ICAI proposed amendments in various Engagement and Quality Control Standards

Under the authority of Council, the ICAI’s Auditing and Assurance Standard Board (AASB) has issued a set of standards called as Engagement Standards: – (a) Standards on Auditing (SAs); (b) Standards on Review Engagements (SREs); (c) Standards on Assurance Engagements (SAEs), which are used in assurance engagements other than audits and reviews of historical financial data; and (d) Standards on Quality Control (SQCs).

These SAs are developed in the context of a financial statement audit and must be followed by the practitioner throughout the engagement. The SQCs, on the other hand, must be followed for any services that fall within the Engagement Standards.

Looking towards the recent changes in the relevant Acts, Rules, Accounting Standards and major concerns towards the quality of engagements provided by the members, the Auditing and Assurance Board (AASB) of ICAI has proposed amendments in SAs which are open for public comments till 7 December 2021.

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