ICAI Issues Exposure Drafts of Multiple Engagement and Quality Control Standards

The Auditing and Assurance Standards Board (AASB) of ICAI has issued the Exposure Drafts on SQM 1, SQM 2, SA 220(Revised), SA 250(Revised), SA 315(Revised), SA 540(Revised), and SRS 4400(Revised) for public comments. AASB invites comments from various stakeholders on the below-mentioned exposure drafts. Comments can be submitted through email via aasb@icai.in. The last date for submitting comments is 25th Aug 2023. The following is the list of Exposure Drafts of Engagement and Quality Control Standards for public comments:

I. SQM-1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements

II. SQM-2, Engagement Quality Reviews

III. SA-220 (Revised), Quality Management for an Audit of Financial Statements

IV. SA-250 (Revised), Consideration of Laws and Regulations in an Audit of Financial Statements

V. SA-315 (Revised), Identifying and Assessing the Risks of Material Misstatement

VI. SA-540 (Revised), Auditing Accounting Estimates and Related Disclosures

VII. SRS 4400(Revised), Agreed-Upon Procedures Engagements

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