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
