How the auditor deals with the prior period figures presented alongside the current period.
To obtain sufficient appropriate audit evidence about whether the comparative information agrees with the amounts and other disclosures presented in the prior period or has been appropriately restated, and to report in accordance with the auditor's responsibilities.
SA 710 sits in the Reporting 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 710 — Comparative Information: Corresponding Figures and Comparative Financial Statements — is a Standard on Auditing issued by the ICAI Auditing and Assurance Standards Board. How the auditor deals with the prior period figures presented alongside the current period. To obtain sufficient appropriate audit evidence about whether the comparative information agrees with the amounts and other disclosures presented in the prior period or has been appropriately restated, and to report in accordance with the auditor's responsibilities.
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 710 in the reporting phase, that means evidencing: Determine whether the financial statements include the comparative information required by the applicable framework and whether it is appropriately classified; Evaluate whether the comparative information agrees with the prior period amounts, and whether accounting policies are consistently applied; Where a prior period misstatement exists, perform additional procedures on the comparatives.
