Accounting & Assurance Standards

AAS1: Basic principles governing an Audit:

• Audit is the independent examination on any entity.
• Audit should be honest and sincere professional work
• Auditor must respect the confidentiality of his client
• Auditor should be properly trained
• Auditor can rely on the works of the other but he will be responsible
• Auditor should plan and document his work
• Auditor should ensure that the accounting system is adequate
• For any qualified opinion the reasons must be given for making such a statement.

AAS 2: Objective and scope of the Audit of Financial statement.

• Auditor must ensure the reliability and sufficiency of the information by making a study and evaluation of the accounting systems and internal controls.
• Determine relevant information is there and properly disclosed.
• Auditor is responsible for forming an opinion on the financial statement while the management is responsible for preparing them.

AAS3: Documentation

AAS4: Auditors responsibility to consider fraud and error in an audit of financial statement

AAS5: Audit Evidence

AAS6: Risk Assessment and Internal Control

AAS7 Relying upon the work of the internal Auditor

AAS8: Audit Planning

AAS9: Using the work of an expert.

AAS10: Using the work of another auditor.

AAS11: Representations by management.

AAS12: Responsibility of Joint Auditors

AAS13: Audit Materiality

AAS14: Analytical procedures

AAS15: Audit Sampling

AAS16: Going Concern

AAS17: Quality control for Audit work

AAS18: Audit of accounting estimates.

AAS19: Subsequent events

AAS20: Knowledge of the business

AAS21: Laws and regulation in an Audit of financial statements.

AAS22: Initial engagements opening balances

AAS23: Related parties

AAS24: Audit considerations to entities using service organizations.

AAS25 Comparatives

AAS26 Terms of audit engagement

AAS27: Communication of audit matters with those charged with governance

AAS28: Auditors report on financial statement

AAS29: Auditing in a Computer Information System environment

AAS30: External Confirmations

AAS31: Engagement to compile financial information

AAS32: Engagement to perform agreed upon procedures regarding financial information.