‘Auditing Standards are our protective shield’
   Date :27-Aug-2021

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Business Bureau :
EVERY Chartered Accountant (CA) is expected to follow all auditing and assurance standards while finalising audit of any entity. To make the members aware about these standards Nagpur Branch had hosted a national conference on ‘Auditing and Assurance Standards’ organised by Auditing and Assurance Standards Board (AASB), ICAI. “Auditing & Assurance Standards should be embraced and learned by all CA professionals” said CA (Dr) Debashis Mitra, Vice President, ICAI while speaking as chief guest at the national conference. He further said, “The highest standards of auditing of accounts of a business entity are required to be followed by every CA member in practice.
That’s the reason, auditing and assurance standards are said to be the heart of audit. Auditing Standards are our protective shield.” Mitra stressed on audit quality front while explaining that 46 auditing and assurance standards have been converged with international standards. Mitra spoke about initiatives of AASB Committee regarding AQMM (Audit Quality Maturity Model), AQI (Audit Quality Indicators) and SQC (Standards for Quality Control) which act as self evaluating indicators to ensure that proper procedure has been followed. CA G Sekar, Chairman of AASB explained about importance of auditing standards. He said that these standards are now available in the form of audio download for members to listen and video lectures are also available from expert speakers for reference by members. “The performance criteria for effective audit is by following of all auditing standards in its true spirit,” said CA Shriniwas Joshi, Vice Chairman of AASB. CA Jaydeep Shah, Past President, ICAI appreciated the efforts of AASB for releasing various implementation guides for auditing and assurance standards to enable members to exercise prudence and caution while conducting audits.
He congratulated CA Mitra for excellent initiatives of ICAI at the centre. “Updation of knowledge is essential for every professional,” said CA Saket Bagdia, Chairman of Nagpur Branch while acknowledging the Committee on AASB, ICAI for allotting this prestigious national conference to Nagpur Branch. He welcomed all the participants of this conference from all over the country. The speakers for Auditing Standards topic were CA Shriniwas Joshi, Central Council Member from Mumbai, CA D Premnath from Hyderabad, CA R S Balaji from Chennai, CA Chinnasamy Ganesan from Chennai, CA Khushroo Panthaky from Mumbai and panel speakers comprising of CA Amarjit Chopra, Past President, ICAI, CA Aniket Talathi, Central Council Member from Ahmedabad and CA Ashutosh Joshi from Nagpur. The sessions were coordinated by CA Jitendra Sagani, Vice Chairman, CA Akshay Gulhane, Treasurer and CA Deepak Jethwani. CA Sanjay M Agrawal, Secretary of Nagpur Branch proposed the vote of thanks.