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Auditing

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MEF Applicants can visit at https://meficai.org/ to view the category and other information related to their MEF Application. Any comments/ observations on the details and category can be shared by the MEF Applicants at https://app.meficai.org/complaints latest by 20th Jan., 2021, thereafter no submission for the MEF 2020-21 will be considered.

Announcement

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ICAI vide announcement dated December 21, 2020 issued advisory to follow the ICAI Valuation Standards 2018 while conducting any type of Valuation Engagement to ensure uniformity and transparency.

The ICAI Valuation Standards are applicable for all valuation engagements on mandatory basis for members undertaking valuation engagements under the Companies Act 2013. In respect of Valuation engagements under other Statutes like Income Tax, SEBI, FEMA etc, it will be on recommendatory basis for the members of the Institute. These Valuation Standards are effective for the valuation reports issued on or after 1st July, 2018.

Announcement

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RBI vide Circular dated September 05, 2020 revised format of LFAR (Long Form Audit Report), as mentioned below:

  1. Annex i for Statutory Central Auditors (SCA)
  2. Annex ii for Branch Auditors
  3. An Appendix as part of Annex ii for the specialized branches and
  4. Annexxure iii on Large / Irregular / Critical accounts for branch auditors

Circular

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ICAI vide Press Release dated September 01, 2020 announced to issue Forensic Accounting and Investigation Standards (FAIS). Key takeaways are:

  • There will be 30 standards under six groups and are expected to be ready by the end of December.
  • The decision to have the standards comes at a time when there are rising instances of forensic accounting and investigation assignments related to ascertaining facts in corporate and banking frauds.
  • These set of Standards will result into Process Standardization across the board.
  • The scope of the FAIS is to give ICAI members a good overview of the Forensics and Investigations, how to undertake projects and assignments in these areas, how to conclude the work completed, and finally how to report findings to its stakeholders.

Press Release

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ICAI vide announcement dated August 07, 2020 has issued auditing guidance which contains key considerations for auditors while performing review of financial information in accordance with SRE 2410 given the unique challenges that may arise in the current environment due to COVID 19.

Click the link below to access the Auditing Guidance:

Auditing Guidance

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ICAI has released MCQs on Guidance Note on the CARO, 2020. The objective of this publication is to provide a supplementary resource to the members on the Guidance Note on the Companies (Auditor’s Report) Order, 2020. The publication contains clause-wise MCQs alongwith answers on guidance given in the Guidance Note on the Companies (Auditor’s Report) Order, 2020.

MCQs

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ICAI vide announcement dated July 01, 2020 issued compendium of Auditing Guidance on various aspects amid Covid  19 which includes the following: 1)  Impact of Covid 19 on Audit of Financial Statements 2) Going Concern 3) Physical Inventory Verification 4) Auditor’s Reporting 5) Subsequent Events.

Compendium

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Peer Review Board of ICAI has issued Revised Handbook on Advisories. The Handbook provides guidance to the Practice Units and the Peer Reviewers about the various changes made in the Revised Statement on Peer Review which are important from their perspective like categories into which the Practice Units would be falling, eligibility of a Reviewer, concept of special case review etc. Further, an effort has been made to incorporate the recent changes made by the Board regarding the Peer Review Process, sample size, fees of Peer Review, Illustrative Time schedule, etc.

Handbook on Advisories

 

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