Para 2.1.2 — MSO (Audit)
Original Rule Text
2.1.2 Auditing Standards prescribe the norms of principles and practices the auditors are expected to follow in the conduct of audit. These are separately published and periodically updated. The Auditor must exercise due care and concern in complying with the Auditing Standards.
- Audit Objectives and Scope
What This Means
Auditing Standards are the established norms, principles, and practices that auditors must follow when conducting audit. These standards are published separately and updated periodically by the CAG. Every auditor is required to exercise due care and diligence in complying with them.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Key Points
- 1Auditing Standards prescribe norms for audit conduct
- 2They are separately published and periodically updated
- 3Auditors must exercise due care in complying with these standards
- 4Standards cover principles and practices expected during audit
Practical Example
Before starting an audit of a district education office, the audit team reviews the latest Auditing Standards issued by the CAG to ensure their methodology, documentation, and reporting follow the current requirements — such as maintaining proper working papers and ensuring objectivity in findings.
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.
Frequently Asked Questions
What are Auditing Standards?▼
Are Auditing Standards fixed or do they change?▼
This explanation was generated with AI assistance for educational purposes. Always refer to the official gazette notification for authoritative text.