In SA 210/260 there is a contradiction. That in SA 260, it is said that just after accepting the audit we should say tcwg that our audit work will not relieve ur responsibility. But in SA 210, this is included in preconditions. Little confused pls resolve.

Questions › Category: SA-210 › In SA 210/260 there is a contradiction. That in SA 260, it is said that just after accepting the audit we should say tcwg that our audit work will not relieve ur responsibility. But in SA 210, this is included in preconditions. Little confused pls resolve.

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Shubham asked 7 years ago

3 Answers

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audit Staff answered 7 years ago

You have said that ruko… Preconditions btao have you agree and comply with the preconditions.

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Ravi Staff answered 7 years ago

SA 210 says it is precondition that “Management” accepts responsibility to prepare financial statements, which should be in the form of agreement (engagement letter)
SA 260 says that this information should be communicated to “TCWG” that our responsibility is restricted to giving opinion.
So it is clear 210 is with Management
& Communication under SA 260 is with TCWG

please comment if there is anything else 🙂

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audit Staff answered 7 years ago

It means that first we ask management about preconditions. And then to communicate such responsibility info. To TCWG. But sir in Company audit the appointment of first Auditor is by the BOD who are TCWG. ?????