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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