The Institute of Chartered Accountants of India (ICAI) released the checklist on Standards of Auditing on 22nd June 2023. The purpose of this checklist is to provide guidance on compliance with the requirements of Standards on Auditing.
The Standards on Auditing prescribed the detailed auditing framework for conducting audits of financial statements of various entities. These standards contain various audit requirements and related application guidance to explain these requirements. The auditors need to comply with all the relevant requirements of all the applicable standards on auditing in their audit engagements.
The publication contains a checklist of all 38 Standards on Auditing that have been released thus far. A thorough checklist of the numerous audit requirements listed in the Standards on Auditing is included in the booklet. Where it is thought necessary, the book additionally includes several “Notes” that explain these checklists. These “Notes” contain the relevant guidance given in Standards on Auditing.
According to the disclaimer given by the ICAI in the checklist document “This Checklist on Standards on Auditing is illustrative in nature. Members are advised to suitably modify the same as per the facts, circumstances, and nature of the entity under audit”.
Also stated that “This document neither supersedes nor is a replacement of any guidance/ pronouncements/ Standards issued by ICAI. Members are advised to read or use the Checklist in conjunction with the Standards on Auditing. Members are also advised to exercise the professional judgement while using the Checklist on Standards on Auditing.”
How to use this checklist:
1. Relevant paragraph references in the Standard have been indicated in the first column.
2. The Engagement Partner and Manager (whenever applicable) are required to review the completed checklist and initial this page.
3. After completion, the checklist should be filed in the appropriate section of the working papers.
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