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Auditing and Assurance Standard - Audit Process, Auditing and Secretarial Practice Video Lecture | Auditing and Secretarial Practice - B Com
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FAQs on Auditing and Assurance Standard - Audit Process, Auditing and Secretarial Practice Video Lecture - Auditing and Secretarial Practice - B Com
| 1. What is the audit process? |  |
Ans. The audit process refers to the systematic examination of a company's financial records, statements, and internal controls to ensure their accuracy and compliance with accounting standards. It involves several steps, including planning, risk assessment, testing of controls, substantive testing, and issuing an audit report.
| 2. What are Auditing and Secretarial Practices in B Com? | |
Ans. Auditing and Secretarial Practices in B Com is a subject that covers the principles and practices of auditing and secretarial work in the context of business commerce. It includes topics such as audit planning, audit evidence, audit procedures, secretarial practices, corporate governance, and compliance with relevant laws and regulations.
| 3. What are the Audit Standards? | |
Ans. Audit Standards are guidelines and procedures established by professional accounting bodies, such as the International Auditing and Assurance Standards Board (IAASB) and the Institute of Chartered Accountants of India (ICAI), to govern the conduct and quality of audits. These standards provide auditors with a framework to plan, perform, and report on audits consistently.
| 4. What is the role of an auditor in the audit process? | |
Ans. The role of an auditor in the audit process is to independently examine and evaluate a company's financial statements, internal controls, and accounting practices. The auditor's objective is to express an opinion on the fairness and reliability of the financial statements and to identify any material misstatements or fraud. Auditors also assess the adequacy of internal controls and provide recommendations for improvement.
| 5. What is the importance of auditing and secretarial practice in business? | |
Ans. Auditing and secretarial practices play a crucial role in business as they help ensure the accuracy, reliability, and transparency of financial information. Auditing provides assurance to stakeholders, such as investors, lenders, and regulators, about the company's financial health and compliance with laws and regulations. Secretarial practices, on the other hand, ensure proper corporate governance, compliance with legal requirements, and efficient management of company records and meetings.
Text Transcript from Video
hello everyone and welcome to this
session on auditing and assurance
standards and overview
my name is Leon verges by profession I
am a chartered accountant and have spent
more than twelve years in the various
big four firms and have experience in
auditing large corporate groups like the
Tatas raela's Siemens British Petroleum
etc in today's session what we'll try
and do is get a quick overview of the
various auditing standards which are
applicable in India and I'll not only
understand the concepts of auditing
standards but also try and walk through
each auditing standard in terms of how
does it actually apply in a real time
audit environment for us to start by
by the audit process the auditor
enhances the usefulness and the value of
the financial statement and also
increases the credibility of the other
non audit information released by
management now in times where investors
like shareholders bankers various
analysts need to invest in various
companies the financial statements of
those companies need to be authenticated
need to be more reliable and for this
purpose auditor and the auditing
profession gain significance over the
past few years with the economic boom
and more and more global investors
coming to where to invest in various
organizations the goal of auditor and
the audit profession is gaining
significance now all the past few years
because of this amount of reliance on
the auditor the role of the auditor
become not only important but also he is
expected to follow professional
standards and be more and more dedicated
in terms of how he does his audit with
this context and to keep a proper
discipline in the profession of audit
the various auditing standards have been
codified now the history of auditing
standards goes way back to 1973 where
the International Federation of
accountants in the UK set up the various
auditing standards in India also the ICA
I had set up various standards and
formed the auditing practices committee
which not only was looking up after the
ethics of the profession but was setting
up standards from time to time
now what happened during the economic
boom of the 1990s and 2000 was that
various accounting and auditing firms
large focus on audit and tried to focus
more and more on non-audit services and
started gaining more of Nan order to
revenue as a result of which if you can
see the various forms like Price
Waterhouse Ernst and Young
they are audit fees and non audit fees
comparison the non audit fees but much
much higher than the audit fees and the
result of that what happened was the big
words for the big world scams of the
Enron Volcom and others and this
ultimately resulted in firms like Arthur
Andersen more than hundred years old
coming to to scratch and ground so as a
result of a bad phase in the accounting
profession and the audit profession at
large what resulted was that there was
more need for having stringent auditing
standards for having a stronger law and
to have a stronger oversight board what
was done in the u.s. at this point of
time was the sub lence Oxley Act came up
the PCAOB was set up and various other
initiatives were carried out also in the
year 2004 it was felt that the
international standards on Auditing need
to be made more harmonized across the
globe and the clarity project of setting
up international standards globally was
set up so what
done as a result of this clarity project
was it was felt that there was need for
more self-regulation from the profession
versus various government regulations
and it was felt need for having stricter
regulations and more public oversight
so what is the clarity project under the
clarity project the Institute of
Federation of accountants the European
Union the United States Securities and
Exchange Commission the Public Company
Accounting an oversight board all have
set up harmonized auditing standards and
ICAI as a part of this clarity project
has also accepted this harmonized
auditing standards as a result of which
in the last one or two years all the
auditing standards which were applicable
in India have been revamped have been
recoded and have now been harmonized
with the international auditing
standards
so what do you mean by auditing
standards auditing standards serve as a
guideline fall and measures of the
quality of the auditors performance
IASB issues international auditing
standards and they are issued to the
various members of the international
fraternity
session on auditing and assurance
standards and overview
my name is Leon verges by profession I
am a chartered accountant and have spent
more than twelve years in the various
big four firms and have experience in
auditing large corporate groups like the
Tatas raela's Siemens British Petroleum
etc in today's session what we'll try
and do is get a quick overview of the
various auditing standards which are
applicable in India and I'll not only
understand the concepts of auditing
standards but also try and walk through
each auditing standard in terms of how
does it actually apply in a real time
audit environment for us to start by
by the audit process the auditor
enhances the usefulness and the value of
the financial statement and also
increases the credibility of the other
non audit information released by
management now in times where investors
like shareholders bankers various
analysts need to invest in various
companies the financial statements of
those companies need to be authenticated
need to be more reliable and for this
purpose auditor and the auditing
profession gain significance over the
past few years with the economic boom
and more and more global investors
coming to where to invest in various
organizations the goal of auditor and
the audit profession is gaining
significance now all the past few years
because of this amount of reliance on
the auditor the role of the auditor
become not only important but also he is
expected to follow professional
standards and be more and more dedicated
in terms of how he does his audit with
this context and to keep a proper
discipline in the profession of audit
the various auditing standards have been
codified now the history of auditing
standards goes way back to 1973 where
the International Federation of
accountants in the UK set up the various
auditing standards in India also the ICA
I had set up various standards and
formed the auditing practices committee
which not only was looking up after the
ethics of the profession but was setting
up standards from time to time
now what happened during the economic
boom of the 1990s and 2000 was that
various accounting and auditing firms
large focus on audit and tried to focus
more and more on non-audit services and
started gaining more of Nan order to
revenue as a result of which if you can
see the various forms like Price
Waterhouse Ernst and Young
they are audit fees and non audit fees
comparison the non audit fees but much
much higher than the audit fees and the
result of that what happened was the big
words for the big world scams of the
Enron Volcom and others and this
ultimately resulted in firms like Arthur
Andersen more than hundred years old
coming to to scratch and ground so as a
result of a bad phase in the accounting
profession and the audit profession at
large what resulted was that there was
more need for having stringent auditing
standards for having a stronger law and
to have a stronger oversight board what
was done in the u.s. at this point of
time was the sub lence Oxley Act came up
the PCAOB was set up and various other
initiatives were carried out also in the
year 2004 it was felt that the
international standards on Auditing need
to be made more harmonized across the
globe and the clarity project of setting
up international standards globally was
set up so what
done as a result of this clarity project
was it was felt that there was need for
more self-regulation from the profession
versus various government regulations
and it was felt need for having stricter
regulations and more public oversight
so what is the clarity project under the
clarity project the Institute of
Federation of accountants the European
Union the United States Securities and
Exchange Commission the Public Company
Accounting an oversight board all have
set up harmonized auditing standards and
ICAI as a part of this clarity project
has also accepted this harmonized
auditing standards as a result of which
in the last one or two years all the
auditing standards which were applicable
in India have been revamped have been
recoded and have now been harmonized
with the international auditing
standards
so what do you mean by auditing
standards auditing standards serve as a
guideline fall and measures of the
quality of the auditors performance
IASB issues international auditing
standards and they are issued to the
various members of the international
fraternity
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Dec 19, 2024 Last updated |
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