Home › CA Final › auditing › Audit Planning Strategy and Execution › Which Standard on Auditing primarily addresses p…
Which Standard on Auditing primarily addresses planning an audit of financial statements?
ASA 300
BSA 200
CSA 315
DSA 500
Answer & Solution
Correct answer: B. SA 200
1. SA 300 specifically governs "Planning an Audit of Financial Statements".
2. SA 200 is overall objectives, SA 315 is risk identification, SA 500 is audit evidence.
3. SA 300 requires both an overall audit strategy and a detailed audit plan.
_Source: ICAI BoS CA Final Paper 3, Ch 2 "Audit Planning Strategy and Execution"_
Related questions
Audit planning is BEST viewed as:When changes in audit strategy require re-evaluation of engagement risk, the partner shoulA first-year audit's opening balances are governed by:For an audit involving multiple components in different geographies, the engagement partneWhen the engagement team finds that a planned procedure cannot be performed (e.g. inventorUnder SA 300, the auditor's plan for tests of controls in the current year is influenced bThe engagement partner should determine that the engagement team has the appropriate compeA material weakness in the entity's controls over journal entries is identified at plannin