ICAI has come out with the Implementation Guides on Auditing Standards ‘SA-560: Subsequent Events’ and ‘SA-210 : Agreeing the Terms of Audit Engagements, as under:
ICAI’s Implementation Guide on ‘SA 560: Subsequent Events’
This Implementation Guide of ICAI provides practical guidance to Members on principles laid down in ‘SA 560: Subsequent Events’, which is applicable from 01/04/2009. SA 560 deals with the auditor’s responsibilities relating to subsequent events, while doing audit of financial statements.
However, it may be noted that SA 560 does not deal with matters relating to the auditor’s responsibilities for other information obtained after the date of the auditor’s report, which are addressed in ‘SA-720: The Auditor’s Responsibilities Relating to Other Information’. Auditors should always keep in mind that such other information also may bring to light a subsequent event, which is well within the purview of SA-560.
ICAI’s Implementation Guide on SA 560: Subsequent Events
ICAI’s Implementation Guide on ‘SA 210: Agreeing the Terms of Audit Engagements’
This Implementation Guide of ICAI provides practical guidance to Members on the principles laid down in ‘SA 210: Agreeing the Terms of Audit Engagements’, which is applicable from 01/04/2010.
SA 210 deals with the auditor’s responsibilities in agreeing the terms of the audit engagement with management or those who are responsible for the corporate governance, as the process includes establishing that certain preconditions for an audit, responsibility for which rests with management.
ICAI’s Implementation Guide on SA 210: Agreeing the Terms of Audit Engagements
Related Posts:
ICAI’s Standards on Auditing (SA, SQC, AROS/ AAS, SRE, SAE, SRS)