ICAI ReleasesExposure Draft of SA for Audits of Smaller and Less Complex Entities
Introduction
Scope of this SASE
1. This SASE prescribes overall responsibilities of the independent auditor when conducting an audit of financial statements of smaller and less complex entities in accordance with SASEs. Specifically, this standard sets out the overall objectives of the independent auditor, and explains the nature and scope of an audit designed to enable the independent auditor to meet those objectives. It also explains the scope, authority and structure of the SASEs, and their compliances. The independent auditor is referred to as the auditor hereafter.
2. SASEs are written in the context of an audit of financial statements by an auditor. They are to be adapted as necessary in the circumstances, as applicable, when conducting an audit of other historical financial information.
An Audit of Financial Statements
3. The auditor is required to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. In case of general purpose frameworks, the opinion is on whether the financial statements are presented fairly, in all material respects, or give a true and fair view in accordance with the applicable framework. The auditor while forming the opinion has the support of SASEs and relevant ethical requirements.
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