Taxmann's Analysis | Strengthening Compliance with SQC 1 – Key Observations and Recommendations from the AASB of ICAI PDF Download

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Taxmann's Analysis | Strengthening Compliance with SQC 1 – Key Observations and Recommendations from the AASB of ICAI

Taxmann's Analysis | Strengthening Compliance with SQC 1 – Key Observations and Recommendations from the AASB of ICAI PDF Author: Taxmann
Publisher: Taxmann Publications Private Limited
ISBN:
Category : Law
Languages : en
Pages : 16

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Book Description
Understand the critical expectations set by the Auditing and Assurance Standards Board (AASB) of ICAI for compliance with the Standard on Quality Control (SQC) 1. This article analyses the common pitfalls in audit documentation and file assembly and shares effective techniques for managing disputes while ensuring confidentiality. It stresses the importance of thoroughly documenting changes in audit files. The key points include: ‣ Inadequate Retention of Audit Documentation Post-Audit Completion ‣ Delayed Assembly of the Final Audit File Within the Required Timeframe ‣ Insufficient Documentation for Resolving Differences of Opinion During the Audit ‣ Breaches of Confidentiality When Filing Whistleblower Complaints ‣ Unauthorized Additions to the Audit File After Final Assembly