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:
- To compare the level of compliance of the National Standards on Auditing of SAFA member countries with the respective International Standards on Auditing (ISAs) and prepare a report setting out the gaps arising from the said study;
- 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.
- To set up a mechanism to respond to requests for comments from SAFA on Exposure Drafts of proposed ISA issued by IAASB in addition to the comments that the respective National Member Bodies may make on the said Exposure Drafts separately.
- 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.
- 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.
- To develop auditing and assurance frameworks, guidelines, bulletin and other resource material for members of the SAFA member bodies;
- To conduct joint seminars/webinars, conferences and round tables for knowledge-sharing and creating awareness of members of the SAFA member bodies on the existing and emerging audit, assurance and allied matters.
- To encourage research, training and workshops on issues related to auditing and allied matters for improving the capacity building of members of the SAFA member bodies;
- 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 support the SAFA member bodies in the development of road map for the adoption and implementation of new and revised IAASB’s Quality Management Standards in the SAFA region;
- 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 management requirements implementation of IAASB Quality Management Standards 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.
|1||ICA Pakistan(Chairman)||Mr. Arslan Khalid|
|2||ICA Bangladesh||Mr. Kamrul Abedin|
|3||ICMA Bangladesh||Prof. Dr. Md. Salim Uddin|
|4||ICA India||CA. (Dr.) Sanjeev Singhal|
|5||ICA India (erstwhile ICWAI)||CMA Neeraj Dhananjay Joshi
|6||ICA Nepal||CA. Chhetra Gopal Pradhan|
|7||ICMA Pakistan||Mr. Abdul Wasay Khan|
|8||CMA Sri Lanka||Not yet nominated|
|9||CA Sri Lanka||Mr. Thivanka Jayasinghe|
|10||ICA Maldives||Mr. Ahmed Salih|