AUDITING STANDARDS IN INDIA

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AUDITING STANDARDS IN INDIA

ANNEXURE I Comparative Position of International Engagement Standards, issued by the International Auditing and Assurance Standard Board of the International Federation of Accountants vis-à-vis. Auditing and Assurance Standards (AASs) issued by ICAI (As on May 25, 2007) Standards on Quality control Sl. No ISQC Title of the ISQC AAS 01. 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial, and Other Assurance and Related Services Engagements Standards on Auditing ISA Title of the ISA AAS 02. 200 Objective and General Principles Governing an Audit of Financial Title of the AAS The Draft of SQC 1 is under consideration of the Council. AAS/ Guidance Note 01 Basic Principles Governing an Audit 02 Objective and Scope of the Audit of Financial. 03. 210 Terms of Audit Engagements 26 Terms of Audit Engagements 04. 220 Quality Control for Audits of Historical 17 Quality Control for Audit Work Financial 05. 230 Audit Documentation 03 (Documentation - The Board has already undertaken the revision of AAS 3). 06. 240 The Auditor s Responsibility to Consider 04 The Auditor s Responsibility to Fraud and Error in an Audit of Financial Consider Fraud and Error in an Audit of Financial 07. 250 Consideration of Laws and Regulations in an Audit of Financial 08. 260 Communications of Audit Matters with Those Charged with Governance 21 Consideration of Laws and Regulations in an Audit of Financial 27 Communications of Audit Matters with Those Charged with Governance 09. 300 Planning an Audit of Financial 08 Audit Planning 310 Knowledge of the Business 20 Knowledge of the Business (withdrawn pursuant to issuance of ISA 315 and 330) 10. 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 11. 320 Audit Materiality 13 Audit Materiality 12. 330 The Auditor s Procedures In Response to Assessed Risks The Exposure Draft of the proposed AAS is under reconsideration of the Board The Exposure Draft of the proposed AAS is under reconsideration of the

to Assessed Risks 400 Risk Assessments and Internal Control (withdrawn pursuant to issuance of ISA 315 and 330) 401 Auditing in a Computer Systems Environment (withdrawn pursuant to issuance of ISA 315 and 330) 13. 402 Audit Considerations Relating to Entities Using Service Organizations AAS is under reconsideration of the Board 06 Risk Assessments and Internal Control 29 Auditing in a Computer Systems Environment. 24 Audit Considerations Relating to Entities Using Service Organisations 14. 500 Audit Evidence 05 Audit Evidence 15. 501 Audit Evidence Additional Considerations 34 Audit Evidence Additional for Specific Items Considerations for Specific Items 16. 505 External Confirmations 30 External Confirmations 17. 510 Initial Engagements- Opening Balances 22 Initial Engagements- Opening Balances 18. 520 Analytical Procedures 14 Analytical Procedures 19. 530 Audit Sampling and Other Means of Testing 15 Audit Sampling 20. 540 Audit of Accounting Estimates 18 Audit of Accounting Estimates 21. 545 Auditing Fair Value Measurements and Disclosures The Board has constituted a study group for the project.. 22. 550 Related Parties 23 Related Parties 23. 560 Subsequent Events 19 Subsequent Events The Board has already undertaken the revision of AAS 19. 24. 570 Going Concern 16 Going Concern 25. 580 Management Representations 11 Representations by Management 26. 600 Using the Work of Another Auditor 10 Using the Work of Another Auditor 27. 610 Considering the Work of Internal Audit 07 Relying Upon the Work of Internal Auditor 28. 620 Using the Work of an Expert 09 Using the Work of an Expert 29. 700 The Independent Auditor s Report on a Complete Set of General Purpose Financial 30. 701 Modifications to the Independent Auditor s Report 28 The Auditor s Report on Financial The Board has already undertaken the revision of AAS 28. 31. 710 Comparatives 25 Comparatives 32. 720 Other in Documents Containing The Board has decided to come out Audited Financial with the Guidance Note 33. 800 The Auditor s Report on Special Purpose Audit Engagements corresponding to ISA 720 initially. Guidance Note on Audit Reports and Certificates for Special Purposes The Board has already undertaken a project to prepare an AAS corresponding to ISA 800.

Standards on Review Engagements ISRE Title of the ISRE AAS Title of the AAS 34. 2400 Engagements to Review Financial 33 Engagements to Review Financial 35. 2410 Review of Interim Financial The Board has already undertaken a Performed by the Independent Auditor of project to prepare an AAS the Entity corresponding to ISRE 2410. Standards on Assurance Engagements Title of the ISAE AAS ISAE 36. 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial 37. 3400 The Examination of Prospective Financial Standards on Related Services Engagements ISRS Title of the ISRS AAS 38. 4400 Engagements to Perform Agreed-upon Procedures Regarding Financial 39. 4410 Engagements to Compile Financial Title of the AAS The Board is likely to consider the need to issue the AAS corresponding to ISAE 3000 shortly. 35 The Examination of Prospective Financial Title of the AAS 32 Engagements to Perform Agreedupon Procedures Regarding Financial 31 Engagements to Compile Financial

(A) Number of International Engagement Standards issued by the International Auditing and Assurance Standards Board (IAASB) of the International Federation of Accountants 39 Total 39 (B) Auditing and Assurance Standards (AASs) and other authoritative documents issued by the Institute of Chartered Accountants (i) Number of Indian auditing standards issued by ICAI {Standards issued are 35 but since two Standards cover one ISA, therefore, one Standard is reduced from the total Standards issued, i.e., 35-1} 34 (ii) ISA not relevant to the Indian legal environment 1. ISA 720, Other in Documents Containing Audited Financial 2. ISA 545, Auditing Fair Value Measurements and Disclosures 02 (iii) International Standards corresponding to which the drafts of Auditing Standards are under consideration of the Council 1. ISQC 1, Quality control for Firms that Perform Audits and Reviews of Historical Financial, and Other Assurance and Related Services Engagements 01

(iv) International Standards corresponding to which the drafts of Auditing Standards are under consideration of the AASB 02 1. ISA 315, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement 2. ISA 330, The Auditor s Procedures in Response to Risks of Material Misstatements (v) (vi) International Standards yet to be considered by the Auditing and Assurance Standards Board of ICAI 1. ISA 701, Modifications to the Independent Auditor s Report 2. ISA 800, The Auditor s Report on Special Purpose Audit Engagements 3. ISRE 2410, Review of Interim Financial Performed by the Independent Auditor of the Entity 4. ISAE 3000, Assurance Engagements Other than Audits or Reviews of Historical Financial AAS corresponding to which no International Standard has been issued 1. AAS 12, Responsibility of Joint Auditors 04 (01) (vii) AASs issued corresponding to ISAs withdrawn by IAASB 1. AAS 06, Risk Assessment and Internal Control 2. AAS 20, Knowledge of the Business 3. AAS 29, Auditing in a Computer Systems Environment (03) Total 39

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