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The Institute of Chartered Accountants of India has so far issued 36 Engagement and Quality Control Standards (Formerly known as Auditing and Assurance Standards) covering various topics relating to Auditing and other engagements. All Chartered Accountants are required to adhere to all these standards from there effective dates. If a Chartered Accountant is found not to follow the said standards he shall be deemed to be guilty of professional misconduct. ICAI has reclassified the standards into five heads in order to comply with International Audit and Assurance Standards.

Engagement and Quality Control Standards issued by ICAI:

New AAS No. Old no. Title of the Statement Effective Date

SA 200 AAS 01 Objectives and Scope of the Audit of Financial Statements 01/04/1985
SA 200A AAS 02 Objectives and Scope of the Audit of Financial Statements 01/04/1985
SA 230 AAS 03 Documentation 01/07/1985
SA 240 AAS 04 The Auditor’s Responsibility to Consider Fraud and Error in an Audit of Financial Statements 01/04/2003
SA 500 AAS 05 Audit Evidence 01/01/1989
SA 610 AAS 07 Relying Upon the Work of an Internal Auditor 01/04/1989
SA 300 AAS 08 Audit Planning 01/04/1989
SA 620 AAS 09 Using the Work of an Expert 01/04/1991
SA 600 AAS 10 Using the Work of Another Auditor 01/04/2002
SA 580 AAS 11 Representations by Management 01/04/1995
SA 299 AAS 12 Responsibility of Joint Auditors 01/04/1996
SA 320 AAS 13 Audit Materiality 01/04/1996
SA 520 AAS 14 Analytical Procedures 01/04/1997
SA 530 AAS 15 Audit Sampling 01/04/1998
SA 570 AAS 16 Going Concern 01/04/1999
SA 220 AAS 17 Quality Control for Audit Work 01/04/1999
SA 540 AAS 18 Audit of Accounting Estimates 01/04/2000
SA 560 AAS 19 Subsequent Events 01/04/2000
SA 250 AAS 21 Consideration of Laws and Regulations in an Audit of Financial Statements 01/04/2001
SA 510 AAS 22 Initial Engagements – Opening Balances 01/04/2001
SA 550 AAS 23 Related Parties 01/04/2001
SA 402 AAS 24 Audit Considerations Relating to Entities Using Service Organisations 01/01/2003
SA 710 AAS 25 Comparatives 01/04/2003
SA 210 AAS 26 Terms of Audit Engagement 01/04/2003
SA 260 AAS 27 Communication of Audit Matters with Those Charged with Governance 01/04/2003
SA 700 AAS 28 The Auditor’s Report on Financial Statements 01/04/2003
SA 505 AAS 30 External Confirmations 01/04/2003
SRS 4410 AAS 31 Engagements to Compile Financial Information
SRS 4400 AAS 32 Engagements to Perform Agreed-upon Procedures Regarding Financial Information
SRE 2400 AAS 33 Engagements to Review Financial Statements
SA 501 AAS 34 Audit Evidence – Additional Considerations for Specific Items
SAE 3400 AAS 35 The Examination of Prospective Financial Information
SQC 1 AAS 36 Quality Control for Firms that Perform Audit and Reviews of Historical Financial Information, and other Assurance and Related Services Engagements”

For more details visit http://www.icai.org/post.html?post_id=450&c_id=141

International Financial Reporting Standards (IFRS), together with International Accounting Standards (IAS), are a “principles-based” set of standards that establish broad rules rather than dictating specific accounting treatments. From 1973 to 2001, the International Accounting Standards Committee (IASC) issued IAS. In April 2001 the International Accounting Standards Board (IASB) adopted all IAS and began developing new standards called IFRS. It is noteworthy that an IAS remains in effect unless replaced by an IFRS. Thus, International Financial Reporting Standards (IFRS) are a set of accounting standards.

Currently they are issued by the International Accounting Standards Board (IASB). Many of the IFRS standards developed from the older International Accounting Standards (IAS) and while IAS are no longer produced, they are still in effect unless replaced by an IFRS.
Structure of IFRS.

IFRSs are considered a “principles-based” set of standards in that they establish broad rules as well as dictating specific treatments.

International Financial Reporting Standards comprise:

· International Financial Reporting Standards (IFRS) – standards issued after 2001
· International Accounting Standards (IAS) – standards issued before 2001
· Interpretations originated from the International Financial Reporting Interpretations
Committee (IFRIC) – issued after 2001
· Standing Interpretations Committee (SIC) – issued before 2001

Framework

The Framework for the Preparation and Presentation of Financial Statements states basic principles for IFRS. The framework states that the objective of financial statements is to provide information about the financial position, performance and changes in the financial position of an entity that is useful to a wide range of users in making economic decisions.

The Framework can divide into the following sections:

· Purpose and status
· Scope
· Objective
· Underlying assumptions
· Qualitative characteristics of financial statements
· Elements of financial statements
· Recognition of elements of financial statements
· Measurement of the elements of financial statements

Underlying assumptions:

The underlying assumptions used in IFRS are:
· Accrual basis – the effect of transactions and other events are recognised when they occur, not as cash is received or paid
· Going concern – the financial statements are prepared on the basis that an entity is a going concern and will continue in operation for the foreseeable future