[Checklist] as per Standards on Auditing (SA) 200
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- Last Updated on 19 June, 2023
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SA 200 establishes the independent auditor’s overall responsibilities when conducting an audit of financial statements in accordance with SAs. Specifically, it 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 SAs, and includes requirements establishing the general responsibilities of the independent auditor applicable in all audits, including the obligation to comply with the SAs. This checklist outlines the key areas that auditors should consider when ascertaining the overall objectives of the independent auditor and conducting an audit in accordance with the SA 200.
I. While conducting the audit of financial statements, whether the auditor:
a) Has obtained reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, thereby enabling the auditor to express an opinion on whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework
b) Has communicated the responsibilities of management and TCWG through a letter of engagement [SA 210 & SA 260]
c) Has clearly set out the responsibilities of management in the audit report as required by SA 700 so that users of financial statements are aware of the same
d) Has checked that the management carried out an assessment as to whether the entity is a going concern and has obtained a copy of that assessment for application of SA 570 (Revised). NFRA has taken a view that Management representation of Director’s responsibility Statement that accounts have been prepared on a going concern basis is not management assessment as contemplated in SA 570 (Revised)
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