News Items on Auditing Topics

The Standard on Auditing (SA) that provides guidance to auditors on quality control procedures for an audit of financial statements. The SA sets out the specific responsibilities of the auditor and engagement quality control reviewer in relation to quality control systems, policies, and procedures.

Ind AS are the Indian version of International Financial Reporting Standards (IFRS). The standards were developed by the Ministry of Corporate Affairs (MCA) as a way to bring India’s financial reporting in line with global best practices. They are meant to provide more consistency, transparency, and accuracy when it comes to financial statements.