WEBINARS ON AUDITING EXECUTION – SPECIAL ASPECTS INCLUDING RELATED PARTY AND ACCOUNTING ESTIMATES

To ensure that information provided in the financial statements are of high quality and are acceptable worldwide the Auditing and Assurance Standards board under the council of Institute of Chartered Accountants (ICAI) have formulated few Standards. These are in line with the International Standards issued by the International Auditing and Assurance Board (IAASB).

Standards issued by the AASB include:

Standards of Quality Control (SQCs) for all the services under Engagement Standards. These standards are applicable to all auditing firms which perform audits and reviews of historical financial information including assurances and related service engagements. Standards on Auditing (SAs) for auditing historical financial information. These apply whenever any independent Audit is carried out.

In simpler words, whenever an independent examination of financial information is carried on for ANY entity whether the business motive is to make the profit or not, whether the size of the entity is big or small or even if the entity has any legal form (unless any lays specifies something else) the SAs will be applicable.

In order to guide members to understand the implantation of the SAS, the Chamber has organized a Series of webinars on practical implementation of standards on auditing as follows.