ICAI issues four more auditing standards

 ·                                 Posted: Wed, Dec 24 2008. 11:52 PM IST Need to Know | ICAI issues four more auditing standards

The revised standard relates to auditing accounting estimates, including fair value accounting estimates and related disclosures, audit sampling, initial engagements (opening balances) and related parties

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New Delhi: The Institute of Chartered Accountants of India (ICAI) has issued four new standards for auditing aspects like fair value and audit sampling.

“The council of the institute, in its recently concluded meeting, has approved four more standards on auditing. They relate to important aspects in the audit process such as fair value, audit sampling, analytical procedures and opening balances,” ICAI said in a statement on Wednesday. The meeting was held on 18-20 December.

The revised standard relates to auditing accounting estimates, including fair value accounting estimates and related disclosures, audit sampling, initial engagements (opening balances) and related parties.

The standard will be applicable from April next year.

—PTI

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