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AMENDMENTS IN AUDITING

February 4, 2010 12 comments

HERE is the presentation slides of the seminar cunducted by FAST and CACTUS on the Amendments in Auditing.

This gives you a insight of SA 265,SA 450,SA 720.

must read!!

to DOWNLOAD click the link below……..

AMENDMENTS IN AUDITING

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List Of SAs to be refered for November 2009 Exams

October 14, 2009 7 comments

ICAI has published list of  SAs for  (PCC  & IPCC) \PE2\(Final New & Old Course)  for the purpose of November 2009 Exams.

It has also provided Detailed PDF files for all SAs for the purpose of reference.

For further Details visit the link below.

http://www.icai.org/post.html?post_id=5066&c_id=219

For detailed notes on SAs with all revisions contact CACTUS
To download the list of applicability of SAs in tabular format click below:

SQC 1 Amended!

August 22, 2009 1 comment

The Institute has reduced the time of holding engagement documents as mentioned in the SQC 1 has been reduced from 10 years to 7 years

ANNOUNCEMENT

 

Amendment to SQC 1 – Retention Period
for Engagement Documentation (Working Papers)

 

 

Paragraph 83 of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, states as follows:

 

“83.     The needs of the firm for retention

            ……………….

            ………………

In the specific case of audit engagements, the retention period ordinarily is no shorter than ten years from the date of the auditor’s report, or, if later, the date of the group auditor’s report.” (emphasis added)

 

The Council of the Institute of Chartered Accountants of India, at its 289th meeting held on August 19, 2009 at New Delhi, pursuant to the provisions of Rule 12 of the Chartered Accountants (Procedures of Investigations of Professional and Other Misconduct and Conduct of Cases) Rules, 2007, has decided to amend paragraph 83 of the SQC 1 as follows:

 

“83.     The needs of the firm for retention

            ………………………………

            ………………………………………..

In the specific case of audit engagements, the retention period ordinarily is no shorter than seven years from the date of the auditor’s report, or, if later, the date of the group auditor’s report.” (emphasis added)

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