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Auditing Theory

Notes Standards on Related Services Engagements

ISRS AAS
Title of the ISRS Title of the AAS
No. No.
38. 4400 Engagements to Perform Agreed- 32 Engagements to Perform
upon Procedures Regarding Financial Agreed-upon Procedures
Information Regarding Financial
Information
39. 4410 Engagements to Compile Financial 31 Engagements to Compile
Information Financial Information

Table 2.2: Reconciliation of the International Engagement Standards, issued by the
International Federation of Accountants with the Auditing and Assurance Standards,
issued by ICAI (as on May 25, 2007)

(A) Number of International Engagement Standards issued by the International Auditing 39
and Assurance Standards Board (IAASB) of the International Federation of
Accountants
Total 39
(B) Auditing and Assurance Standards (AASs) and other authoritative documents issued
by the Institute of Chartered Accountants
(i) Number of Indian auditing standards issued by ICAI {Standards issued are 35 34
but since two Standards cover one ISA, therefore, one Standard is reduced from
the total Standards issued, i.e., 35-1}
(ii) ISA not relevant to the Indian legal environment 02
1. ISA 720, Other Information in Documents Containing Audited Financial
Statements
2. ISA 545, Auditing Fair Value Measurements and Disclosures
(iii) International Standards corresponding to which the drafts of Auditing Standards 01
are under consideration of the Council
1. ISQC 1, Quality control for Firms that Perform Audits and Reviews of
Historical Financial Information, and other Assurance and Related
Services Engagements
(iv) International Standards corresponding to which the drafts of Auditing Standards 02
are under consideration of the AASB
1. ISA 315, Understanding the Entity and its Environment and Assessing the
Risks of Material Misstatement
2. ISA 330, The Auditor’s Procedures in Response to Risks of Material
Misstatements
(v) International Standards yet to be considered by the Auditing and Assurance 04
Standards Board of ICAI
1. ISA 701, Modifications to the Independent Auditor’s Report
2. ISA 800, The Auditor’s Report on Special Purpose Audit Engagements
3. ISRE 2410, Review of Interim Financial Information Performed by the
Independent Auditor of the Entity
4. ISAE 3000, Assurance Engagements other than Audits or Reviews of
Historical Financial Information
(vi) AAS corresponding to which no International Standard has been issued (01)
1. AAS 12, Responsibility of Joint Auditors
(vii) AASs issued corresponding to ISAs withdrawn by IAASB (03)
1. AAS 06, Risk Assessment and Internal Control
2. AAS 20, Knowledge of the Business
3. AAS 29, Auditing in a Computer Information Systems Environment
Total 39

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