Accounting Standards Auditing Assurance Standards C P Mansoor
- Slides: 8
Accounting Standards & Auditing & Assurance Standards C. P. Mansoor S. Ahmed. , M. Com, PGDBA
Introduction – Accounting Standards International Accounting Standards Committee – IASC Accounting Standard Board ASB AS is a selected set of accounting policies ASB – 1977 Harmonize diversified policies to make the system effective and useful. Broad guidelines regarding the principles and methods to be chosen out of the alternatives. ASB – authority in India 2 M & M Ahmed 02 March 2021
Introduction – Auditing & Assurance Standards Auditing Practices Committee – Auditing & Assurance Standard Board Statements on Standard Auditing Practices – Auditing Assurance Standard Framework of services of an auditor • Who Why When Where How 3 M & M Ahmed 02 March 2021
Auditing & Assurance Standard AAS 1 Basic Principle Governing An Audit! Professional Responsibility Independent Examination of Financial Statements irrespective of its Size, or Legal Form Compliance with basic principles – requires application of auditing procedure and reporting practices Integrity, Objectivity and Independence Planning – Time Management Documentation Relying on work performed by others; Delegation Confidentiality Audit Evidence Accounting System & Internal Control Audit Conclusions & Reporting 4 M & M Ahmed 02 March 2021
Indian Accounting Standard 1 Disclosure of Accounting Policies! Significant Accounting Policies Following are the fundamental accounting assumptions: • Going Concern • Consistency • Accrual Better Understanding and a meaningful comparisons of firms Notes to the Accounts – Disclosure (Subjective) 5 Impact of Accounting Policies on the Financial Statements Legal Requirement – Disclosure ICAI Recommends – translation policies of Foreign Currency Items M & M Ahmed 02 March 2021
Indian Accounting Standard 1 Disclosure of Accounting Policies! Differing Situatio n 6 • Methods of Depreciation • Treatment of Expenditure during Construction • Conversion or translation of Foreign currency items • Valuation of Inventories • Valuation of Goodwill • Valuation of Investments • Treatment of Retirement Benefits • Recognition of Profits on long term contracts • Valuation of fixed assets • Treatment of Contingent Liabilities M & M Ahmed 02 March 2021
Indian Accounting Standard 1 Disclosure of Accounting Policies! Major governing consideration for selection are Should Exhibit true & Fair view of the state of affairs 7 • Prudence - Profits • Substance over form – content over law • Materiality – influential to users decision M & M Ahmed 02 March 2021
Indian Accounting Standard 1 Disclosure of Accounting Policies! As a part of Financial Statement One set preferred over many statements, Schedules and notes Change in Accounting Policy Impact of Change on Financial Statement as a result of change in Accounting Policy Disclosur e– Understa nding 8 M & M Ahmed 02 March 2021
- Auditing standards differ from auditing procedures
- Sri lanka auditing standards in sinhala
- Auditing computer based information system
- Internal auditing assurance & advisory services
- Modern auditing and assurance services
- Perbedaan auditing dengan jasa assurance
- Modern auditing and assurance services
- Modern auditing & assurance services
- Mansoor and gore