A Conceptual Review on Select Standards on Auditing (SAs) in the Backdrop of Audit Activities in India

Siddhartha Sankar Saha


The study identifies a few audit activities which may have significant influence on overall audit quality. They are, ‘accepting the terms of engagement’, ‘formulating an audit plan’, ‘collecting audit evidences’, ‘adopting audit samples’, ‘documenting audit working papers’ and ‘preparing auditors’ report’. Statutory auditors’ responsibilities with regard to each of these issues are prescribed in separate Standards on Auditing (SAs) issued by the Institute of Chartered Accountants of India (ICAI). They are SA-210, SA-300, SA-500, SA-530, SA-230, and SA-700 respectively. Important requirements of these SAs keeping in view overall audit quality are discussed in this paper.

Keywords: Audit Engagement, Audit Planning, Audit Evidences, Audit Sampling, Audit Documentation, Auditors’ Report, ICAI, SAs.

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