What are Auditing Standards?
The Standards on Auditing is an
area which requires greater focus of CA in practice as well as our administrative
bodies who are updating our members. The
Companies Act 2013 has discussed it in detail which was absent in erstwhile act.
As per Sec 2 (7) “auditing standards” means the standards of auditing or any
addendum thereto for companies or class of companies referred to in sub-section
(10) of section 143.
Sec 143 (9) reads “Every auditor shall comply with the auditing standards.”
As per Sec 143 (10) The Central Government may prescribe the standards of auditing or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, constituted under section 3 of the Chartered Accountants Act, 1949, in consultation with and