Section 103(a)(2)(A)(i) of the Sarbanes-Oxley Act of 2002 (the "Act") directs the Board to establish auditing standards that require registered public accounting firms to prepare and maintain, for at least seven years, audit documentation "in sufficient detail to support the conclusions reached" in the auditor's report .
ICAI has issued 43 Engagement and Quality Control Standards (formerly known as Auditing and Assurance Standards) covering various topics relating to auditing and other engagements.
All Chartered Accountants in India are required to adhere to all these standards..
Since its founding in early 2003, the PCAOB has issued 16 auditing standards, covering internal control over financial reporting, and a set of eight foundational risk-assessment standards..
Documentation completion date.
The date, no later than 60 days following the report release date, on which the auditor has assem- bled for retention a complete and final set of documentation in an audit file..
The ISAs are divided into 36 different standards, all grouped into six categories—General Principles, Risk Assessment and Response, Audit Evidence, Using the Works of Others, Conclusions and Reporting, and Specialized Areas.
The sum total of these things is a 961-page handbook..
The International Standards on Auditing (ISA) is a set of globally acknowledged professional standards that prescribe guidelines to auditors for conducting audits on financial statements.
The ISA sets up principles and procedures that auditors must follow to maintain an audit's quality, consistency, and credibility..
There are three main types of audits : external audits , internal audits , and Internal Revenue Service (IRS) audits..
AUDITING STANDARDS provide minimum guidance for the auditor that helps determine the extent of audit steps and procedures that should be applied to fulfill the audit objective.
They are the criteria or yardsticks against which the quality of the audit results are evaluated..
Generally accepted auditing standards (GAAS) are a set of systematic guidelines used by auditors when conducting audits of companies' financial records.
GAAS helps to ensure the accuracy, consistency, and verifiability of auditors' actions and reports..
The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) created GAAS..
The Auditing Standards Board (ASB) is the senior committee of the AICPA designated by Council to issue auditing, attestation, and quality control standards and practice guidance for performing and reporting on audit and attestation engagements for nonissuers (that is, entities not included within the jurisdiction of .
The International Auditing and Assurance Standards Board (IAASB) is an independent standard-setting body that serves the public interest by setting high-quality international standards for auditing, quality control, review, other assurance, and related services, and by facilitating the convergence of international and .
They also provide minimum guidance for the Auditor that helps determine the extent of auditing steps and procedures that should be applied in the audit.
Auditing Standards constitute the criteria or yardstick against which the quality of the audit results are evaluated.”.
International Standards on Auditing 11
ISAs are written in the context of an audit of financial statements 1 by an independent auditor
They are to be adapted as necessary in the circumstances when applied to a udits of other historical financial information
The authority of ISAs is set out in ISA 200
While national laws and accounting standards provide criteria for “fair presentation,” many aspects of the financial reporting process, and therefore the audit of the financial statements, involve judgment
Auditing standards provide an important foundation supporting audit quality
