Chartered Accountants - Documentation and Compliance for Audits and Reviews
Author: Pramod Jain
Though auditors of financial statements are regulated by ICAI, yet various stakeholders are assuming regulatory powers including Ministry of Corporate Affairs (through Companies Act, 2013), NFRA, SEBI, RBI, CAG, etc. Frauds in IILF, PMC Bank, PNB, Yes Bank, etc., have raised eyebrows towards their auditors.. The expectation gap needs to be bridged as well as the quality of audit and its documentation needs to be improved drastically and same has been captured in this book in detailed and tabular manner.
All stakeholders are relying on assurance given by auditors through their reports and in case of any fraud or misrepresentation by the management; auditors are invariable called to evidence that they performed their duties with utmost care and in compliance with applicable laws and standards. In such a case only proper and adequate documentation by the auditor can come to their rescue to evidence that they performed their duty with utmost care and best of their ability. This book will be a very helping and guiding tool to the auditors and corporate professionals for proper documentation.
Due to amendments under various regulations, impact of COVID-19 on financial statements and assurance engagements, ICAI Code of Ethics 2019 to be made effective from 1st July 2020, etc. it was thought prudent to revise this book taking into account the role of auditors and audit firms to adequately document their quality controls and performance of their engagements to withstand review of their quality controls and engagements by any regulator. book hast also the update amendments in Technical Professional and Ethical Standards and contains more than 115 drafts of ready to use documents which would be very useful for a practicing Chartered Accountant in his day-to-day delivery of professional service.