Indore: Standards on Quality Controls implemented to prevent frauds

Indore (Madhya Pradesh): Sanjiv Singhal, chairman of the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India (ICAI), has said that, just as doctors are respected in society because they protect lives and soldiers are given respect for defending the country, CAs, too, are respected in society as they prevent possible frauds and save public money. Therefore, the Standards on Quality Controls (SQCs) have been implemented to prevent frauds and improve the quality of audit. The information should be given in the report, he added.

Singhal said this while addressing a seminar here on Sunday, organised by the CA Indore Branch of ICAI. Describing company audit, Singhal said it was also necessary to report the stock statement while doing audit of a company. Many cases have been noticed in which the stock appearing in the books has skyrocketed against the stock statement given to the bank. If there is a difference, it is mandatory to report such cases to them.

Kemisha Soni said the auditor’s work starts only after the arrival of an assignment and they have to document all communications. He said a ready checklist was available in various publications on the website of ICAI.

Manoj Phadnis, past national president, spoke on the new reporting requirement and Schedule 3. The programme was conducted by Atishay Khasgiwala. In the programme, Aseem Trivedi asked queries from the members, which were answered by an expert panel comprising Ashok Khasgiwal, Manoj Phadnis and so forth. Past chairman of CA Indore Branch Kirti Joshi, Prakash Vohra, MD Agarwal and others were present at the programme.