Revised Auditing Standards, 2017
In exercise of powers conferred by the DPC Act, as amended from time to time, the CAG framed the Regulations on Audit and Accounts, 2007, which provide the overarching governance framework for both accounting and auditing functions. The CAG’s Auditing Standards constitute the next layer of the audit governance framework and set out the professional standards of auditing for the organisation as well as for its personnel - the individual auditors. As an ongoing initiative for continuous improvement and benchmarking, these standards are periodically reviewed, restructured and updated.
The Auditing Standards were first brought out by the Department in 1994, which were subsequently revised in 2002. The third edition of the Auditing Standards has been finalised for adoption within the Department and are effective from 1 April 2017. These standards are ‘Type of Audit‘ based standards as against the earlier version, which were process based standards.
These standards incorporate the Prerequisites for the functioning of Supreme Audit Institutions and Fundamental Auditing Principles of the International Standards of Supreme Audit Institutions, which have been suitably adapted with due consideration of the audit mandate and rules applicable to the institution of the CAG (SAI India). These standards determine the audit procedures that shall be applied in audit and constitute the criteria or benchmark against which the quality of audit results is evaluated.
The Auditing Standards stipulate the General and Specific Standards. The General Standards prescribe the principles relating to the basic audit concepts and principles relating to the audit process - Planning, Conducting, Reporting and Follow up of audits and are applicable to all types of audit. The Specific Standards prescribe the specific applicability of the general and process related principles to financial, compliance and performance audits.
These standards can be seen by accessing the link provided under Resources --> CAG’s Auditing Standards 2017 at our website www.saiindia.gov.in.
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