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Unit 2: Auditing Standards and IFRS

departures there from, failing which he would be held guilty of professional misconduct under Notes
clause 9 of Part 1 of the Second Schedule to the Chartered Accountants Act, 1949.

Table 2.1: Comparative Position of International Engagement Standards

Comparative Position of International Engagement Standards, issued by the International
Auditing and Assurance Standard Board of the International Federation of Accountants
vis-à-vis, Auditing and Assurance Standards (AASs) issued by ICAI (As on May 25, 2007)

Standards on Quality Control
Sl. ISQC Title of the ISQC AAS Title of the AAS
No No. No.
01. 1 Quality Control for Firms that The Draft of SQC 1 is under
Perform Audits and Reviews of consideration of the Council.
Historical Financial Information,
and Other Assurance and Related
Services Engagements
Standards on Auditing
ISA AAS
Title of the ISA AAS/ Guidance Note
No. No.
02. 200 Objective and General Principles 01 Basic Principles Governing
Governing an Audit of Financial an Audit
Statements
02 Objective and Scope of the
Audit of Financial
Statements.
03. 210 Terms of Audit Engagements 26 Terms of Audit
Engagements
04. 220 Quality Control for Audits of 17 Quality Control for Audit
Historical Financial Information Work
05. 230 Audit Documentation 03 (Documentation
The Board has already
undertaken the revision of
AAS 3).
06. 240 The Auditor’s Responsibility to 04 The Auditor’s
Consider Fraud and Error in an Responsibility to
Audit of Financial Statements Consider Fraud and Error in
an Audit of Financial
Statements
07. 250 Consideration of Laws and 21 Consideration of Laws and
Regulations in an Audit of Regulations in an Audit of
Financial Statements Financial Statements

08. 260 Communications of Audit 27 Communications of Audit
Matters with those Charged with Matters with Those Charged
Governance with Governance
09. 300 Planning an Audit of Financial 08 Audit Planning
Statements
310 Knowledge of the Business 20 Knowledge of the Business
Contd....
(withdrawn pursuant to issuance of
ISA 315 and 330)
10. 315 Understanding the Entity and Its The Exposure Draft of the
Environment and Assessing the proposed AAS is under
Risks of Material Misstatement reconsideration of the Board
LOVELY PROFESSIONAL UNIVERSITY 21
11. 320 Audit Materiality 13 Audit Materiality
12. 330 The Auditor’s Procedures In The Exposure Draft of the
Response proposed
to Assessed Risks AAS is under reconsideration
of the Board