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Advanced Auditing

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 Agreed-upon Procedures
Financial Information Regarding Financial
Information

39. 4410 Engagements to Compile 31 Engagements to Compile
Financial Information Financial Information

Table 2.2: Reconciliation of the International Engagement Standards
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 39
International Auditing 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 34
issued are 35 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 01
Auditing Standards 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 02
Auditing Standards 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 04
Assurance 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 Contd....
(vi) AAS corresponding to which no International Standard has been (01)
issued
1. AAS 12, Responsibility of Joint Auditors
24 LOVELY PROFESSIONAL UNIVERSITY
(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