Document Details |
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| Name of Department/Committee : | MSD 10 | ||||
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| Document Number : | MSD 10 ( 26869) | ||||
| Document Title [English] : | Assurance Engagement Standard - Part 2 : Conducting Assurance Engagements for All Matters Other Than Statutory Financial Information – Guidance (First Revision) | ||||
| Document Title [Hindi] : | आश्वासनबद्धता पर मानक - भाग 2 : वैधानिक वित्तीय जानकारी के अलावा अन्य सभी मामलों के लिए आश्वासनबद्धता — दिशानिर्देश (पहला पुनरीक्षण) | ||||
| Document Type : | Revision | ||||
| Language : | English | ||||
| Priority : | 3 | ||||
| ICS Code : | 03.100.01 | ||||
| Date of Project Approval : | 30-10-2024 | ||||
| Standards to be Revised : |
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| Standards to be Superseded : | |||||
Classification Details |
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| Group : | Management systems/services and corporate social responsibilities |
| Sub Group : | Social Responsibility |
| Sub Sub Group : | Social Issues |
| Aspects : | Others |
| Risk : | None |
| Certification : | None |
| Short Commom Man's Title : | |
| ITCHS Code : | |
| Ministry : | |
| Sustainable development Goals : | |
| Degree of Equivalence : | Indigenous |
| Identical/Equivalent Standards : | |
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| Sl.No. | Synosis Points | |
| 1 | 1.1 This standard (Part 2) provides guidance to assurance engagement team for conducting assurance engagements, an organization or a reporting entity for implementation of Part 1 of this standard on the following: | |
| 2 | a) to identify potential scenarios that could pose a challenge to the engagement risks for complying and adherence with the requirements of the essential virtues; | |
| 3 | b) nature of safeguards that could be applied for mitigating and or neutralizing the identified engagement risks; and | |
| 4 | c) in establishing an effective quality control system (QCS), supported by effective process and procedures for accepting, conducting, reviewing, maintaining and conducting independent quality control review of assurance engagements. | |
| 5 | 1. This standard applies to an assurance engagement team and or a quality control reviewer (QCR) and or an organization and or a reporting entity that intends to conduct internal and or external assurance engagement as per Part 1 of this Standard. | |
| 6 | 2. Some specific clauses of this standard are denoted in the form of the superscript ‘NAFIAE’ (not applicable for internal assurance engagements). Such clauses are not applicable from the perspective of conducting an internal assurance engagement, as per Part 1 of this Standard. | |
Timeline Details |
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Stages |
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| Sl. No. |
Stage | Date of Occurence | Remarks | Circulated to | Files |
| 1 | Generation of Document Number | 30-10-2024 | ------- | ||
| 2 | P-Draft Waived | 30-10-2024 | ------- | ||
| 3 | WC Draft | 30-10-2024 | Duration : 60 Days Submitted for HOD approval |
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| 4 | WC Draft | 07-11-2024 | WC approved by HOD |
MSDC MSD 10, | ------- |