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SA 260 issued by ICAI in BRIEF???

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

tell me about SA 260: Communication with those Charged with Governance in breaf.

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Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

> SA – 260 Communication with those charged with governance. **INTRODUCTION**  The auditor should communicate audit matters of governance interest arising from the audit of financial statement with those charged with governance of an entity.  The term “governance” is used to describe the role of persons entrusted with the supervision, control and direction of an entity. Those charged with governance are, ordinarily, accountable for ensuring that the entity achieves its objectives, financial reporting, and reporting to interested parties. Those charged with governance include management only when it performs such functions.  The auditor should determine the relevant persons who are charged with governance and with whom audit matters of governance interest are to be communicated.  The auditor uses judgment to determine those persons with whom audit matters of governance interest are communicated, taking into account, the governance structure of the entity, the circumstances of the engagement and relevant legislation, if any.  The auditor also considers the legal responsibilities of those persons. The auditor also considers the importance and sensitivity of the audit matters of governance interest to be communicated. For example, in case of a company where the board of directors has established an audit committee under it, the auditor may decide to communicate with the audit committee, or with the whole board, depending on the importance of the audit matters of governance interest. Communication  The auditor shall communicate with those charged with governance the form, timing and expected general content of communications.  The auditor shall communicate in writing with those charged with governance regarding significant findings from the audit.  The auditor shall communicate with those charged with governance on a timely basis.  The effectiveness of communications is enhanced by developing a constructive working relationship between the auditor and those charged with governance **MATTERS TO BE COMMUNICATED** a)The auditor should ensure that he and his engagement team have followed all the relevant ethical requirement. b)All relationship matters among the assignment team and the client have been reasonably be thought to be bearing on independence. c)) The related safeguards that have been applied to eliminate identified threats to independence or reduce them to an acceptable level. ** FINDINGS** a)The auditor’s views about significant qualitative aspects of the entity’s accounting practices, including accounting policies, accounting estimates and financial statement disclosures. b)Material weaknesses, if any, in the design, implementation or operating effectiveness of internal control that have come to the auditor’s attention and have been communicated to management. c) Significant matters, if any, arising from the audit that were discussed, or subject to correspondence with management; and Written representations the auditor is requesting. d) The auditor should communicate any difficulty in finding evidence to management or TCWG

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Open uri20170510 32134 tcchcu?1494421832 answered

Hiii friend..... **SA-260** 1. This Standard on Auditing (SA) deals with the auditor’s responsibility to communicate with those charged with governance in relation to an audit of financial statements. Although this SA applies irrespective of an entity’s governance structure or size, particular considerations apply where all of those charged with governance are involved in managing an entity, and for listed entities. This SA does not establish requirements regarding the auditor’s communication with an entity’s management or owners unless they are also charged with a governance role. 2. This SA has been drafted in terms of an audit of financial statements, but may also be applicable, adapted as necessary in the circumstances, to audits of other historical financial information when those charged with governance have a responsibility to oversee the preparation and presentation of the other historical financial information. 3. Recognising the importance of effective two-way communication during an audit of financial statements, this SA provides an overarching framework for the auditor’s communication with those charged with governance, and identifies some specific matters to be communicated with them. Additional matters to be communicated, which complement the requirements of this SA, are identified in other SAs. In addition, SA 2653 establishes specific requirements regarding the communication of significant deficiencies in internal control the auditor has identified during the audit to those charged with governance. Further matters, not required by this or other SAs, may be required to be communicated by laws or regulations, by agreement with the entity, or by additional requirements applicable to the engagement. Nothing in this SA precludes the auditor from communicating any other matters to those charged with governance. Thanks & Regards,

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Data?1494421730 answered

Dear friend > SA – 260 Communication with those charged with governance. Objective of Standard  Communicate clearly the responsibilities of auditor in relation to financial statement audit --Express an opinion --Management is responsible for preparation of financial statement --Planned Scope & timing of audit Obtain information relevant to the audit Provide timely observations arising from audit --Auditors view about significant accounting practices, accounting policies, estimates, disclosure etc. --Difficulties encountered during the audit. --Delay in getting information --Unavailability of expected information --Extensive unexpected efforts required to obtain audit evidence Promote two way communication Communication Process With whom communicate --Exercise judgment to determine those persons with whom audit matters of governance to be communicated. --Governance Structure --Relevant Legislation & legal responsibilities Form of Communication Timing of Communication Matters to be communicated Thanks

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Open uri20170510 32134 s5bvk0?1494421637 answered

dear prashant soni, in india all SA are issued by ICAI therefore SA 260 i.e. communication with those charged with governance is also issued by ICAI brief details of SA 260 is as follow... full name of SA 260 is **SA 260: Communication with those Charged with Governance** and the matter is To communicate with those charged with governance, auditor’s responsibilities in relation to financial statements audit, an overview of planned scope and timing of audit and significant findings from the audit. and Such matters include: Overall scope of audit; selection of/ changes in significant accounting policies; potential effect on financial statements of any significant risks and exposures, such as pending litigation; adjustments to financial statements arising out of audit that have a significant effect on entity’s financial statements; material uncertainties related to events and conditions that may cast significant doubt on entity’s ability to continue as a going concern, disagreements with management about matters that could be significant to entity’s financial statements or auditor’s report; expected modifications to auditor’s report. Auditors should communicate matters of governance interest on timely basis. and Auditor’s communication may be made orally or in writing. In case of oral communication, auditor should document their oral communications and response thereof regards, arjun

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