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Preface to the Standards on Quality Control, Auditing, Assurance, Review, and Related Services rendered by the Cost Accountants

CAAS - Preface - Rule - Companies Law - CAAS - Preface - CAAS - Preface Introduction This (CMAs) has been issued to facilitate understanding of the scope and authority of the pronouncements of the Cost Audit and Assurance Standards Board (CAASB) issued under the authority of the Council of the Institute of Cost Accountants of India. The Institute of Cost Accountants of India is committed to the goal of developing the cost and management accountancy profession in India. In furtherance of this goa .....

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dit. Therefore, it will not be appropriate to adopt in full or with modifications the International Standards on Auditing issued by the IAASB. However in formulating the standards, the CAASB will ensure that the framework and other aspects of the International Standards are considered, to the extent relevant and applicable to cost audit. Standards issued by the Cost Audit and Assurance Standards Board under the authority of the Council of the Institute of Cost Accountants of India The CAASB issu .....

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ants. (e) Standards on Related Services - to be applied in such other related service assignments rendered by the Cost Accountants as may be specified by the Institute of Cost Accountants of India. While formulating the Standards, the CAASB takes into consideration the applicable laws, usage and business environment prevailing in India. CAASB also takes into account the relevant provisions of Cost and Works Accountants Act, Rules and Regulations, Code of Professional Ethics, Cost Accounting Stan .....

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tation of the applicability of a specific Standard is made clear in the Standard itself. Pending development of the Standards on Quality Control, the Guidance Manual for Audit Quality issued by the Institute prevails in respect of all services rendered by the Cost Accountants. Pending development of the Standards on Auditing, Review Assignments and Assurance Assignments, the Statement on Generally Accepted Cost Audit and Assurance Practices issued by the CAASB under the authority of the Council .....

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be complied with by the members of the Institute, wherever applicable. If a particular Standard or any part thereof is inconsistent with any law in force, the provisions of the said law prevails. Guidance Notes Guidance Notes are issued to assist the professional cost accountants in implementing the Standards on Quality Control, Standards on Auditing, Assignment Standards, and Standards on Related Services issued by the CAASB under the authority of the Council of the Institute. Guidance Notes a .....

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the Guidance Note. Technical Guides, Practice Manuals and other Papers The CAASB may also publish Technical Guides, Practice Manuals and other Papers. Technical Guides are generally aimed at imparting broad knowledge to the professional cost accountants about a particular aspect of an industry. Practice Manuals are aimed at providing additional guidance to the professional cost accountants in performing audit and other related assignments. Other Papers are aimed at promoting discussion or debat .....

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a constituted the Cost Audit and Assurance Standards Board (CAASB) in 2007 entrusting the responsibility to formulate Standards and develop Guidance Notes in the areas of auditing, review, assurance, related services and quality control. Composition of the CAASB The composition of the CAASB is fairly broad based to ensure participation of all interest groups in the standard setting process. Apart from six members of the Council of the Institute nominated in the CAASB, the following are represent .....

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sed to include a maximum of two eminent persons having relevant knowledge and expertise not falling under the categories mentioned above. The Chairman of the CAASB is nominated by the Council of the Institute. The quorum of the CAASB is five members. The terms and period of appointment of the chairman and other members, excluding the nominee members, is decided by the Council of the Institute. This is, however, restricted to the term of the Council. Objectives and Functions The following are the .....

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andard or on auditing issues pertaining to any specific industry or on generic issues so that they may be issued under the authority of the Council of the Institute. (d) To formulate and issue Technical Guides, Practice Manuals and other Papers under its own authority for guidance of Cost Accountants in the cases felt appropriate by the Board. (e) To review the existing Standards, Guidance Notes, Technical Guides, Practice Manuals and other Papers to assess their relevance in the changed conditi .....

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ers, members of other committees of the Institute, members of the Institute and/or recommendations received from the Government, regulators, industry associations, or other interest groups. II. CAASB determines the priorities of various proposals on hand for the development of the Standards. III. CAASB constitutes separate Task Force or Study Group to develop preliminary draft of each Standard based on appropriate research and consultation with all interest groups, other professionals and regula .....

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e-drafted by the Task Force/Study Group, the revised draft is again considered by the CAASB with inputs from the Technical Directorate. Based on the discussions held, CAASB clears the draft Standard. This is then issued as an Exposure Draft under the authority of the CAASB. VI. Each Standard generally follows the following structure. In case of deviation, suitable explanation is provided by the Task Force/Study Group preparing the Standard. 1. Introduction 2. Objectives of issuing the standard 3 .....

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d among other bodies for their comments. Exposure Draft is also sent to the following bodies: i. Ministry of Corporate Affairs, Government of India ii. Comptroller and Auditor General of India iii. Reserve Bank of India iv. Central Board of Direct Taxes v. Central Board of Excise and Customs vi. Securities and Exchange Board of India vii. Institute of Chartered Accountants of India viii. Institute of Company Secretaries of India ix. Industry Associations such as CII, FICCI, ASSOCHAM and PHDCCI x .....

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ting. X. After taking into consideration the comments received, the draft of the proposed Standard is finalised by the CAASB and submitted to the Council of the Institute for its consideration and approval. XI. The Council of the Institute considers the final draft of the proposed Standard, and if found necessary, modifies the same in consultation with the CAASB. The concerned Standard is then issued under the authority of the Council of the Institute. XII. The effective date of implementation o .....

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(GNC) to develop draft of each Guidance Note. Each Committee has a minimum of three members, of which at least one is a member of the CAASB and others with backgrounds as preparers of cost statements, auditors and regulators. One of the members of CAASB is the Chairman of the said Committee. He is authorised to co-opt maximum two members with the consent of the Chairman, CAASB. III. The draft Guidance Note prepared by the GNC is considered by the CAASB with inputs from the Technical Directorate .....

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. Exposure draft of the Guidance Note is hosted on the website of the Institute for comments of stakeholders and public at large. Copies of the Exposure Draft are sent to the members of the Central Council, Past Presidents, members of the Regional Councils & Chapters and circulated among other bodies for their comments. VI. To allow adequate time for due consideration and comment from all interested parties, exposure period is of minimum 45 days or higher as decided by the CAASB. VII. The co .....

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