Measures of Dispersion and Variability: Range, QD, AD and SD
Statutory Audit Standards and Guidance
1. STATUTORYAUDIT
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2. PRIOR TO COMMENCEMNET OF STATUTORY AUDIT
ACCOUNTING
STANDARDS
GUIDANCE
NOTES
STANDARDS
ON AUDITING
SECRETARIAL
STANDARDS
NOTICES AND
CIRCULARS
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3. ACCOUNTING STANDARDS- AS
ACCOUNTING STANDARDS
AS-1- Disclosure of Accounting Policies
AS-2- Valuation of Inventories
AS-3- Cash Flow Statements
AS-4- Contingencies and events occurring
after the Balance Sheet Date
AS-5- Net Profit or Loss for the Period, Prior
Period Items and Changes in Accounting
Policies
AS-6- Depreciation
AS-7- Construction Contracts
AS-9- Revenue Recognition
Ind AS- CONVERGED IFRS (See Note)
Ind AS-101- First Time Adoption of Indian
Accounting Standards
Ind AS-102- Share Based Payments
Ind AS-103- Business Combinations
Ind AS-104- Insurance Contracts
Ind AS-105-Non-Current Assets held for
sale and Discontinued Operations
Ind AS-106- Exploration for and
Evaluation of Mineral Resources
Ind AS-107- Financial Instruments-
Disclosure
Ind AS-108- Operating Segments
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4. ACCOUNTING STANDARDS…,
ACCOUNTING STANDARDS
AS-10-Fixed Assets
AS-11-The Effects of Changes in Foreign
Exchange Rates
AS-12- Accounting for Government Grants
AS-13- Accounting for Investments
AS-14- Accounting for Amalgamations
AS-15- Employee Benefits
AS-16- Borrowing Costs
AS-17- Segment Reporting
AS-18- Related Party Disclosures
AS-19- Accounting for Leases
AS-20- Earning Per Share
Ind AS- CONVERGED IFRS
Ind AS-109- Financial Instruments
Ind AS-110- Consolidated Financial
Instruments
Ind AS-111- Joint Arrangements
Ind AS-112- Disclosure of Interests in
Other Entities
Ind AS-113- Fair Value Measurement
Ind AS-114- Regulatory Deferral
Accounts
Ind AS-115- Revenue from Contracts
with Customers
Ind AS-1- Presentation of Financial
Statements
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5. ACCOUNTING STANDARDS…,
ACCOUNTING STANDARDS
AS-21- Consolidated Financial Statements
AS-22- Accounting for Taxes
AS-23-Accounting for Investments in
Associates in Consolidated Financial
Statements
AS-24-Discontinuing Operations
AS-25-Interim Financial Reporting
AS-26- Intangible Assets
AS-27-Financial Reporting of Interests in
Joint Ventures
AS-28-Impairment of Assets
AS-29-Provisions, Contingent Liabilities and
Contingent Assets
Ind AS- CONVERGED IFRS
Ind AS-2- Inventories
Ind AS-7-Statement of Cash Flows
Ind AS-8- Accounting Policies, Changes
in Accounting Estimates and Errors
Ind AS-10- Events after Reporting
Period
Ind AS-12- Income Taxes
Ind AS-16- Property, Plant and
Equipment
Ind AS-17- Leases
Ind AS-19- Employee Benefits
Ind AS-20- Accounting for Government
Grants and Disclosure of Government
Assistance
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6. ACCOUNTING STANDARDS…
ACCOUNTING STANDARDS
AS-30- Financial Instruments-Presentation
AS-31- Financial Instruments
AS-32- Financial Instruments
(Disclosure)
Ind AS- CONVERGED IFRS
Ind AS-21- The Effects of Changes in
Foreign Exchange Rates
Ind AS-23- Borrowing Costs
Ind AS-24- Related Party Disclosures
Ind AS-27- Separate Financial Statements
Ind AS-28- Investments in Associates and
Joint Ventures
Ind AS-29- Financial Reporting in
Hyperinflationary Economies
Ind AS-32- Financial Instruments:
Presentation
Ind AS-33- Earnings per Share
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7. ACCOUNTING STANDARDS…
Ind AS- CONVERGED IFRS
Ind AS-34-Interim Financial Reporting
Ind AS-36- Impairment of Assets
Ind AS-37-Provisions, Contingent Liabilities and Contingent Assets
Ind AS-38- Intangible Assets
Ind AS-40- Investment Property
Ind AS-41- Agriculture
Note: Ind AS (Converged IFRS) is applicable only for Listed Companies and Unlisted
Companies with Net worth of 250 Crores or more w.e.f financial year 2016-17 and
onwards ( double click on the pdf icon to refer notification )
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8. Guidance Notes on Auditing Aspects
Audit of Property, Plant and Equipment
Audit of Cash and Bank Balances
Audit of Consolidated Financial
Statements
Audit of Debtors, Loans and Advances
Audit of Expenses
Audit of Inventories
Audit of Investments
Audit of Liabilities
Audit of Miscellaneous Expenditure
(Revised)
Audit of Payment of Dividend
Audit of Revenue
Audit Reports and Certificates for
Special Purposes
Auditing of Accounts of Liquidators
Capital and Reserves
Certificate on Corporate Governance
(Revised)
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9. Guidance Notes on Auditing Aspects
Certificate to be Issued by the Auditor of a
Company Pursuant to Companies
(Acceptance of Deposits) Rules, 1975
Certification of Documents for Registration of
Charges
Computer Assisted Audit Techniques (CAATs)
Duty Cast on the Auditors under Section 45-
MA of the Reserve Bank of India Act, 1934
Independence of Auditors (Revised)
Preparation of Financial Statements on
Letterheads and Stationery of Auditors
Provision for Proposed Dividend
Reports in Company Prospectuses
(Revised)
Section 227(3) (e) and (f) of the
Companies Act, 1956 (Revised)
Section 293 A of the Companies Act
and the Auditor
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10. Guidance Notes on Accounting Aspects
Guidance Note on Accounting for Expenditure
on Corporate Social Responsibility Activities
(Issued May 15, 2015)
Guidance Note on Accounting for Derivative
Contracts (Issued 2015)
Guidance Note on Accounting for Oil and Gas
Producing Activities (revised 2013)
Guidance Note on Treatment of Reserves
Created on Revaluation of Fixed Assets
Guidance Note on Accounting for Depreciation
in Companies
Guidance Note on Some Important Issues
Arising from the Amendments in Schedule XIV
to the Companies Act, 1956
Guidance Note on Availability of Revaluation
Reserve for Issue of Bonus Shares
Guidance Note on Accounting for
Corporate Dividend Tax
Guidance Note on Accounting Treatment
for Excise Duty
Guidance Note on Accounting for
Employee Share-based Payments
Guidance Note on Accounting for State-
level Value Added Tax
Guidance Note on Accounting for Fringe
Benefits Tax
Guidance Note on Accounting by Schools
Guidance Note on Accounting for Credit
Available in Respect of Minimum
Alternative Tax under the Income-tax Act,
1961
Guidance Note on Accounting for Real
Estate Transactions (Revised 2012)
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11. Guidance Notes on Accounting Aspects
Guidance Note on Measurement of Income Tax
for Interim Financial Reporting in the context of
AS 25.
Guidance Note on Accounting Treatment for
MODVAT/CENVAT
Guidance Note on Applicability of Accounting
Standard (AS) 20, Earnings Per Share
Guidance Note on Remuneration paid to key
management personnel – whether a related
party transaction
Guidance Note on Applicability of AS 25 to
Interim Financial Results
Guidance Note on Turnover in case of
Contractors
Guidance Note on Accounting for
Self-generated Certified Emission
Reductions (CERs) (Issued 2012)
Guidance Note on Accounting and
Auditing of Political Parties
Guidance Note on Terms Used in
Financial Statements
Guidance Note on Accrual Basis of
Accounting
Guidance Note on Accounting by
Dot-Com Companies
Guidance Note on Accounting for
Rate Regulated Activities
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12. STANDARDS ON AUDITING- SA
SA 200 (Revised) “Overall Objectives of the Independent Auditor and the Conduct of an
Audit in Accordance with Standards on Auditing”
SA 210 (Revised) “Agreeing the Terms of Audit Engagements”
SA 220 (Revised) “Quality Control for an Audit of Financial Statements”
SA 230 (Revised “Audit Documentation”
SA 240 (Revised) “The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial
Statements”
SA 250 (Revised) “Consideration of Laws and Regulations in an Audit of Financial
Statements”
SA 260 (Revised) under the Clarity Project, “Communication with Those Charged with
Governance”
SA 265 issued under the Clarity Project, “Communicating Deficiencies in Internal Control
to Those Charged With Governance and Management”
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13. STANDARDS ON AUDITING- SA….
SA 299 (AAS 12), “Responsibility of Joint Auditors”
SA 300 (Revised) “Planning an Audit of Financial Statements” •
SA 315 “Identifying and Assessing the Risks of Material Misstatement through
Understanding the Entity and Its Environment”
SA 320 (Revised) “Materiality in Planning and Performing an Audit”
SA 330 “The Auditor’s Responses to Assessed Risks”
SA 402 (Revised) “Audit Considerations Relating to an Entity Using a Service Organisation”
SA 450 “Evaluation of Misstatements Identified During the Audit”
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14. STANDARDS ON AUDITING- SA…..
SA 500 (Revised) “Audit Evidence”
SA 501 (Revised) “Audit Evidence—Specific Considerations for Selected Items”
SA 505 (Revised) “External Confirmations”
SA 510 (Revised) “Initial Audit Engagements – Opening Balances”
SA 520 (Revised) “Analytical Procedures”
SA 530 (Revised) “Audit Sampling”
SA 540 (Revised) “Auditing Accounting Estimates, Including Fair Value Accounting
Estimates, and Related Disclosures”
SA 550 (Revised) “Related Parties”
SA 560 (Revised) “Subsequent Events”
SA 570 (Revised) “Going Concern”
SA 580 (Revised) ”Written Representations”
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15. STANDARDS ON AUDITING- SA….
SA 600 (AAS 10), “Using the Work of Another Auditor”
SA 610 (Revised) “Using The Work of Internal Auditors”
SA 620 (Revised) “Using the Work of an Auditor’s Expert”
SA 700 (Revised) “Forming an Opinion and Reporting on Financial Statements
SA 705 “Modifications to the Opinion in the Independent Auditor’s Report"
SA 706 “Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent
Auditor’s Report"
SA 710 (Revised) “Comparative Information—Corresponding Figures and Comparative
Financial Statements”
SA 720 “The Auditor’s Responsibility in Relation to Other Information in Documents
Containing Audited Financial Statements”
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16. STANDARDS ON AUDITING- SA….
SA 800 “Audits of Financial Statements Prepared in Accordance with Special Purpose
Frameworks”
SA 805 “Special Considerations—Audits of Single Financial Statements and Specific
Elements, Accounts or Items of a Financial Statement”
SA 810 “Engagements to Report on Summary Financial Statements”
SQC 1 “Quality Control for Firms that Perform Audit and Reviews of Historical Financial
Information, and other Assurance and Related Services Engagements”
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17. SECRETARIAL STANDARDS
Secretarial Standard on Meeting of the Board (SS-1)
Secretarial Standard on Meeting of the Members (SS-2)
* Refer www.icsi.edu.in for further details on secretarial standards
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18. NOTICES, CIRCULARS AND OTHER UPDATES
Income Tax Act, 1962 - www.incometaxindia.gov.in
Companies Act, 2013 - www.mca.gov.in
Service Tax Act - www.cbec.gov.in
Central Excise Act,1944 - www.cbec.gov.in
Customs Act, 1962 - www.cbec.gov.in
Karnataka Value Added Tax - www.vat.kar.nic.in/ www.ctax.kar.nic.in
Software Technology Parks of India - www.stpi.in
Foreign Exchange Management Act, 1999- www.rbi.gov.in
ICAI- www.icai.org.in
ICSI- www.icsi.edu.in
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Notices and Circulars under various Acts are available in the below websites
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