Standards on Auditing - A brief introduction

 Audit in itself is the discipline that is not standalone , but  encompasses  gaining knowledge in all field relating to Costing , Applicable Legal framework , Financial Reporting framework , Taxation framework as well as the Management framework and that is something which attaches paramount importance to the need of Auditing . 

Institute of Chartered Accountants of India  is the regulatory body that governs and lays down the principles , process and procedures of Auditing in India . In order to ensure Governance and regulations for Conducting Audit , the ICAI of India has formed a body - AASB     - The Auditing and Assurance Standards Board which comprises of representatives of various segments of the society and interest groups , such as , regulators , industry and academics -  that is entrusted with the responsibility of framing and  reviewing the audit practices in India . The Body has laid down Auditing and Assurance Standards collectively known as Engagement Standards and Quality control standards which are broadly categorized as under :-

        Over and above the standards , ICAI has also laid down several Guidance Notes , which are though recommendary in nature but are quite essential for effective results to be achieved .