ICAI Notifies Checklist on Standards on Auditing

The Institute of Chartered Accountants of India(ICAI) has released Checklist on Standards on Auditing to assist auditors in adhering to auditing standards.

This thorough checklist includes all 38 SAs that have been issued to date, and it covers a wide spectrum of audit criteria indicated in SAs. It also offers explanatory “Notes” that combine relevant information from SAs. Furthermore, each checklist for a certain SA is accompanied by a brief explanation that describes the standard’s terminology.

Standards on Auditing are performance benchmarks for the members while conducting audit engagements. The members need implementation support from the Institute of Chartered Accountants of India (ICAI) so that these Standards can be implemented by them during their engagements in letter and spirit as per intent of the Standards. The Auditing and Assurance Standards Board (AASB) of ICAI has been taking various steps to support the members in effective implementation of these Standards. These steps include organizing regular training programmes on Standards, issuing implementation guides on Standards, issuing various other publications/ literature on Standards.

In its continuous endeavour of learning and knowledge dissemination, the Auditing and Assurance Standards Board has now come out with this publication, “Checklist on Standards on Auditing”. The publication covers checklist on all the 38 Standards on Auditing issued till date covering various audit requirements given in Standards on Auditing.

This Checklist on Standards on Auditing is illustrative in nature. Members are advised to suitably modify the same as per the facts, circumstances, and nature of the entity under audit.

This document neither supersedes nor is a replacement of any guidance/ pronouncements/ Standards issued by ICAI. Members are advised to read or use the Checklist in conjunction with the Standards on Auditing.

Members are also advised to exercise the professional judgement while using the Checklist on Standards on Auditing.

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