Standards on Auditing (SA) provide a Chartered Accountant most effective tool to evidence, justify & defend their auditing actions. In an era where Chartered Accountants are increasingly subjected to public scrutiny and are facing investigation at the drop of the hat, SAs provide them the necessary shield to withstand the storm. SAs are nothing but a tool to evidence the audit process and conclusion. Generally, there has been an impression that the SAs are largely required to be applied to large audits. It is argued that client is not big enough to keep all such evidence as it would be available anytime in future, should there be any enquiry. In cricket terminology, it is similar to someone saying that the batsman need not wear helmet to a spinner, as the ball is slow and can be easily dodged. Yes, it may not be true always.
- Auditor Objectivity
Standards on Auditing
b. Standards on review engagements (Sres)
C. Assurance engagements other Than Audits or reviews of Historical Financial Information (SAes)
Standards on related Services (SrS)
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- Unqualified opinion 2) Qualified opinion 3) Modified opinion 4) Disclaimer of opinion
This SA is to be referred while giving any of the opinion mentioned above.
(a) To obtain reasonable assurance about whether the pro forma financial information has been compiled, in all material respects, by the responsible party on the basis of the applicable criteria; and
(b) To report in accordance with the practitioner’s findings.
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