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Home » Blog » Specific Documentation Requirements in Various Standards on Auditing (SAs)

Specific Documentation Requirements in Various Standards on Auditing (SAs)

  • Blog|News|Account & Audit|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 15 March, 2023

Latest from Taxmann

Audit Documentation

The Standards on Auditing (SAs) provide for the specific documentation requirement in addition to the stipulations prescribed under SA 230, Audit Documentation. The standards on auditing are in alignment with the international standards on auditing prepared keeping in mind the requirements of the listed entities and public interest entities with a view to oversee the public interest, the specific documentation requirements have been given accordingly. The same may be adjusted (in case of small/ less complex entities as also briefed in the application material of the respective Standards) according to the requirements based on the size, nature, type of the entity being audited and complexities involved. The specific audit documentation requirements in the respective SAs are discussed in the story.

I. SA 220, Quality Control for an Audit of Financial Statements

a) Issue involved:

    • Compliance with the Relevant Ethical and independence Requirements
    • Acceptance and Continuance of client relationships and audit engagements
    • Consultations
    • Engagement Quality Control Review – Timing and Procedures

b) Documentation requirements:

    • Whether the auditor has documented the issues identified with respect to compliance with relevant ethical requirements and how they were resolved
    • Whether the auditor has documented the confirmation of independence and documenting the same
    • Whether the auditor has documented the conclusions on compliance with independence requirements that apply to the audit engagement, and any relevant discussions with the firm that support these conclusions
    • Whether the auditor has documented the conclusions reached regarding the acceptance and continuance of client relationships and audit engagements
    • Whether the auditor has documented the nature and scope of, and conclusions resulting from, consultations undertaken during the course of the audit engagement\
    • Whether the engagement quality control reviewer has documented the procedures required by the firm’s policies on engagement quality control review have been performed; and activities performed with respect to this could be documented
    • Whether the engagement quality control reviewer has documented the engagement quality control review has been completed on or before the date of the auditor’s report
    • Whether the engagement quality control reviewer has documented the reviewer is not aware of any unresolved matters that would cause the reviewer to believe that the significant judgments the engagement team made and the conclusions they reached were not appropriate

This story discusses in detail the issue involved and the documentation required under various Standards of Auditing (SAs).

Click Here To Read The Full Story

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied
View all posts by Taxmann

Author TaxmannPosted on March 15, 2023Categories Blog, News, Account & Audit

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