New Standard from Last Update.

1. SCOPE

1.1 This Indian Standard (Part 1) is applicable for conducting the following types of assurance engagements, for subject matter and information that is other than statutory financial information:

a) Internal assurance engagements (first and second party assurance engagements):

1) by a firm and its own auditors; and

2) by a reporting entity and its own auditors and or a sole practitioner, as applicable.

b) External assurance engagements (third-party assurance engagements):

1) by a firm and its own auditors and or a sole practitioner, as applicable.

NOTE - Select types of information or performance reported for internal and or external purpose by a reporting entity is mentioned in Annex A.

1.2 Some specific clauses of this standard are denoted by ‘NAFIAE’ (Not applicable for internal assurance engagements). Such clauses are not applicable from the perspective of conducting an internal assurance engagement as per this standard.