DRAFT TERMS OF REFERENCE (TOR) OF SAFA COMMITTEE ON AUDITING STANDARDS AND QUALITY CONTROL
TOR of the Committee on Auditing Standards and Quality Control of South Asian Federation of Accountants (SAFA) may consist of, but not limited to, the followings:
1. To undertake an initial survey of the National Standards on Auditing prevalent within the member bodies of the SAFA Region, with a view to harmonizing standards prevalent in the region.
2. To compare the level of compliance of the National Standards on Auditing of SAFA member countries with the respective International Standards and prepare a report setting out the gaps arising from the said study
3. To identify the region specific issues not addressed by the International Auditing and Assurance Standards Board (IAASB) and to offer views and suggestions to include such items in the next revision of the relevant standards or alternatively consider issuing modification and or additional standards to meet such needs.
4. To set up a mechanism to respond to requests for comments from IAASB on Exposure Drafts of proposed International Standards on Auditing from SAFA in addition to the comments that the respective National Member Bodies may make on the said Exposure Drafts separately.
5. To arrange for regional programmes aimed at enhancing the level of awareness among the Members of the SAFA Member bodies and the business community within the SAFA Region of the objectives and practical application of these Standards and their contribution to greater transparency and best auditing practices in the region.
6. To facilitate exchange of information on the methodologies adopted and the experience gathered by the Members bodies and Regulatory Agencies in the countries of the SAFA region to monitor compliance with these standards by their Members in their respective countries.
7. To encourage research, training and workshops among Members of the SAFA Member bodies on issues related to Auditing Standards.
- To provide a platform for sharing of member bodies experiences and learning with regard to quality assurance programs and assist the member bodies in upgrading their quality assurance programs
- To assist member bodies in compliance with International Federation of Accountants (IFAC) produced Statements of Membership Obligation (SMO)- 1 on Quality Assurance
- To coordinate and facilitate the individual member bodies in enhancing their quality assurance processes so as to enable them to comply with the IFAC standards of quality control;
- To arrange or coordinate training programmes, workshops, seminars, etc. in order to share the quality control requirements and Accounting and Auditing standards, and enhance competency of the practicing firms / members/ audit staff towards improved audit quality;
- To facilitate for the arrangement of “Peer Review” among the member bodies in order to share professional expertise and knowledge;
- Issue of Advisory for the guidance of Members
- To share among the member bodies about various achievements in terms of quality assurance activities;
- To coordinate the member bodies about evolving policies / regulations in terms of monitoring by the independent authorities;
- To deal with any other matters as may deem fit by the SAFA Board.
|Mr. Arslan Khalid|
|2||ICA Bangladesh||Mr. Muhammad Farooq FCA|
|3||ICMA Bangladesh||Mr. Mohammed Salim FCMA|
|4||ICA India||CA. (Dr.) Sanjeev Singhal|
|5||ICA India (erstwhile ICWAI)||CMA Rakesh Bhalla|
|6||ICA Nepal||CA. Chhetra Gopal Pradhan|
|7||ICMA Pakistan||Mr. Tahir Iqbal, Member|
|8||CMA Sri Lanka||Not yet nominated|
|9||CA Sri Lanka||Mr. Thivanka Jayasinghe|
|10||ICA Maldives||Mr. Abdul Wahid|
ICAI Digital Learning Hub