Nepal Standards on Auditing (New)

As per the decision of 224th Council meeting, the following Nepal Standards on Auditing revised and drafted based on IAASB hand book 2016 edition, are applicable voluntarily from 1st Shrawan 2075 & mandatory from 1st Shrawan 2076 except for NSA 701 - Communicating Key Audit Matters in the Independent Auditor's Report.

Nepal standards on Auditing
(Based on IAASB Hand Book 2016 Edition)

LIST OF STANDARDS

S.No.

NSA No.

Standards

NEPAL STANDARDS ON QUALITY CONTROL(NSQCs)

1

NSQC1

Nepal Standard on Quality Control (NSQC) 1 : Quality Control For Firms that Perform Audits and Reviews Of Financial Statements, and Other Assurance and Related Services Engagements

AUDITS OF HISTORICAL FINANCIAL INFORMATION

200-299 GENERAL PRINCIPLES AND RESPONSIBILITIES

1

NSA 200

Overall Objective of the Independent Auditor and  the conduct of an Audit in Accordance with Nepal Standards on Auditing

2

NSA 210

Agreeing the Terms of Audit Engagements

3

NSA 220

Quality Control for an Audits of  Financial Statements

4

NSA 230

Audit Documentation

5

NSA 240

The Auditor's Responsibilities Relating to Fraud in an Audit of Financial Statements

6

NSA 250

Consideration of Laws and Regulations in an Audit of Financial Statements

7

NSA 260 (Revised)

Communication with Those Charged with Governance

8

NSA 265

Communicating Deficiencies in Internal Control to Those Charged with Governance and Management

300-499 RISK ASSESSMENT AND RESPONSE TO ASSESSED RISKS

9

NSA 300

Planning an Audit of financial statements

10

NSA 315(Revised)

Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment

11

NSA 320

Materiality in Planning and Performing an Audit

12

NSA 330

The Auditor’s Responses to Assessed Risks

13

NSA 402

Audit Considerations Relating to an Entity Using a Service Organization

14

NSA 450

Evaluation of Misstatements Identified during the Audit

500-599 AUDIT EVIDENCE

15

NSA 500

Audit Evidence

16

NSA 501

Audit Evidence-Specific Considerations for Selected Items

17

NSA 505

External Confirmations

18

NSA 510

Initial Audit Engagements—Opening Balances

19

NSA 520

Analytical Procedures

20

NSA 530

Audit Sampling

21

NSA 540

Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures

22

NSA 550

Related Parties

23

NSA 560

Subsequent Events

24

NSA 570 (Revised)

Going Concern

25

NSA 580

Written Representations

600-699  USING THE WORK OF OTHERS

26

NSA 600

Special considerations-Audit of Group Financial statements (including the work of component Auditors)

27

NSA 610(Revised)

Using the work of Internal Auditors

28

NSA 620

Using the work of an Auditors Expert

700-799 AUDIT CONCLUSIONS & REPORTING

29

NSA 700 (Revised)

Forming an opinion and Reporting on financial statements

30

NSA 701

Communicating Key Audit Matters in the Independent Auditors Report

31

NSA 705 (Revised)

Modifications to the opinion in the Independent Auditors report

32

NSA 706 (Revised)

Emphasis of  Matter Paragraphs and other  Matter Paragraphs in the Independent Auditors Report

33

NSA 710

comparative information-corresponding Figures and comparative Financial Statements

34

NSA 720 (Revised)

The auditor's responsibilities relating to Other information in Documents Containing Audited Financial statements.

800-899 SPECIALIZED AREAS

35

NSA 800 (Revised)

special Considerations-Audit of financial statements Prepared in accordance with special Purpose Frame works

36

NSA 805 (Revised)

special Considerations-Audits of Single Financial statements and Specific Elements, Accounts or Items of a Financial statements

37

NSA 810 (Revised)

Engagements to Report on Summary of Financial Statements

NEPAL AUDITING PRACTICE NOTES

38

NAPN 1000

Special considerations in Auditing Financial Instruments

AUDITS AND REVIEW OF HISTORICAL FINANCIAL INFORMATION

2000-2699 NEPAL STANDARDS ON REVIEW ENGAGEMENTS(NSREs)

39

NSRE 2400

Engagement to Review Financial Statement

40

NSRE 2410

Review of Interim Financial Information Performed by the Independent Auditor of the Entity

ASSURANCE ENGAGEMENTS OTHER THAN AUDITS OR REVIEWS OF HISTORICAL FINANCIAL INFORMATION

3000-3699 NEPAL STANDARDS ON ASSURANCE ENGAGEMENTS (NSAEs)

3000-3399 APPLICABLE TO ALL ASSURANCE ENGAGEMENTS

41

NSAE 3000

Assurance Engagements Other than Audits or Reviews of Historical Financial Information

3400-3699 SUBEJECT SPECIFIC STANDARDS

42

NSAE 3400

The Examination of Prospective Financial Information

43

NSAE 3402

Assurance Reports on Controls at a Service Organization

44

NSAE 3410

Assurance Engagements on Greenhouse Gas Statements

45

NSAE 3420

Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus

RELATED SERVICES

4000-4699 NEPAL STANDARDS ON RELATED SERVICES (NSRSs)

46

NSRS 4400

Engagements to Perform Agreed-Upon Procedures Regarding Financial Information

47

NSRSs
4410(Revised)

Compilation engagements

48

AUDIT QUALITY

A Framework for Audit Quality: Key Elements that Create an Environment for Audit Quality

49

ASSURANCE FRAMEWORK

Amened Nepal Framework for Assurance Engagements