Auditing And Assurance Standards

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Auditing And Assurance Standards

Auditing And Assurance Standards

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  • 1. Auditing and Assurance Standards By: Roshan Samuel III B’Com “B”
  • 2. AAS 19 – Subsequent Events
    • The purpose of the AAS is to establish standards on the auditor’s responsibility regarding subsequent events.
    • The AAS – 19 states that:
    • “ The auditor should consider the effect of subsequent events on the financial statements and on the Auditor’s Report.”
  • 3. Subsequent Events
    • It refers to significant events occurring between the Balance Sheet date and the date of the Auditor’s Report.
  • 4. Auditor’s Procedures
    • Reviewing management procedures
    • Reading minutes of meetings of shareholders, BOD held after BS date
    • Reading entities latest available interim financial statements
    • Inquiring or extending previous written or oral inquiries with company lawyers
    • Inquiring with management of any subsequent events.
  • 5. Conclusion
    • When auditor is aware of subsequent events which materially affect the financial statements, he should consider whether the effect has been accounted for in the financial statements.
  • 6. Effective For
    • All audits commencing on or after 1 st April 2000
  • 7. AAS 34 - Audit Evidence - Additional Considerations for Specific Items
    • The purpose of this AAS is to establish standards on the auditor's responsibilities, procedures and provide additional guidance to that contained in AAS 5, "Audit Evidence", with respect to certain specific financial statement amounts and other disclosures.
  • 8. Components of AAS – 34
    • Part A: Attendance at Physical Inventory Counting
    • Part B: Inquiry Regarding Litigation and Claim
    • Part C: Valuation and Disclosure of Long-term Investments
    • Part D: Segment Information
  • 9. Part A: Attendance at Physical Inventory Counting
    • Auditor must obtain sufficient appropriate audit evidence during his attendance at physical inventory counting
    • Existence and condition
    • Where its impracticable, consider alternative procedures to provide sufficient appropriate audit evidence
  • 10. Part B: Inquiry Regarding Litigation And Claims
    • "Litigation" is a lawsuit or legal action including all proceedings therein. "Claims" is a right to payment or right to an equitable remedy for breach of performance
    • Material effect on the financial statements
    • Communicate with the entity's lawyers and such other professionals to whom the entity engages for litigation and claims
  • 11. Part C: Valuation And Disclosure Of Long Term Investments
    • AS 13
    • Valuation and disclosure
    • Ownership and existence
  • 12. Part D: Segment Information
    • Information to be disclosed in respect of reportable segments as given in Accounting Standard (AS)17, Segment Reporting
    • When it is material to the financial statements, he should obtain sufficient appropriate audit evidence regarding its disclosure
  • 13. Effective For
    • This AAS becomes operative for all audits related to accounting periods beginning on or after 1st April, 2005.