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ICAI is one of the founder members of the International Federation of Accountants (IFAC), South Asian Federation of Accountants (SAFA), and Confederation of Asian and Pacific Accountants (CAPA). ICAI was formerly the provisional jurisdiction for XBRL International in India. In 2010, it promoted eXtensible Business Reporting Language (XBRL ...
Statutory audit refers to the audit based on the laws applicable on the entity for the time being in force. It is governed by the Indian Accounting Standards (Ind-AS) issued by Institute of Chartered Accountants of India from time to time. A Chartered accountant holding a certificate of practice in India is qualified to be a statutory auditor.
Indian Accounting Standard (abbreviated as Ind_AS) is the accounting standard adopted by companies in India and issued under the supervision of Accounting Standards Board (ASB) which was constituted as a body in the year 1977.
Based on the report of forensic auditor appointed by banks the latter declares an account as fraud or wilful defaulter [5] and such procedure was missing earlier. [2] The guidelines are being drafted after consulting RBI, Ministry of corporate affairs, the comptroller and auditor general of India, and the Securities and Exchange Board of India ...
The three resources that form the framework are: [20] [21] [22] Description Criteria, titled Criteria for describing a set of data and evaluating its integrity, introduced in 2017, is intended for use by management and CPAs to describe and report on their risk management measures. [23]
An auditor's report is a formal opinion, or disclaimer thereof, issued by either an internal auditor or an independent external auditor as a result of an internal or external audit, as an assurance service in order for the user to make decisions based on the results of the audit.
Phase IV: complete the audit and issue an audit report [ edit ] After the auditor has completed all procedures for each audit objective and for each financial statement account and related disclosures, it is necessary to combine the information obtained to reach an overall conclusion as to whether the financial statements are fairly presented.
The Institute of Internal Auditors, a global professional audit standards body, has issued practice advisory 2330-1 stating the goals of audit working papers are to: [1] Document the planning, performance, and review of audit work; Provide the principal support for audit communication such as observations, conclusions, and the final report;