As per the decision of 224th Council meeting, the following Nepal Standards on Auditing revised and drafted based on IAASB hand book 2016 edition, are applicable voluntarily from 1st Shrawan 2075 & mandatory from 1st Shrawan 2076 except for NSA 701 - Communicating Key Audit Matters in the Independent Auditor's Report.
Nepal standards on Auditing
(Based on IAASB Hand Book 2016 Edition)
LIST OF STANDARDS
S.No. |
NSA No. |
Standards |
NEPAL STANDARDS ON QUALITY CONTROL(NSQCs) |
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1 |
NSQC1 |
Nepal Standard on Quality Control (NSQC) 1 : Quality Control For Firms that Perform Audits and Reviews Of Financial Statements, and Other Assurance and Related Services Engagements |
AUDITS OF HISTORICAL FINANCIAL INFORMATION |
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200-299 GENERAL PRINCIPLES AND RESPONSIBILITIES |
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1 |
NSA 200 |
Overall Objective of the Independent Auditor and the conduct of an Audit in Accordance with Nepal Standards on Auditing |
2 |
NSA 210 |
Agreeing the Terms of Audit Engagements |
3 |
NSA 220 |
Quality Control for an Audits of Financial Statements |
4 |
NSA 230 |
Audit Documentation |
5 |
NSA 240 |
The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements |
6 |
NSA 250 |
Consideration of Laws and Regulations in an Audit of Financial Statements |
7 |
NSA 260 (Revised) |
Communication with Those Charged with Governance |
8 |
NSA 265 |
Communicating Deficiencies in Internal Control to Those Charged with Governance and Management |
300-499 RISK ASSESSMENT AND RESPONSE TO ASSESSED RISKS |
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9 |
NSA 300 |
Planning an Audit of financial statements |
10 |
NSA 315(Revised) |
Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment |
11 |
NSA 320 |
Materiality in Planning and Performing an Audit |
12 |
NSA 330 |
The Auditor’s Responses to Assessed Risks |
13 |
NSA 402 |
Audit Considerations Relating to an Entity Using a Service Organization |
14 |
NSA 450 |
Evaluation of Misstatements Identified during the Audit |
500-599 AUDIT EVIDENCE |
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15 |
NSA 500 |
Audit Evidence |
16 |
NSA 501 |
Audit Evidence-Specific Considerations for Selected Items |
17 |
NSA 505 |
External Confirmations |
18 |
NSA 510 |
Initial Audit Engagements—Opening Balances |
19 |
NSA 520 |
Analytical Procedures |
20 |
NSA 530 |
Audit Sampling |
21 |
NSA 540 |
Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures |
22 |
NSA 550 |
Related Parties |
23 |
NSA 560 |
Subsequent Events |
24 |
NSA 570 (Revised) |
Going Concern |
25 |
NSA 580 |
Written Representations |
600-699 USING THE WORK OF OTHERS |
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26 |
NSA 600 |
Special considerations-Audit of Group Financial statements (including the work of component Auditors) |
27 |
NSA 610(Revised) |
Using the work of Internal Auditors |
28 |
NSA 620 |
Using the work of an Auditors Expert |
700-799 AUDIT CONCLUSIONS & REPORTING |
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29 |
NSA 700 (Revised) |
Forming an opinion and Reporting on financial statements |
30 |
NSA 701 |
Communicating Key Audit Matters in the Independent Auditors Report |
31 |
NSA 705 (Revised) |
Modifications to the opinion in the Independent Auditors report |
32 |
NSA 706 (Revised) |
Emphasis of Matter Paragraphs and other Matter Paragraphs in the Independent Auditors Report |
33 |
NSA 710 |
comparative information-corresponding Figures and comparative Financial Statements |
34 |
NSA 720 (Revised) |
The auditor's responsibilities relating to Other information in Documents Containing Audited Financial statements. |
800-899 SPECIALIZED AREAS |
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35 |
NSA 800 (Revised) |
special Considerations-Audit of financial statements Prepared in accordance with special Purpose Frame works |
36 |
NSA 805 (Revised) |
special Considerations-Audits of Single Financial statements and Specific Elements, Accounts or Items of a Financial statements |
37 |
NSA 810 (Revised) |
Engagements to Report on Summary of Financial Statements |
NEPAL AUDITING PRACTICE NOTES |
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38 |
NAPN 1000 |
Special considerations in Auditing Financial Instruments |
AUDITS AND REVIEW OF HISTORICAL FINANCIAL INFORMATION |
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2000-2699 NEPAL STANDARDS ON REVIEW ENGAGEMENTS(NSREs) |
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39 |
NSRE 2400 |
Engagement to Review Financial Statement |
40 |
NSRE 2410 |
Review of Interim Financial Information Performed by the Independent Auditor of the Entity |
ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OR REVIEWS OF HISTORICAL FINANCIAL INFORMATION |
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3000-3699 NEPAL STANDARDS ON ASSURANCE ENGAGEMENTS (NSAEs) |
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3000-3399 APPLICABLE TO ALL ASSURANCE ENGAGEMENTS |
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41 |
NSAE 3000 |
Assurance Engagements Other than Audits or Reviews of Historical Financial Information |
3400-3699 SUBEJECT SPECIFIC STANDARDS |
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42 |
NSAE 3400 |
The Examination of Prospective Financial Information |
43 |
NSAE 3402 |
Assurance Reports on Controls at a Service Organization |
44 |
NSAE 3410 |
Assurance Engagements on Greenhouse Gas Statements |
45 |
NSAE 3420 |
Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus |
RELATED SERVICES |
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4000-4699 NEPAL STANDARDS ON RELATED SERVICES (NSRSs) |
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46 |
NSRS 4400 |
Engagements to Perform Agreed-Upon Procedures Regarding Financial Information |
47 |
NSRSs |
Compilation engagements |
48 |
AUDIT QUALITY |
A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality |
49 |
ASSURANCE FRAMEWORK |
Amened Nepal Framework for Assurance Engagements |