The umbrella standard — the auditor's objectives, ethical requirements, and the conduct of an audit per the SAs.
To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report with the auditor's opinion.
SA 200 sits in the General 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.
Editable, letterhead-ready formats that put SA 200 into practice — built from the ICAI working-paper set, free to download.
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SA 200 — Overall Objectives of the Independent Auditor — is a Standard on Auditing issued by the ICAI Auditing and Assurance Standards Board. The umbrella standard — the auditor's objectives, ethical requirements, and the conduct of an audit per the SAs. To obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report with the auditor's opinion.
Yes. Standards on Auditing are deemed to be prescribed under Section 143(10) of the Companies Act 2013, and ICAI members must comply with them in every audit of historical financial information. Non-compliance must be justified and can attract professional consequences in peer review, NFRA inspection, and disciplinary proceedings.
Documentation sufficient for an experienced auditor with no previous connection to the audit to understand what was done and why (SA 230). For SA 200 in the general phase, that means evidencing: Compliance with relevant ethical requirements, including independence (ICAI Code of Ethics); Professional skepticism throughout the engagement; Application of professional judgement.
