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Can you explain me SA 230 AND SA 610 of audit with suitable example??

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

SA 230 deals with **Audit documentation**. Audit documentation is the working papers prepared and maintained by the auditor. It includes procedures applied,observations made by the auditor, management response to auditor's comments, conclusions drawn. The main objective of audit documentation is to plan audit on the previous year working papers, guide audit assistants, draw conclusions on financial statements and to monitor the work of the audit assistants. SA 610 deals with **Using the work of Internal Auditors**. According to this standard, auditor can use the work of internal auditor while conducting audit. Internal auditor is independent examination of financial, operational, administrative aspects of an organisation with the objective to strengthen the governance mechanism, improvement in internal controls. The objective of auditor is to determine whether to use the work of internal auditor and if such work is used whether it is adequate audit purpose.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

> SA 610 **--Introduction of standard on Auditing (SA) 610** "Internal Control System means all the policies and procedures (internal controls) adopted by the management of an entity to assist in achieving management's objective of ensuring, as far as practicable, the orderly and efficient conduct of its business, including adherence to management policies, the safeguarding of assets, the prevention and detection of fraud and error, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information. The internal audit function constitutes a separate component of internal control with the objective of determining whether other internal controls are well designed and properly operated.” 2. The purpose of this Standard is to provide guidance as to the procedures which should be applied by the external auditor in assessing the work of the internal auditor for the purpose of placing reliance upon that work. 3. With the introduction of the Manufacturing and Other Companies (Auditor’s Report) Order, 1988, internal audit function has acquired special significance as the statutory auditor is required to state, in relation to a company having a paid-up capital exceeding Rs. 25 lakhs or having an average annual turnover exceeding Rs. 2 crore for a period of three consecutive financial years immediately preceding the financial year concerned to which the Order applies, whether the internal audit system is commensurate with the size and nature of its business. 4. In this Standard, “financial information” encompasses financial statements. 5. While the external auditor has sole responsibility for his report and for the determination of the nature, timing and extent of the auditing procedures, much of the work of the internal audit function may be useful to him in his examination of the financial information. **SA 230** -- According to SA-230 Audit documentation refers to the record of • audit procedures performed, • relevant audit evidence obtained, and • conclusions the auditor reached **Why Documentation?** --According to SA-230 Audit documentation serves a number of additional purposes, including the following: -Assisting the engagement team to plan and perform the audit.:- If plan is well documented than the chances of leaving an important area under auditing will be less, on the contrary with the help of documented plan one could perform the task in a sequential and coordinated manner. -Assisting members of the engagement team responsible for supervision to direct and supervise the audit work :- As per SA-200 the work of the assistants and employees should be supervised and reviewed time to time by the auditor. If the observations, findings, objections are documented by the staff the auditor can supervise the process of audit more conveniently and on the basis of it he can issue further direction to staff on audit. -Enabling the engagement team to be accountable for its work. :- Documents prepared and signed and filed by engagement team make the accountable for how they executed the planned procedure . -Retaining a record of matters of continuing significance to future audits:- For Example documentation relating to estimates of future earnings relating to an asset for its revaluation or impairment are relevant for future period audit. -Enabling the conduct of quality control reviews and inspections in accordance with SQC-1 -Enabling the conduct of external inspections in accordance with applicable legal, regulatory or other requirements.:- If auditor has sufficient documentation regarding any of his observation resulting in a conclusion, these documents are known as audit evidence. Hence most of the audit evidences are in form of documentary evidences. In external inspections if auditor required to explain evidences in support of his conclusion documentation will a great help for him

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Open uri20170510 32134 h540ea?1494421812 answered

If u want summary of all SAs then give me ur mail id.

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Open uri20170510 32134 h540ea?1494421812 answered

SA 230 As per Para A11, SA 230, auditor CAN prepare Completion Memorandum or Audit Summary, its optional not at all compulsory. It is advisable to prepare it in large and complex audits. Because it helps efficient and effective reviews (by seniors of juniors work) and inspections (after completion for quality testing). Auditor records significant matters encountered during audit and how they were resolved. It can be prepared in any format, need not be understandable by experienced auditor as it is voluntary. It also helps next year team to get birds eye view of audit, so they can plan next years audit.

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Open uri20170510 32134 ivjxpn?1494421728 answered

Hi Neha, SA - 230 - Audit Documentation - This Standard on Auditing (SA) deals with the auditor’s responsibility to prepare audit documentation for an audit of financial statements. It is to be adapted as necessary in the circumstances when applied to audits of other historical financial information. The specific documentation requirements of other SAs do not limit the application of this SA. Laws or regulations may establish additional documentation requirements. Audit documentation that meets the requirements of this SA and the specific documentation requirements of other relevant SAs provides (a) Evidence of the auditor’s basis for a conclusion about the achievement of the overall objectives of the auditor; and (b) Evidence that the audit was planned and performed in accordance with SAs and applicable legal and regulatory requirements. SA-610 - Using the work of Internal Auditors - This Standard on Auditing (SA) deals with the external auditor’s responsibilities regarding the work of internal auditors when the external auditor has determined, in accordance with SA 315, that the internal audit function is likely to be relevant to the audit. This SA does not deal with instances when individual internal auditors provide direct assistance to the external auditor in carrying out audit procedures or where, in terms of the applicable legal and regulatory framework, it is not permissible for the internal auditor to provide access to his working papers to the third parties.

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