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It can only consider accounting standards recommended by ICAI and advise the Government of India to notify them under the Companies Act, 2013. Further, the Accounting Standards so notified are applicable only to companies registered under the companies act, 2013. For all other entities, the accounting standards issued the ICAI continue to apply.
Auditing, Review and Other Standards (formerly known as AAS) are the standards issued by Institute of Chartered Accountants of India. [ 1 ] Companies Act 2013 mandate the auditors to comply with auditing standards.
Chartered Accountants have knowledge of various subjects like accounting, auditing, corporate laws, costing and various aspects of direct and indirect taxation. [1] A Chartered Accountant can work independently as a professional or they can easily get any job in Audit, Taxation, Advisory, Consulting etc.
AU [1] Section 150 states that there are ten standards: [2] three general standards, three fieldwork standards, and four reporting standards. These standards are issued and clarified Statements of Accounting Standards, with the first issued in 1972 to replace previous guidance. Typically, the first number of the AU section refers to which ...
The standards lays down the primary qualitative measures for conducting investigations. The full set of FAIS standards drafted for the forensic professionals by The Institute of Chartered Accountants of India (ICAI) with the help of group of professionals and experts is the first in the accounting world. [1]
The CAG is also the head of the Indian Audit and Accounts Department, the affairs of which are managed by officers of Indian Audit and Accounts Service, and has over 45,000 employees across the country. [citation needed] The CAG is ranked 9th and enjoys the same status as a judge of Supreme Court of India in Indian order of precedence.
An ISAE 3402 attestation including an audit report is regarded as a quality criterion for service providers that distinguishes them from competitors. [ 3 ] It also pays for a customer to contract with a service provider that holds an ISAE 3402 attestation: the auditor of the customer can rely on the attestation of the service organization ...
International Auditing and Assurance Standards Board; International Standards on Auditing; ISA 230 Documentation; ISA 310 Knowledge of the Business; ISA 320 Audit Materiality; ISA 400 Risk Assessments and Internal Control; ISA 500 Audit Evidence; ISAE 3000; ISAE 3402; ISO 19600