Designing audit procedures responsive to the assessed risks of material misstatement.
To obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement, through designing and implementing appropriate responses.
SA 330 sits in the Risk Assessment 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 330 into practice — built from the ICAI working-paper set, free to download.
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SA 330 — The Auditor's Responses to Assessed Risks — is a Standard on Auditing issued by the ICAI Auditing and Assurance Standards Board. Designing audit procedures responsive to the assessed risks of material misstatement. To obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement, through designing and implementing appropriate responses.
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 330 in the risk assessment phase, that means evidencing: Overall responses at the FS level (e.g. emphasis on professional skepticism, partner involvement); Further audit procedures at the assertion level — tests of controls and substantive procedures; Substantive procedures required for each material class of transactions / balance / disclosure.
