Role of auditing and assurance standards board in india
Answers
The role of Auditing and Assurance Board in India is to issue auditing standards and review the auditing practices that are currently being followed. It must also formulate the standards for auditing that are set by the authority of the Council. The Board must also include the provisions for auditing laid by the International Federation of Accountants.
"The credibility of financial statements and other types of information is significantly enhanced when it is audited or reviewed by independent public accountants.
In turn, the quality of the work performed by the public accountants is reflective of the strength and clarity of auditing and assurance standards on which this work is based.
The primary role of the Auditing and Assurance Standards Board (AASB) is to develop such standards in the public interest.
The responsibilities of the AASB include the following:
1. developing and maintaining high-quality auditing, other assurance and related services standards, for both the private and public sectors, to respond to emerging needs of decision makers and assurance providers;
2. ensuring that a rigorous due process is followed in developing auditing, other assurance and related services standards, including providing opportunities for input by all those affected by the standards;
3. communicating effectively with those affected by, and interested in, auditing, other assurance and related services standards; and
4. using its volunteer, staff and financial resources efficiently, effectively and economically.
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