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Auditing Standards
The Auditing Practices Committee (re-christened as Auditing and Assurance Standards Board) was constituted in September, 1982 as one the important technical committtes of the ICAI on the lines of the standard setting procedure prevalent abroad. The composition of the Board had been broad based giving representations to RBI, SEBI, CII and Management Institute. The primary objective of the Board, as set out in the Preface to the Statements on Standard Auditing Practices (now renamed as Audint and Assurance Standards), is to review the existing Auditing Practices in India and to formulate the Statements on Standard Auditing Practices which turn are issued under the authority of the Council. While formulating the auditing standards the Board tries to integrate, to the extent possible, the provisions of the International Standards on Auditing issued by the International Federation of Accountants in the light of the conditions and practices prevailing in India . The Board also issues clarifications, Guidance Notes etc. on matters relating to auditing.

During the year under report, the Board issued three indusry specific Guidance Notes for the benefit of the members, viz., Guidance Note on Audit of Companies Carrying on General Insurance Business (Revised), Guidance Note on Audit of Companies Carrying on Life Insurance Business and Guidance Note on Audit of Accounts of Members of Stock Exchanges (Revised). These Guidance Notes were issued in collaboration with the Committee on Insurance and the Committee on Financial Markets and Investor's Protection respectively. The Guidance Note on Audit of Expenses and Guidance Note on Engaements to Perform Agreed upon Procedures were also released during the year.

The Statement on Standard Auditing Practices (SAP) 23 on related Parties and the Statement on Standard Auditing Practices (SAP) 24 ON Audit Considerations relating to Entitites Using Service Organisations were also issued during the year.

During the year, the Board issued the format of the Auditor's Report on Consolidated Financial Statements pursuant to the issuance of the Accounting Standard (AS) 21 on Consolidated Financial Statements.

As a major step towards bringing the reporting practices in India at par with the international practices and also as an attempt to bridge the "Expectation Gap", the Board revised the format of the auditor's report on financial statements issued in 1958. The revised format clearly brings out, inter alia, the responsibility of the management vis a vis the auditor as regards the financial statements, the scope of an audit, the basis of the opinion expressed by the auditor. The revised formar evoked positive response from all sections of the society. The Board is also in the process of formulation Statement on Standard Auditing Practices on Auditor's Report on Financial Statements.

The Statement on Standard Auditing Practices on Risk Assessments and Internal Control has been issued as revised SAP 6.

The Board, pursuant to the issuance of the Accounting Standard (AS) 26 ON Impairment of Assets, is in the process revising the Guidance Note on Audit of Miscellaneous Expenditure shown in the Balance Sheet. The Statement on Standard Auditing Practices (SAP) 10 on Using the Work of Another Auditor was published in the July, 2002 issue of the Journal. The Board also issued the Exposure Draft of the proposed SAP on Comparatives in July, 2002.

A ICAI Handbook 2002 on Auditing Pronouncements comprising of two volumes, as on July 1, 2002 - Volument I of the Handbook containing the text of all the Guidance Notes on matters relating to auditing, which are generic in nature is in the process of release. A CD containing the aforesaid will also be given free of cost along with the said Handbok.

The Board is also working to bring out Statements on Standard Auditing Practices and Guidance Notes corresponding to the International Standards on Auditing and the International Auditing Practices Statements, issued by the International Federation of Accountants.

During the year, the Board also interacted with the Reserv Bank of India and other governmental and regulatory bodies.

In August, 2001, a crisp comparative position of the Indian Accounting Standards vis-a-vis International Accounting Standards and US GAAP was brought out by way of publication title "A comparative Study of Accounting Standards - Indian GAAP, IAS & US GAAP" for providing an upto date reference material to the various useres of the financial statements. This publication was revised later taking into account the subsequent Indian Accounting Standards issued.

A sizeable number of background materials have been brought for the seminars and conferences held all over India relating to Accounting Standards and its implications, International Accounting Standards and US GAAP'S Accounting aspects of Disaster Management, etc.
     
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