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Independence
 

Independence

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    Independence Independence Presentation Transcript

    • CODE OF ETHICS
      • Cases & Issues of Unjustified
      • Removal of Auditors:
      • Independence of Auditors
    • Unjustified Removal of Auditors
      • Section 224 – Appointment & Remuneration of Auditor
      • Section 224A – Auditor not to appointed except with the approval of the company by special resolution in certain cases.
      • Section 225 – Provisions as to resolutions for appointing or removing auditors
      • Clause (8)&(9) Part I of Schedule I of CA Act,1949
    • Relationship with Other Members in Practice
      • Communication with outgoing Auditor in case of change of auditor
      • Compliance with the requirement of section 224, 224A & 225 of the Companies Act, 1956
    • Communication with outgoing Auditor in case of change of auditor
      • Non-compliance of the Provisions of Section 224, 224A & 225 of the Companies act, 1956
      • Undercutting of Fees
      • Non-payment of undisputed audit fees
      • Issuance of a qualified report
    • Compliance with the requirement of Sec. 224, 224A & 225 of the Companies Act
      • To ensure that the outgoing is properly removed
      • That the guidelines prescribed by the Institute have been complied with
      • To ensure that the incoming auditor is properly appointed.
    • INDEPENDENCE
      • Independence of Mind
      • Independence in Appearance
    • Independence Should be Exhibited in
      • Objectivity
      • Integrity
      • Professional Services
    • Threats of Independence
      • Self - Interest Threat
      • Advocacy Threat
      • Familiarity Threat
      • Intimidation Threat
      • Self Review Threat
    • Safeguards
      • Safeguards Created by the Profession, Legislation or Regulation
      • Safeguards within the Assurance Client
      • Safeguards within the Firm/s own Systems & Procedures
    • Safeguards Created by the Profession, Legislation or Regulation
      • Education, Training & Experience
      • Continuing Education Requirements
      • Professional Standards & Disciplinary Processes.
      • External Review of Firms Quality Control System.
      • Legislation Governing Independence
    • Safeguards within the Assurance Client
      • Competent Employees to make Managerial Decisions.
      • Policies and Procedures for fair Financial Reporting.
      • Internal Procedures
      • Corporate Governance Structure
    • Safeguards within the Firms own Systems & Procedures
      • Firm Leadership
      • Policies & Procedures for Quality Control
      • Documented Independence regarding Identification of threats and Application of Safeguards.
      • Disciplinary Mechanism
    • Objective & Structure
      • Identifying Threats to Independence
      • Evaluating the Threats
      • Applying appropriate Safeguards to eliminate or reduce the threats.
    • Public Interest Public Consists of
      • Clients
      • Credit Granters
      • Government
      • Employers
      • Employees
      • Investors
      • Business
      • Financial Community
    • Objectives
      • Credibility
      • Professionalism
      • Quality of Services
      • Confidence
    • Fundamental Principles
      • Integrity
      • Objectivity
      • Professional Competence and Due Care
      • Confidentiality
      • Professional Behavior
      • Technical Standards.