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements”
6	Exposure Draft of SA 250, “Consideration of Laws and Regulations in an Audit of Financial Statements”
7	Exposure Draft of SA 260(Revised), “Communication with Those Charged with Governance”
8	Exposure Draft of SA 265, “Communicating Deficiencies in Internal Control to Those Charged with Governance and Management”
9	Exposure Draft of SA 299 (Revised), “Joint Audit of Financial Statements”
10	Exposure Draft of SA 300, “Planning an Audit of Financial Statements”
11	Exposure Draft of SA 315, “Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment”
12	Exposure Draft of SA 320, “Materiality in Planning and Performing an Audit”
13	Exposure Draft of SA 330, “The Auditor’s Responses to Assessed Risks”
14	Exposure Draft of SA 402, “Audit Considerations Relating to an Entity Using a Service Organisation”
15	Exposure Draft of SA 450, “Evaluation of Misstatements Identified during the Audit”
16	Exposure Draft of SA 500, “Audit Evidence”
17	Exposure Draft of SA 501, ”Audit Evidence – Specific Considerations for Selected Items”
18	Exposure Draft of SA 505, “External Confirmations”
19	Exposure Draft of SA 510, “ Initial Audit Engagements—Opening Balances”
20	Exposure Draft of SA 520, “Analytical Procedures”
21	Exposure Draft of SA 530, “Audit Sampling”
22	Exposure Draft of SA 540, “Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures”
23	Exposure Draft of SA 550, “Related Parties”
24	Exposure Draft of SA 560, “Subsequent Events”
25	Exposure Draft of SA 570(Revised), “Going Concern”
26	Exposure Draft of SA 580, “Written Representations”
27	Exposure Draft of SA 600, “Using the Work of Another Auditor”
28	Exposure Draft of SA 610(Revised), “Using the Work of Internal Auditors”
29	Exposure Draft of SA 620, “Using the Work of an Auditor’s Expert”
30	Exposure Draft of SA 700(Revised), “Forming an Opinion and Reporting on Financial Statements”
31	Exposure Draft of SA 701, “Communicating Key Audit Matters in the Independent Auditor’s Report”
32	Exposure Draft of SA 705(Revised), “Modifications to the Opinion in the Independent Auditor’s Report”
33	Exposure Draft of SA 706(Revised), “Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report”
34	Exposure Draft of SA 710, “Comparative Information – Corresponding Figures and Comparative Financial Statements”
35	Exposure Draft of SA 720(Revised), “ The Auditor’s Responsibilities Relating to Other Information”

Comments on abovementioned Exposure Draft may be submitted through any of the following modes:

1. Electronically:	through a comment letter at : https://forms.gle/kcWPzPSPgojWEm7w7
2. Email:	aasb@icai.in
3. Postal	Secretary, Auditing and Assurance Standards Board The Institute of Chartered Accountants of India ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi- 110002

Last date for submitting comments on Exposure Draft is 6th January 2024
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