Hey everyone, I’m currently pursuing the Chartered Accountant (CA) course in India and I’m facing some difficulties with understanding the auditing standards. Can someone please explain the key principles of auditing and how they are applied in practice in the Indian context? I would really appreciate any help or advice. Thanks!
Audit standards serve as guidelines for auditors to perform their work independently, with professional skepticism, and in accordance with the generally accepted auditing practices. They ensure that audits are conducted with due care, provide reasonable assurance, and detect any deviations or irregularities.
Auditing standards outline the professional responsibility of auditors. Basically, they ensure that auditors are unbiased, independent, and maintain professional skepticism to provide accurate and reliable information.
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