1) Complying with SAS Relevant to the Audit
The auditor shall comply with all SAs relevant to the audit.An SA is relevant to the audit when the SA is in effect and the circumstances addressed by the SA exist
Have an understanding of the entire text of an SA
Do not represent compliance with SAS in the auditor’s report unless the auditor has complied with SA-200 and all other SAS relevant to the audit.
2) Objectives Stated in Individual SAs
Determine whether any AP in addition to those required by the SAs are necessary for pursuance of the objectives stated in the SAs Evaluate whether SAAE has been obtained
3) Complying with Relevant Requirements
The auditor shall comply with each requirement of an SA
Unless Entire SA is not relevant; or
Requirement is not relevant because it is conditional and the condition does not exist
In exceptional circumstances, auditor may depart from a relevant requirement in an SA. In such circumstances, the auditor shall perform alternative Auditing Procedures to achieve the aim of that requirement.
4) Failure to Achieve an Objective
That judgment takes account of the results of the audit procedures performed in complying with the requirement of the SAs and Whether the Auditor has obtained Sufficient and Appropriate Audit Evidence.
If an objective in a relevant SA cannot be achieved, the auditor shall evaluate whether this prevents the auditor from achieving the overall objectives of the auditor and thereby requires the auditor to modify the auditor’s opinion or withdraw from the engagement.
Failure to achieve an objective represents a significant matter requiring documentation as per SA-230
Every Auditor is bound to adhere to the code of ethics as prescribed by The Institute of Chartered Accountants of India.