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RTI, MUMBAI / DAY 1 / Slide 1.3.1 WELCOME TO A TALK ON… AUDITING STANDARDS.

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Presentation on theme: "RTI, MUMBAI / DAY 1 / Slide 1.3.1 WELCOME TO A TALK ON… AUDITING STANDARDS."— Presentation transcript:

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2 RTI, MUMBAI / DAY 1 / Slide 1.3.1 WELCOME TO A TALK ON… AUDITING STANDARDS

3 RTI, MUMBAI / DAY 1 / Slide 1.3.1 INTRODUCTION  Audit Mandate -  CAG’s (DPC) Act, 1971 prescribes functions, duties and powers of SAI  Audit Mandate includes Audit of  Receipt and Expenditure from  Consolidated Fund

4 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Introduction (contd.)  Contingency Fund and Public Accounts  Trading, Manufacturing, Profit and Loss Account and Balance Sheet  Accounts of Stores and Stock  Government Companies  Statutory Corporations  Authorities and Bodies substantially financed  Grants and Loans for specific purposes

5 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Audit Objectives  To safeguard financial interests of the Government  Uphold and promote public accountability  Sound and economical financial practices  Audit assists Parliament/Legislatures in exercising financial control through  PACs/COPUs

6 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Audit objectives (contd.)  Executive Governments and not Audit is responsible for enforcing economy and efficiency in expenditure

7 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Scope of Audit  Term includes financial as well as performance audit

8 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Basic Postulates  Audit must exercise its best judgement in determining -  audit procedure  basis of forming opinion  contents of his report  due professional care

9 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Basic Postulates (contd.)  test audit and hence auditor is not responsible  independent attitude  Audit independent  Auditor’s right to inspect any record, documents, call for information, clarification

10 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Auditing standards can be broadly grouped under  1General Standards  2Operational Standards  3Reporting Standards

11 RTI, MUMBAI / DAY 1 / Slide 1.3.1 1GENERAL STANDARDS AProfessional BManuals and Instructions CQuality Assurance

12 RTI, MUMBAI / DAY 1 / Slide 1.3.1 General Standards -Professional  Qualification  Training  Auditor should develop proper insight

13 RTI, MUMBAI / DAY 1 / Slide 1.3.1 General Standards  Manuals and instructions

14 RTI, MUMBAI / DAY 1 / Slide 1.3.1 General Standards  Quality Assurance  Appropriate internal control system to ensure quality of work

15 RTI, MUMBAI / DAY 1 / Slide 1.3.1 2. OPERATIONAL AUDIT STANDARDS  Audit Planning  Financial Statement Audit  Regularity and Legal Audit  Performance Audit

16 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Operational Standards - Audit Planning  Audit should be properly guided  directed and  supervised  sufficient understanding of the internal control system of the auditee organisation

17 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Operational Standards - Financial Statements Audit  Financial Statements are accurate and complete  True and fair view  prepared based on generally accepted accounting principles(GAAPs)  sufficient disclosure

18 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Operational Standards - Performance Audit  Achievement of physical and financial goals and targets  social and economic objects  utilisation of resources as per projected outlay  cases of overpayment, losses, avoidable, excess or infructuous expenditure due to improper planning

19 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Operational Standards - Performance Audit(contd..)  Delays in completion  overstaffing

20 RTI, MUMBAI / DAY 1 / Slide 1.3.1 2OPERATIONAL AUDIT STANDARDS(contd)  Audit of Receipts  Audit of Government Companies  Auditing in EDP Environment  Audit Evidence  (i)Sufficiency  (ii)Relevance  (iii)Competence

21 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Reporting Standards  Field Audit Report -  Observations and conclusions in an appropriate form  Contents should be easy to understand  Report should be complete

22 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Reporting Standards (contd.)  Accurate  Convincing  Clarity  Concise  Follow up of Audit Reports

23 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Reporting Standards (contd.)  Report should be free from vagueness or ambiguity  relevant information  supported by audit evidence  timeliness

24 RTI, MUMBAI / DAY 1 / Slide 1.3.1 Reporting Standards (contd.)  Follow up of Audit reports  Adequate  Prompt  Proper

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