It recommended revision of the Standard on Quality Control (SQC1), as Standards on Quality Management (SQM 1 and SQM 2) and SA600 on the lines of the global Standards on Quality Management (ISQM1 and ISQM2).
It also recommended conforming adjustments in the liability of joint auditors under SA 299, for consistency, by making the joint auditors jointly and severally responsible,
It also recommended conforming adjustments in the liability of joint auditors under SA 299, for consistency, by making the joint auditors jointly and severally responsible,
The three SAs, SA 800 (Revised) (Special Considerations-Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks, SA 805 (Revised) (Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement, SA 810 (Revised) (Engagements to Report on Summary Financial Statements) also for notifying under Section 143(10) of the Companies Act, 2013 also recommended.
The Authority also approved the other 33 Auditing Standards on lines of corresponding Global Standards.
In line with the practice followed globally in countries such as the UK, Australia, and Singapore, the Authority also decided to recommend to the Central Government to name the Auditing Standards as IndSAs.
Upon the approval of the Central Government, these Standards are recommended to be effective from 1.04.2026