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Microlesson · 5-min read

SA 260 – Communication with TCWG: Process, Adequacy & Documentation

# SA 260 – Communication with TCWG: Process, Adequacy & Documentation

## The Communication Process

The auditor must communicate with those charged with governance (TCWG) regarding:

  • Form, timing and expected general content of communications (established upfront)
  • Significant audit findings — must be in writing if oral communication would be inadequate
  • Auditor independence — in writing for listed entities only

> Written communications need not include all matters that arose during the audit.

### What the Auditor Communicates

CategoryExamples
Auditor's responsibilitiesForming and expressing an opinion; the audit does not relieve management of its duties
Planned scope & timingNature, extent and timing of audit procedures
Significant findingsQualitative aspects of accounting policies; significant difficulties encountered; circumstances affecting the auditor's report

### Independence Communication (Listed Entities Only)

A statement that the engagement team and others in the firm have complied with relevant ethical requirements regarding independence.

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## Adequacy of the Communication Process

The auditor must evaluate whether two-way communication with TCWG has been adequate.

If communication has not been adequate, the auditor must evaluate the effect on:

1. Assessment of risks of material misstatement

2. Ability to obtain sufficient appropriate audit evidence

3. Take appropriate action accordingly

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## Documentation (SA 260 read with SA 230)

Mode of CommunicationDocumentation Requirement
OralRecord when communicated, to whom, and what was communicated
WrittenRetain a copy as part of the audit file

> Communicating significant deficiencies in IC in writing reflects the importance of these matters and assists TCWG in fulfilling their oversight responsibilities.

Worked example

### Example 1

Scenario – Oral vs Written: During the audit of Heera Ltd, the auditor identified that revenue recognition policies were applied inconsistently across two business segments, affecting comparability. The auditor decides oral discussion in the closing meeting is insufficient given the materiality of the issue. Application: SA 260 requires the auditor to communicate significant findings in writing when oral communication would not be adequate. The auditor must send a written report to the audit committee describing the inconsistency and its potential effect on the financial statements.

### Example 2

Scenario – Listed Entity Independence: ABC & Co. is auditing Prism Infra Ltd, a listed company. Before issuing the audit report, the audit partner must communicate to the audit committee. Application: For listed entities, the written communication must include a statement that the engagement team and all relevant firm members have complied with ethical independence requirements. This is mandatory even if no independence threat was identified — it is a positive confirmation, not just an exception report.

⚠️ Common exam mistakes

  • Assuming all matters discussed orally need not be documented — SA 230 requires oral communications to be recorded (when, to whom, what).
  • Applying the independence communication requirement to all entities — it applies only to listed entities.
  • Treating the communication as a one-way reporting exercise — SA 260 specifically requires two-way communication; adequacy of this exchange must be evaluated.
  • Including every audit matter in the written communication — written communications need not cover all matters that arose during the audit, only significant ones.
Bare-Act text Para IV – The Communication Process · SA 260 (ICAI) – Communication with Those Charged with Governance · click to expand
The auditor shall communicate in writing with those charged with governance regarding significant findings from the audit if, in the auditor's professional judgment, oral communication would not be adequate. The auditor shall communicate with those charged with governance on a timely basis.
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