NFRA’s Interpretation of Para 21 of SA 260 (Revised)
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- Last Updated on 19 September, 2022
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Para 21 of the SA 260 (Revised) says that
“The auditor shall communicate with those charged with governance on a timely basis.”
Meaning of the word “communicate”
Communication envisaged by SA 260(Revised) is
two-way communication and
timely communication.
Communication means timely communication which means communication during the audit process and not communication at the conclusion of the audit. .
Communication to “those charged with governance”:
Interpretation of “Those Charged with Governance” (TCWG) – Para 12 of SA provides that if the auditor communicates with a subgroup of those charged with governance, for example, an audit committee, or an individual, the auditor shall determine whether the auditor also needs to communicate with the governing body. In determining whether communicating with a subgroup of TCWG amounts to communication with TCWG or he needs to communicate with governing body also, the auditor is required by Para A5 of SA 260 (Revised) to take take into account such matters.
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