Understanding Audits
According to the Institute of Chartered Accountants of India: “Auditing is defined as a systematic and independent examination of data, statements, records, operations and performance (financial or otherwise) of an enterprise for a stated purpose..
"Auditing is such an examination of the books, accounts and vouchers of a business's shall enable the auditor to satisfy himself whether or not the balance sheet is properly drawn up so as to exhibit a true and correct view of the state of affairs of the business according to his best of the information given to him .
INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (ICAI) The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament, viz.
The Chartered Accountants Act, 1949 (Act No..
The 'Handbook of Auditing Pronouncements' is issued by the Auditing and Assurance Standards Board of ICAI with a view to provide the text of all these pronouncements to the members at one place..
Standards on Auditing issued by the Institute of Chartered Accountants of India (ICAI) are critical in ensuring and enhancing audit quality
It is essential that auditors implement these Standards in letter and spirit in their audit engagements
9 Standards on Internal Audit (SIAs) issued by the Internal Audit Standards Board of the Institute focus on the principles to be followed, the objectives to be achieved and the essential considerations for the internal auditor in planning, conducting, documenting and reporting on internal audit
Guidance Note on Audit of IFC 80 internal auditors and plan the number of locations or business units at which the auditor would otherwise need to perform auditing procedures, subject to compliance with the requirements of SA 610 “Using the Work of Internal Auditors”
