SCAs as approved by CAASB & the Council

We wish to inform that the following Standards on Cost Auditing (SCAs) have been forwarded during financial year 2015-16 to the Ministry of Corporate Affairs, Government of India for its approval in terms of proviso to section 148(3) of the Companies Act 2013.

These SCAs have been approved by the Cost Auditing & Assurance Standards Board (CAASB) after considering the comments/ suggestions of stakeholders and subsequently also by the Council of the Institute.

These SCAs have been uploaded on the Institute website for the benefit and general information of the members and stakeholders. The mandatory application of these Standards in an audit of cost records shall come in force after approval of the Central Government and notification by the Institute of Cost Accountants of India.

SCAs as approved by CAASB & the Council

SCA-105 Agreeing the Terms of Cost Audit Engagements

SCA-106 Audit Sampling

SCA-107 Audit Evidence

SCA-108 Materiality in Planning and Performing a Cost Audit

SCA-109 Cost Auditor’s Responsibility relating to Fraud in an Audit of Cost Statements

SCA-110 Written Representations

SCA-111 Evaluation of Misstatements identified during the Cost Audit

SCA-112 Analytical Procedures

SCA-113 Using the work of internal Auditor

SCA-114 Using the Work of Cost Auditor’s Expert

SCA-115 Communication with Those Charged with Governance

SCA-116 Communicating Deficiencies in Internal Control to Those charged with Governance and Management

SCA-117 Identifying and Assessing the Risks of Material Misstatement

SCA-118 The Cost Auditor’s Responses to Assessed Risks

SCA-119 Related Parties

Please click here to download above SCAs

CMA P. Raju Iyer
Chairman, CAASB
CMA J.K. Budhiraja
Secretary, CAASB

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Category : CA CS ICWA (3095)
Type : News (11061)
Tags : CMA (301) Cost accounting standard (30)

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