Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
According to Accounting Standards 200 (SA 200), basic principles of auditing or the basic principles governing an audit describe the basic principles which govern the auditor’s professional responsibilities which must be duly followed by an auditor while carrying out an audit. This piece of information is an overview of the basic principles which govern the auditing responsibilities undertaken by an auditor. According to SA 200 the basic principles which govern an audit are:
According to SA 200, following are the basic principles of auditing:
Another important principle to be kept in mind is the independence of the auditor. An auditor should not have any interest in the organisation being audited as it will hamper in the auditor being independent and impartial during the audit cycle. There should not be any existence of conflict of interests.
After completing the audit, the auditor gives his opinion through an audit report. A clean audit indicates that the auditor does not find financial irregularities in the accounts. The auditor believes that the books represent a true and fair reflection of financial status of an organisation. However, the auditor may provide an adverse or qualified report with a disclaimer if he finds financial irregularities and frauds in the financial accounts.
Read Our Article: Why a Business Plan is Considered as a First Step of Business?
Did you or anybody in your family invest in Axis Bank Limited shares during the 1990s or early...
The Pharmaceutical industry is India's top gross domestic product (GDP) contributor. The market...
In the evolving international trade space, ensuring supply chain security and compliance with t...
Investment in shares of big public sector companies such as Coal India Limited (CIL) provides l...
The Securities and Exchange Board of India (SEBI) issued a circular on May 2, 2025, simplifying...
Are you human?: 3 + 3 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The entertainment industry works and flourishes on human emotions. The entertainment sector comprises different seg...
30 Mar, 2024
One of the most popular methods of financing regularly used by different bankers is working capital finance in the...
01 Jun, 2024