Tag: Standards on Auditing
Principal Auditor mandatorily required to perform procedures specified in SA 600 in case of group audits to obtain sufficient appropriate audit evidence for the work of other auditor NFRA Circular on responsibilities of principal auditor and other auditors in group audits. Every Principal Auditor mandatorily required to perform …
NFRA proposes revision to Standards of Auditing (SA) 600 to allow review of component / branch auditors work The SA 600 issued by ICAI titled as using the work of another auditor is sought to be revised by NFRA by introducing SA 600 (Revised), Special Considerations—Audits of Group …
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 …
ICAI clarifies level of authority attached to Guidance Notes, Accounting Standards’ and ‘Standards on Auditing issued by it and degree of compliance required. Clarification Regarding Authority Attached to Documents Issued by ICAI 1. The Institute has, from time to time, issued ‘Guidance Notes’ on a number of matters. …
ICSI issues Guidance Notes on its Auditing Standards CSAS-1, CSAS-2, CSAS-3 and CSAS-4 ICSI has issued Guidance Notes on its Accounting Standards to equip the Company Secretaries while conducting audits and and to bring uniformity in the professional work. ICSI Guidance Notes on Auditing Standards Earlier the ICSI …
Four hour mandatory CPE on Standards on Auditing & Code of Ethics can be done through virtually/online meetings/webnairs by calendar year 2020 onwards – ICAI ICAI, in view of the global pandemic Covid-19, had decided to completely restrict conduction of any programme/class by any Regional Council/Branch/Central Level Committee, …
ICAI releases Guidance Note on “Subsequent Events –Key Audit Considerations amid COVID-19” ICAI has released an Auditing Guidance on “Subsequent Events –Key Audit Considerations amid COVID-19” for the benefit of the members. The guidance note highlights the key areas where focus is desired due to Covid-19 pandemic on …
ICAI Guidance Note on Physical Inventory Verification– Key Audit Considerations amid COVID-19 ICAI has issued a Guidance Note on Physical Inventory Verification– Key Audit Considerations amid COVID-19 situation to help auditors effectively discharge their obligations. ICAI Guide on Physical Inventory Verification– Key Audit Considerations amid COVID-19 Physical verification …
ICAI Guidance Note and FAQ on Going Concern Key Considerations for Auditors amid COVID-19. The going concern concept is a fundamental principle of accounting. It assumes that an entity will remain in business for the foreseeable future. An entity is assumed to be a going concern in the absence …
ICAI Practitioner’s Guide to Audit of Small Entities (Revised 2020) Naturally speaking, audit of small entities is relatively easier than the audit of large entities. However, auditors has to understand and consider typical features associated with small entities. In small entities, generally there is lack of internal control, …
