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SA 300 — Planning an Audit of Financial Statements

Issued by ICAI AASB · Planning

The strategy + the plan. Setting scope, timing and direction of the engagement.

Objective

To plan the audit so that it will be performed in an effective manner — overall audit strategy + detailed audit plan.

Key requirements

  • Preliminary engagement activities (independence, continuance decision)
  • Audit strategy memorandum — scope, timing, direction
  • Detailed audit plan — nature, timing and extent of risk-assessment and further procedures
  • Plan changes documented and approved by the engagement partner

Typical procedures

  • Audit strategy memo signed by engagement partner
  • Detailed audit plan covering each significant account
  • Resource allocation and timing — staff, manager, partner days

Common pitfalls

  • Audit plan stays at the strategy level — no procedural detail
  • Missing the link between risk assessment and the planned audit response
  • Plan never updated to reflect mid-audit findings
On CORAA
SA 300 strategy memo template — placeholders for scope, materiality, risk areas, team allocation. Open the matching module →

SA 300 in practice

SA 300 sits in the Planning phase of the audit. The Standards on Auditing are issued by the ICAI Auditing and Assurance Standards Board (AASB) and deemed to be prescribed by the Central Government under Section 143(10) of the Companies Act 2013. Compliance with SAs is mandatory for every audit conducted by a Chartered Accountant in India.

For authoritative text, refer to the ICAI AASB Compendium of Standards on Auditing at icai.org.

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SA 315 — Identifying and Assessing Risks of Material Misstatement