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:
AUDITING
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.

QUALITY CONTROL

  1. 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
  2. To assist member bodies in compliance with International Federation of Accountants (IFAC) produced Statements of Membership Obligation (SMO)- 1 on Quality Assurance
  3. 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;
  4. 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;
  5. To facilitate for the arrangement of “Peer Review” among the member bodies in order to share professional expertise and knowledge;
  6. Issue of Advisory for the guidance of Members
  7. To share among the member bodies about various achievements in terms of quality assurance activities;
  8. To coordinate the member bodies about evolving policies / regulations in terms of monitoring by the independent authorities;
  9. To deal with any other matters as may deem fit by the SAFA Board.

 

 

Committee Members

Sl.No.Member BodyMember
1ICA Pakistan
(Chairman)
Mr. Rana Muhammad Usman Khan
2ICA BangladeshMr. Akhtar Sohel Kasem
3ICMA BangladeshMr. Md. Mamunur Rashid FCMA
4ICA IndiaCA. G. Sekar
5ICA India (erstwhile ICWAI)CMA Rakesh Bhalla
6ICA NepalCA. Surendra Shrestha
7ICMA PakistanMr. Tahir Iqbal, Member
8CMA Sri LankaNot yet nominated
9CA Sri Lanka Mr. Sanjaya Bandara
10CPA AfghanistanMr. Abdul Wahid

Network Partner

Quick Links

Events     

Gallery             

Publications     

ICAI Digital Learning Hub     

Address

Annexe Building 1st Floor,
ICAI Bhawan
Indraprastha Marg
New Delhi 110002
011-30110487
safa@icai.in

LOCATION