Mention any three standards issued under authority of ICAI Council which are collectively known as 'Engagement Standards'. (3 Marks) Also mention…

Engagement and Quality control Standards: The following Standards issued under authority of ICAI Council are collectively known as Engagement Standards: Standards on Auditing (SAs) which apply in audit of historical financial information.Standards on Review Engagements (SREs) which apply in review of historical financial information.Standards on Assurance Engagements (SAEs) which apply in assurance engagements other than audits and review of historical financial information.Standards on Related Services (SRSs) which apply in agreed upon procedures to information, compilation engagements and other related service engagements. The purpose of issue of these standards is to establish high quality standards and guidance in the areas of financial statement audits and in other types of assurance services.