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Summary of Engagement and Quality Control Standards

Summary of Engagement and Quality Control Standards

Summary of Engagement and Quality Control Standards

Summary of Engagement and Quality Control Standards

Introduction

 In 1955, the Council set up the Research Committee.

 In 1964, the Council published the “Statement on Auditing Practices” as prepared by the Research Committee.

1) Statements on Qualifications in Auditor‟s Report  

2) Statement on MAOCARO

3) Statement on Responsibilities of Joint Auditors  

4) Statement on Payments to Auditors for Other Services

 IFAC set up in 1977 to bring harmony in profession of accountancy.

 IFAC established the IAASB.

 ICAI is member of IFAC

 ICAI constituted the APC in 1982.

 In July, 2002, the APC has been converted into an AASB by the Council of the Institute.

 AASB of ICAI develops Statements on AAS & Guidance Notes. They are issued under authority of Council of ICAI.

 In 2007, the AAS are renamed it to Engagement and Quality Control Standards, viz.,

a) SAs – Audit of historical financial information

b) SREs – Review of historical financial information c) SAEs – Audit of assurance engagements other than historical financial information d) SRSs – Engagements to apply agreed upon procedures & other related services engagements such as compilation engagements. 

 

Bifurcation of Numbers of Engagement and Quality Control Standards:

1 – 99 Standards on Quality Control (SQC)

100 – 899 Standards on Auditing  

2000 – 2699 Standards on Review Engagements

3000 – 3699 Standards on Assurance Engagements

4000 – 4699 Standards on Related Services 

 

Bifurcation of Numbers of Standards on Auditing:

100-199 Introductory Matters

200-299 General Principles and Responsibilities

300 – 499 Risk Assessment and Response to Assessed Risks

500 – 599 Audit Evidence 600 – 699 Using Work of Others

 Summary of Engagement and Quality Control Standards

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