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Added by: accountant @ 01 Apr 2009 12:10
ICWAI Professional Body & Professionalism - 5
This is part 5 of the topic Professional Body and Professionalism by CMA B V Prabhakar. He discusses on how accounting bodies IMA-USA, ICWAI-INDIA & ICSI-INDIA apply the above principles.View CMA B V Prabhakar's profileSTATEMENTS ON STANDARD AUDITING PRACTICESThe Cost Accounting Standards, Statements on Standard Auditing Practices and Guidance Notes establish standards which have to be complied with to ensure that costing statements are prepared in accordance with generally accepted Cost accounting standards and that auditors carry out their audits in accordance with the generally accepted auditing practices. They become mandatory on the dates specified in the respective document or notified by the Council. Cost Accounting Standards (CAS)Cost Accounting Standards are formulated by the Cost Accounting Standards Board and issued by the Council of the Institute.The Cost Accounting Standards are issued for use in the presentation of Cost statements. They become mandatory on the dates specified in the respective Accounting Standards or notified by the Council in this behalf.Every Cost Statement shall comply with the cost accounting standards.Where the Cost Statements of the company do not comply with the Cost Accounting standards, such companies shall disclose the deviation from the standards, the reasons for such deviation; and the effect, if any, arising due to such deviation.ICWAI issued the following CAS so far:CAS 1 : “CLASSIFICATION OF COST”CAS 2 : “CAP ...
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Added: 29 Mar 2008, 20:57
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