The Institute of Chartered Accountants of India (ICAI) has developed a comprehensive Review & Monitoring Tool to help audit firms adhere to Standards on Auditing Compliance. This new tool contains detailed checklists covering all the Standards on Auditing, enabling ICAI members to effectively ensure compliance and maintain sufficient audit documentation.
Key Features and Benefits
The Review & Monitoring Tool has several useful features:
i) Dashboard for Reviewing Compliance Status
ii) Convenient Access to Standards on Auditing
iii) Illustrative Goals for Each Standard
iv) Detailed Checklists for Each Standard
v) References for Audit Documentation
The tool serves as a tracking mechanism to monitor completion status and flag areas of concern. By regularly updating the work status, users can monitor progress which is summarized on the dashboard.
Overall, the tool aids in practical compliance and encourages maximum utilization of the checklists.
Accessing the Review & Monitoring Tool
ICAI members can download the Review & Monitoring Tool for Standards on Auditing Compliance here:
Monitoring Tool for Standards on Auditing Compliance
The compilation has been meticulously prepared and users have been encouraged by ICAI to derive maximum benefit from these checklists.
Conclusion
The Review & Monitoring Tool offers an efficient system to monitor auditing standards compliance. With its detailed checklists mapped to each SA, progress dashboards, and audit documentation references, auditors can effectively track completion status and address areas of concern. Regular usage of this tool will support quality audit compliance as per ICAI’s SAs.