The Board has finalised the following structure to develop the
Cost Audit and Assurance Standards&guidelines for the benefit
of the Practicing members and other stake-holders :
Section 1Preface&Authority. Section 2Frame work
Section 3Audits and review of Cost Information
1. CAAS 300Basic Principles governing Cost Audit
2. CAAS 310 Objectives & Scope of the audit of Cost
Records
3. CAAS 320Planning an Audit of Cost Statements
4. CAAS 330 Cost Audit EngagementTerms and
Responsibility
5. CAAS 340Documentation
Section 4Risk Assessment and Response to Assessed Risk
6. CAAS 400Knowledge of Business and Process
7. CAAS 410Audit Materiality
8. CAAS 420Risk and Internal Control Assessments
Section 5Audit Evidence
9. CAAS 500Analytical Procedures
10. CAAS 510Audit Sampling
11. CAAS 520Quality Control of Audit and Reporting
S. C. Mohanty, Chairman
12. CAAS 530Related Party and Transfer Pricing
Section 6Using work of others
13. CAAS 600Relying upon the work of an Internal Auditor
14. CAAS 610Using the work of any other Auditor
15. CAAS 620Using the work of an Expert
Section 7- Audit and Assurance Engagements
16. CAAS 700Assurance Engagement
17. CAAS 710Analysis of Cost Statements
18. CAAS 720 Responsibility on Engagement to sign a
Compliance report
19. CAAS 730Auditing in IT Environment.
20. CAAS 740Auditing under XBRL Environment.
Section 8Audit Conclusions and Reporting
21. CAAS 800Auditors Report on Cost Statement
22. CAAS 810Qualifications in Audit Report
23. CAAS 820Cost Audit Reporting under XBRL.
Section 95Related Services
24. CAAS 900Responsibility on Engagement to Compile
Cost Records.
25. CAAS 910Limited Review of Cost Statements
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