ICAI releases Exposure Drafts of SQM 1, SQM 2, Revised SA 220, 250, 315, 540 and Revised SRS 4400:

ICAI releases Exposure Drafts of SQM 1, SQM 2, Revised SA 220, 250, 315, 540 and Revised SRS 4400 The Institute of Chartered Accountants of India(ICAI) has issued Exposure Drafts of SQM 1, SQM 2, SA 220(Revised), SA 250(Revised), SA 315(Revised), SA 540(Revised), SRS 4400(Revised). Auditing and Assurance Standards Board of ICAI notifies this Exposure Drafts of following Engagement and Quality Control Standards for public comments.

S. No.	Particulars	Link for download
1	SQM 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements	Click here to download
2	SQM 2, Engagement Quality Reviews	Click here to download
3	SA 220(Revised), Quality Management for an Audit of Financial Statements	Click here to download
4	SA 250(Revised), Consideration of Laws and Regulations in an Audit of Financial Statements	Click here to download
5	SA 315(Revised), Identifying and Assessing the Risks of Material Misstatement	Click here to download
6	SA 540(Revised), Auditing Accounting Estimates and Related Disclosures	Click here to download
7	SRS 4400(Revised), Agreed-Upon Procedures Engagements	Click here to download
8	Conforming Amendments to Other Standards arising from SQM 1, SQM 2 and SA 220(Revised)	Click here to download
9	Conforming Amendments to Other Standards arising from SA 250(Revised)	Click here to download
10	Conforming Amendments to Other Standards arising from SA 315(Revised)	Click here to download
11	Conforming Amendments to Other Standards arising from SA 540(Revised)	Click here to download

Invitation to comment

AASB invites comments from various stakeholders on above mentioned exposure drafts. Comments are most helpful if they indicate the specific paragraph(s) to which they relate, contain a clear rationale and, where applicable, provide a suggestion for alternative wording.

How to submit Comments

Comments on abovementioned exposure drafts may be submitted through any of the following modes. 1. Email: [email protected] 2. Postal: Secretary, Auditing and Assurance Standards Board The Institute of Chartered Accountants of India ICAI Bhawan, Post Box No. 7100, Indraprastha Marg, New Delhi- 110002 Last date for submitting comments is 25th August 2023.