ICAI issued Revised Standards on Auditing: SA 800, SA 805, SA 810

The Institute of Chartered Accountants of India (ICAI) has recently notified the issuance of revised Standards on Auditing (SAs), including SA 800, SA 805, and SA 810.

The purpose of these changes is to improve the efficiency and calibre of audit engagements while guaranteeing adherence to changing financial reporting standards.

Let’s briefly understand them:

SA 800 (Revised): Special Considerations

• With regard to audits of financial statements produced under special purpose frameworks, this standard offers guidance on particular auditing concerns in these kinds of situations.
• In order to guarantee accurate and trustworthy financial reporting and to keep up with modifications in special purpose frameworks, the revision incorporates revisions to auditing procedures.

SA 805 (Revised): Special Considerations for Single Financial Statements

• SA 805 is primarily concerned with audits of individual financial statements as well as certain components, accounts, or items within.
• In order to accommodate a variety of audit scenarios, the updated standard improves clarity and guidance on auditing methods for individual financial components.

SA 810 (Revised): Engagements on Summary Financial Statements

• The guidelines provided by SA 810 address the scope and objectives of engagements that are intended to report on summary financial statements.
• The revised standard places a strong emphasis on how crucial it is to include accurate and pertinent information in summary financial statements to support well-informed decision-making.

Applicability of these Standards:

The revised standards will take effect for audits and engagements that start on April 1, 2024, or later, and cover the financial years 2024–2025.

Up until the financial year 2023–2024, the existing versions of SA 800, SA 805, and SA 810 will continue to be applicable for audits and engagements.

The release of revised Auditing Standards by ICAI is a sign of the organization’s dedication to maintaining audit quality and adhering to international best practices. The objective of ICAI’s update of SA 800, SA 805, and SA 810 is to guarantee the integrity and dependability of audit processes while addressing new issues in financial reporting.

These changes represent a major advancement in improving the efficiency and applicability of auditing procedures in the fast-paced commercial world of today. To maintain professional quality and guarantee regulatory compliance, ICAI members are urged to become acquainted with the updated or revised standards.

To Download Revised Standards Click Link Given Below: