Communique from the Chairman - CAASB

Communique from the Chairman - CAASB

Chairman Communique Dated 16th April, 2012

http://www.icwai.org/icwainew/CAASB/docs/CAASB-Communique.pdf

 

 

 

Cost Audit and Assurance Standards and Guidance Notes proposed to be developed by the Cost Audit and Assurance Standards Board.

The Council of the Institute of Cost Accountants of India has constituted the Cost Audit and Assurance Standards Board (CAASB) entrusting the responsibility to formulate standards and develop guidance notes in the areas of auditing, assurance, related services and quality control.

Section 1 – Preface and Authority Announcement by the Council of the Institute regarding status of various documents. Preface to the Cost Audit and Assurance Standards

Section 2 - Framework Framework of Cost Audit & Assurance Practices and Guidance Notes Expressions

Section 3 – Audits and review of Cost Information 1.   CAAS 300 - Basic Principles governing Cost Audit  2.   CAAS 310 - Objectives & Scope of the audit of Cost Records 3.   CAAS 320 - Planning an Audit of Cost Statements 4.   CAAS 330 - Cost Audit Engagement - Terms and Responsibility  5.   CAAS 340 - Documentation

Section 4 – Risk Assessment and Response to Assessed Risk 6.   CAAS 400 - Knowledge of Business and Process  7.   CAAS 410 - Audit Materiality 8.   CAAS 420 - Risk and Internal Control Assessments

Section 5 – Audit Evidence 9.   CAAS 500 - Analytical Procedures 10. CAAS 510 - Audit Sampling 11. CAAS 520 - Quality Control of Audit and Reporting  12. CAAS 530 - Related Party and Transfer Pricing

Section 6 – Using work of others 13. CAAS 600 - Relying upon the work of an Internal Auditor  14. CAAS 610 - Using the work of any other Auditor 15. CAAS 620 - Using the work of an Expert

Section 7 –Audit and Assurance Engagements 16. CAAS 700 - Assurance Engagement  17. CAAS 710 - Analysis of Cost Statements  18. CAAS 720 - Responsibility on Engagement to sign a Compliance report  19. CAAS 730 - Auditing in IT Environment.  20. CAAS 740 - Auditing under XBRL Environment.

Section 8 – Audit Conclusions and Reporting 21. CAAS 800 - Auditor’s Report on Cost Statement  22. CAAS 810 - Qualifications in Audit Report 23. CAAS 820 - Cost Audit Reporting under XBRL.

Section 9 – Related Services 24. CAAS 900 - Responsibility on Engagement to Compile Cost Records.  25.  CAAS 910 - Limited Review of Cost Statements

Guidance Notes: (1) Audit of specific regulated or non-regulated Industries  (2) Other audit assignments such as Excise Audit, VAT Audit, Inventory Audit, Concurrent Audit, Internal Audit, Audit of Stock Brokers.... (3) Certification Assignment

(Approved in the 271st meeting of the CAASB held on 24th September 2011 at New Delhi)