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This Standard describes the overall objective and scope of the audit of general purpose financial statements of an enterprise by an independent auditor. The Standards deals with the following important aspects of an audit:

  • Objective of an Audit: expression of opinion, the concept of true and fair view

  • Responsibility for Financial Statements: responsibility of the management vis a vis auditor

  • Scope of Audit: factors determining scope, reliability and sufficiency of audit evidence, disclosure aspects, undiscovered material misstatements, etc.

    The Standard is effective for all audits relating to accounting periods beginning on or after April 1, 1985.

Issued in April, 1985.
Published in the Handbook of Auditing Pronouncements, Vol. I, (Edn. 2003).
Also available as a separate publication of the Institute (Price: Rs. 20/-).
ISBN: 81-85868-35-2.

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