Cost Audit and Assurance Standard on Knowledge of Business, its Processes and the Business Environment

Cost Audit and Assurance Standard on Knowledge of Business, its Processes and the Business Environment https://www.taxtmi.com/acts?id=20011 CAAS-104 requires cost auditors to acquire sufficient knowledge of the business, its processes and environment to identify events, transactions and practices that could significantly affect cost statements. Auditors must understand the entity's operations, governance, cost accounting policies, performance measures, internal controls, internal audit adequacy, IT systems and cost information systems. They must identify and assess risks of material misstatement at the cost statement and assertion levels, including fraud and related-party transactions, and adjust audit procedures accordingly. en-us Fri, 11 Sep 2015 17:05:01 +0530 Fri, 11 Sep 2015 17:05:01 +0530 TaxTMI RSS Generator Cost Audit and Assurance Standard on Knowledge of Business, its Processes and the Business Environment https://www.taxtmi.com/acts?id=20011 CAAS-104 requires cost auditors to acquire sufficient knowledge of the business, its processes and environment to identify events, transactions and practices that could significantly affect cost statements. Auditors must understand the entity's operations, governance, cost accounting policies, performance measures, internal controls, internal audit adequacy, IT systems and cost information systems. They must identify and assess risks of material misstatement at the cost statement and assertion levels, including fraud and related-party transactions, and adjust audit procedures accordingly. Act-Rules Companies Law Fri, 11 Sep 2015 17:05:01 +0530 https://www.taxtmi.com/acts?id=20011