👉🏻 Standards on Auditing are mandatory to be followed in planning and performing the audit.
👉🏻 For clarity on any specific matter, members can refer to the Guidance note issued by the ICAI.
👉🏻 Risk assessment is a critical element which should never be ignored.
👉🏻 One should never compromise on the audit procedures due to paucity of time.
👉🏻 Review mechanism within the practicing firm improves the quality of audit.
✅️ Never to forget Integrity, Objectivity, and Independence.
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