SA 200 in short or brief

Full name of SA 200 as given by ICAI is **SA 200: Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing** and matter of said SA as Given by issuing body i.e. ICAI is as under... This Standard establishes the independent auditor’s overall responsibilities when conducting an audit of financial statements in accordance with SAs Ethical Requirements Relating to an Audit of Financial Statements — The auditor should apply the following fundamental principles of professional ethics relevant when conducting an audit of financial statements; (a) Integrity; (b) Objectivity; (c) Professional competence and due care; (d) Confidentiality; (e) Professional behaviour Professional Skepticism Professional Judgment Sufficient Appropriate Audit Evidence and Audit Risk— To obtain reasonable assurance, the auditor shall obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level and thereby enable the auditor to draw reasonable conclusions on which to base the auditor’s opinion Conduct of an Audit in Accordance with SAs — The auditor shall comply with all SAs relevant to the audit. An SA is relevant to the audit when the SA is in effect and the circumstances addressed by the SA exist. The auditor shall have an understanding of the entire text of an SA, including its application and other explanatory material, to understand its objectives and to apply its requirements properly. The auditor shall not represent compliance with SAs in the auditor’s report unless the auditor has complied with the requirements of this SA and all other SAs relevant to the audit.

Management --Preparation of the financial statements. --Maintenance of adequate accounting records --Maintenance of adequate internal controls --Selection and application of accounting policies --Safeguarding of assets of the enterprise --Provide Auditor with all information, unrestricted access --Audit of financial statement does not relieve management of its responsibilities. Auditor --Independent examination of records. --Expressing an opinion on financial statement

Dear Friend > SA 200 – Overall objective of the Independent Audit and the conduct of > an audit in accordance with Standard on Auditing Objective of the standard --
Overall objective of independent auditor
--Establishes Independent auditors overall responsibilities Overall objective of Auditor --Obtain reasonable assurance about whether financial statements are free from material misstatement
--Report on financial statements in accordance with auditors findings Responsibilities Management --Preparation of the financial statements. --Maintenance of adequate accounting records --Maintenance of adequate internal controls --Selection and application of accounting policies --Safeguarding of assets of the enterprise --Provide Auditor with all information, unrestricted access --Audit of financial statement does not relieve management of its responsibilities. Auditor --Independent examination of records. --Expressing an opinion on financial statement Requirement Ethical Requirements
Professional Skepticism
Professional Judgment
Sufficient Appropriate Audit Evidence and Audit Risk
Conduct of an Audit in Accordance with SAs ---Complying with SAs relevant to the Audit
---Shall use the objectives stated in SA in planning and performing the audit ---
Comply with relevant requirements of SA Ethical Requirement Integrity
Objectivity
Due care
Confidentiality
Professional behavior Professional Skepticism Being alert to --For audit evidence that contradicts other
--For reliability of documents and responses to inquiries
--For possible fraud
--For circumstances that need additional audit procedures Maintenance skepticism throughout the audit
Not expected to disregard past experience of the honesty and integrity of entity’s management Professional Judgment Materiality and Audit Risk
Nature timing and extent of audit procedure
Evaluating whether sufficient appropriate audit evidence has been obtained, or more needs to be done to achieve.
Drawing of conclusions based on the audit evidence obtained.
Need to be exercised throughout the audit. Sufficient Appropriate Audit Evidence and Audit Risk Audit is matter of professional judgment rather than a matter of capable of precise measurement
Risk exist at two levels --The overall financial statement level – Material Misstatement
--The assertion level for class of transaction, account balance and disclosure. -----Inherent Risk
-----Control Risk
-----Detection Risk Conduct of an Audit in Accordance with SAs Auditor Shall Comply with all SA relevant to the Audit
Have understanding of the entire text of an SA – application guidance / explanatory material / more specific requirement / explain procedure
Achieve overall objective as well as objectives stated in Individual SAs
Comply with relevant requirements --Explicit Requirement – Modify the auditors opinion if scope limitation SA 705
--Implicit requirement Not represent compliance with SA in auditors report unless the auditor has complied with the requirements Failure to Achieve an objective The auditor shall evaluate whether this prevents the auditor from achieving the overall objectives of the auditor, if yes
--modify the auditors opinion
--or withdraw from the engagement Thanks

Dear sir, Full name of SA 200 as given by ICAI is **SA 200: Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing** and matter of said SA as Given by issuing body i.e. ICAI is as under... This Standard establishes the independent auditor’s overall responsibilities when conducting an audit of financial statements in accordance with SAs Ethical Requirements Relating to an Audit of Financial Statements — The auditor should apply the following fundamental principles of professional ethics relevant when conducting an audit of financial statements; (a) Integrity; (b) Objectivity; (c) Professional competence and due care; (d) Confidentiality; (e) Professional behaviour **Professional Skepticism** **Professional Judgment** **Sufficient Appropriate Audit Evidence and Audit Risk**— To obtain reasonable assurance, the auditor shall obtain sufficient appropriate audit evidence to reduce audit risk to an acceptably low level and thereby enable the auditor to draw reasonable conclusions on which to base the auditor’s opinion **`Conduct of an Audit in Accordance with SAs`** — The auditor shall comply with all SAs relevant to the audit. An SA is relevant to the audit when the SA is in effect and the circumstances addressed by the SA exist. The auditor shall have an understanding of the entire text of an SA, including its application and other explanatory material, to understand its objectives and to apply its requirements properly. The auditor shall not represent compliance with SAs in the auditor’s report unless the auditor has complied with the requirements of this SA and all other SAs relevant to the audit. if any doubt plz let me know. Regards, Arjun Pratap Singh

Hello, SA 200 deals with the Auditor Independence and its Overall Audit Objective. The SA specify the Auditor Responsibility , What is the Overall Objective of Audit, The Principle that should be followed while conducting audit. Moreover it focus on the Inherent Limitation of audit and auditor responsibility related to the Fraud & Error. SA 200 in overall deals with How auditor should behave and How he should maintain it Independence and focus on the it's overall objective of audit