The strategy + the plan. Setting scope, timing and direction of the engagement.
To plan the audit so that it will be performed in an effective manner — overall audit strategy + detailed audit plan.
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.
Editable, letterhead-ready formats that put SA 300 into practice — built from the ICAI working-paper set, free to download.
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SA 300 — Planning an Audit of Financial Statements — is a Standard on Auditing issued by the ICAI Auditing and Assurance Standards Board. The strategy + the plan. Setting scope, timing and direction of the engagement. To plan the audit so that it will be performed in an effective manner — overall audit strategy + detailed audit plan.
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 300 in the planning phase, that means evidencing: 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.
