New and Revised Sri Lanka Auditing Standards
Effective for all audits commencing on or after 1 January 2010, except for SLAuS 710 and SLAuS 800, which are effective for all audits commencing on or after 1 April 2010
Contents
Structure of Pronouncements Issued by the Institute of Chartered Accountants of Sri lanka
Preface to Sri Lanka Auditing Standards (SLAuS)
Glossary of Terms
Sri Lanka Framework for Assurance Engagements
AUDITS AND REVIEWS OF HISTORICAL FINANCIAL INFORMATION
General Principles and Responsibilities
SLAuS 200 - Objective and General Principles Governing and Audit of Financial Statements
SLAuS 210 - Terms of Audit Engagements
SLAuS 220 - Quality Control for Audit Work
SLAuS 230 - Documentation
SLAuS 240 - The Auditor’s Responsibility to Consider Fraud in an Audit of Financial Statements
SLAuS 250 - Consideration of Laws and Regulations in
an Audit of Financial Statements
SLAuS 260 - Communication of Audit matters with Charged with Governance
RISK ASSESSMENT AND RESPONSE TO ASSESSED RISKS
SLAuS 300 - Planning an Audit of Financial Statements
SLAuS 315 - Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
SLAuS 320 - Audit Materiality
SLAuS 330 - The Auditor’s Procedures in Response to Assessed Risks
SLAuS 402 - Audit Considerations Relating to Entities Using Service Organizations
AUDIT EVIDENCE
SLAuS 500 - Audit Evidence
SLAuS 501 - Audit Evidence – Additional Considerations for Specific Items
SLAuS 505 - External Confirmations
SLAuS 510 - Initial Engagements – Opening Balances
SLAuS 520 - Analytical Procedures
SLAUS 530 - Audit Sampling and Other Means of Testing
SLAuS 540 - Audit of Accounting Estimates
SLAuS 545 - Auditing Fair Value Measurements and Disclosures
SLAuS 550 - Related Parties
SLAuS 560 - Subsequent Events
SLAuS 570 - Going Concern
SLAuS 580 - Management Representations
USING WORK OF OTHERS
SLAuS 600 - Using the Work of Another Auditor
SLAuS 610 - Considering the Work of Internal Audit
SLAuS 620 - Using the Work of an Expert
AUDIT CONCLUSIONS & REPORTING
SLAuS 700 - The Auditor’s Report on Financial Statements
SLAuS 710 - Comparatives
SLAuS 720 - Other information in Documents Containing Audited Financial Statements
SPECIALIZED AREAS
SLAuS 800 - The Auditor’s Report on Special Purpose Audit Engagements
Sri Lanka Auditing
Standards (SLAuS) - 2007
CONTENTS
INTRODUCTORY
MATTERS
Preface to Sri Lanka Auditing
Standards (SLAuS)
Glossary of Terms
Framework of Sri Lanka Auditing
Standards
RESPONSIBILITIES
SLAuS 1
-
Objective and General Principals Governing an
Audit of Financial Statements
SLAuS 2
- Terms of Audit Engagements
SLAuS 3
- Quality Control for Audit Work
SLAuS 4
- Documentation
SLAuS 5
- Fraud and Error
SLAuS 6
- Consideration of Laws and Regulations in
an Audit of Financial Statements
PLANNING
SLAuS 7
- Planning
SLAuS 8
- Knowledge of the Business
SLAuS 9
- Audit Materiality
INTERNAL CONTROL
SLAuS 10
- Risk Assessment and Internal Control
SLAuS 11
- Auditing in a Computer Information
Systems Environment.
SLAuS 12
- Audit Considerations Relating to
Entities Using Service Organisations
AUDIT EVIDENCE
SLAuS 13
- Audit Evidence
SLAuS 14
- Audit Evidence – Additional Considerations
for Specific Items
SLAuS 15
- Initial Engagements – Opening Balances
SLAuS 16
- Analytical Procedures
SLAUS 17
- Audit Sampling
SLAuS
18
- Audit of Accounting Estimates
SLAuS 19
- Related Parties
SLAuS 20
- Subsequent Events
SLAuS 21
- Going Concern
SLAuS 22
- Management Representations
USING WORK OF OTHERS
SLAuS 23
- Using the Work of Another Auditor
SLAuS 24
- Considering the Work of Internal Auditing
SLAuS 25
- Using the
Work of an Expert
Audit
Conclusions & Reporting
SLAuS 26
- The Auditor’s Report on Financial Statements
SLAuS 27
- Corresponding Figures
SLAuS 28
- Other information in Documents Containing
Audited Financial Statements
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