audit standards

The Institute of Chartered Accountants of India (ICAI) has revised its internal audit standards to strengthen internal audit practices in the country. The current revision, approved by the ICAI council last week, addresses issues such as effects of laws and regulations in conducting internal audit, responsibility of management for compliance with laws and regulations, responsibility of internal auditor and internal audit procedures. Full Article

To bring in a more transparent and credible auditing system in the country, the government proposes to give explicit legal status to the audit standards prepared by the Institute of Chartered Accountants of India (ICAI), minister of corporate affairs Prem Chand Gupta said here on Saturday. The minister said that the Companies Bill, 2008, now [...] Full Article