Regulation 125 — REGULATIONS_AUDIT

125. Authority and Purpose (1) Auditing Standards issued by the Comptroller and Auditor General set out the professional standards of auditing for the Comptroller and Auditor General’s organisation as well as for its personnel. (2) Auditing standards establish the norms applicable to all audit engagements undertaken by the Comptroller and Auditor General. (3) All audit engagements as per the audit mandate of the Comptroller and Auditor General shall be conducted in accordance with Auditing Standards issued by the Comptroller and Auditor General. (4) Auditing standards determine the audit procedures that shall be applied in audit and constitute the criteria or benchmark

(s) against which the quality of audit results is evaluated. (5) Auditing standards apply to all types of audit including financial audit, compliance audit, performance audit and any combination of such audits. (6) Auditing standards shall be periodically updated, revised or modified by the Comptroller and Auditor General in keeping with the applicable international auditing standards, while keeping in view the provisions in the Constitution of India, the Act and other relevant statutes, extant rules and these regulations.