ICAI has released updated/revised (2024) edition of certain Standards on Auditing relating to Specialized Areas, i.e. SA 800, 805 & 810, on 7th February 2024.
These revised standards (SAs 800, 805 & 810) will apply to audits and engagements for financial years beginning on or after April 1, 2024. This means they will be effective for audits conducted for the financial year 2024-25 and onwards. The older version of these audit standards, as available on ICAI website, will continue to apply for audits or engagements conducted for the financial year 2023-24.
Imagine you’re a Chartered Accountant conducting an audit for a company’s financial statements for a financial year beginning on or after April 1, 2024, you’ll need to follow the revised auditing standards, i.e. SA 800 (Revised), SA 805 (Revised) or SA 810 (Revised). However, if you’re auditing financial statements for the financial year starting before April 1, 2024, you can use the older versions of these standards.
ICAI’s Revised SA 800, 805 & 810: Specialized Areas
1) SA 800: Special Considerations – Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks;
2) SA 805: Special Considerations – Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement; and
3) SA 810: Engagements to Report on Summary Financial Statements.
In short, ICAI has issued revised Auditing Standards SA 800, SA 805, and SA 810, applicable for financial years starting from April 1, 2024, onwards. Existing standards will remain valid until audits for the financial year 2023-24. Stakeholders can access the extant standards on ICAI’s website.