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This Standard establishes standards on what is knowledge of the business, why it is important to the auditor, and to the audit staff working on an engagement. It also establishes standards on why knowledge of the business is relevant to all phases of an audit and how the auditor obtains and uses that knowledge. The AAS therefore deals with the relevant topics such as, obtaining knowledge of the business before and after accepting the assignment, sources of knowledge, using the knowledge, areas affected by the knowledge of the client’s business etc.

The AAS is effective for all audits commencing on or after April 1, 2000.


Issued in April, 2000.
Published in the Handbook of Auditing Pronouncements, Vol. I, (Edn. 2003).
Also available as a separate publication of the Institute (Price: Rs. 15/-).
ISBN: 81-87072-38-5.

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