Reetu | Mar 9, 2023 | Views
ICAI Notifies Implementation Guide to Standard on Auditing (SA) 580 Written Representations
The Institute of Chartered Accountants of India(ICAI) has notified issuing of Implementation Guide to Standard on Auditing (SA) 580 Written Representations.
The Auditing and Assurance Standards Board (AASB) is a non-standing Committee of the Institute of Chartered Accountants of India (ICAI). The prime objective of AASB is formulating Engagement and Quality Control Standards (Standards on auditing, review, other assurance, quality control and related services). AASB also formulates Guidance Notes on generic as well as industry specific issues in auditing, Technical Guides, Implementation Guides and other publications for guidance of the members. The Board organizes regular awareness programmes on Engagement and Quality Control Standards, industry specific auditing issues and other auditing aspects to update knowledge of the members.
Standards on Auditing prescribe the fundamental principles of audit which need to be followed by auditors in audit engagements. The Implementation Guides to Standards on Auditing issued by AASB are important resource for auditors to understand the principles and requirements of these Standards. These Implementation Guides help auditors in effective implementation of Standards on Auditing.
Over the years, AASB has been issuing number of Implementation Guides to various Standards on Auditing for the benefit of auditors. I am happy that AASB has published the “Implementation Guide to Standard on Auditing (SA) 580, Written Representations”. The Implementation Guide is written in simple language in the form of frequently asked questions (FAQs) on SA 580 and their responses.
Written representations are an important means of obtaining audit evidence. Written representations supplement the other audit evidence obtained by auditors during the course of audit. Standard on Auditing (SA) 580, “Written Representations” prescribes the basic principles of written representations. These principles need to be followed by auditors while complying with the requirements of SA 580 and the specific requirements of written representations prescribed by other Standards on Auditing.
It gives us immense pleasure to place in hands of the members, this “Implementation Guide to Standard on Auditing (SA) 580, Written Representations” brought out by the Auditing and Assurance Standards Board (AASB) of ICAI. The Implementation Guide contains Introduction and Overview, Implementation Guidance, Illustrative Checklist and Appendices. Chapter 2 of the Implementation Guide contains detailed guidance on various aspects of SA 580 in a Question-Answer format. The Implementation Guide will enable auditors to comply with requirements of SA 580 effectively.
The purpose of this Implementation Guide is to provide practical guidance on implementation of the principles laid down in Standard on Auditing (SA) 580, “Written Representations” (hereinafter referred as “the Standard”). The Standard is effective for audits of financial statements for periods beginning on or after April 1, 2009.
The Standard deals with the auditor’s responsibility to obtain written representations from management and, where appropriate, those charged with governance.
Objectives of the Auditor
The objectives of the auditor are:
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