COVID 19: Cost Accountants Institute issues Advisory on Disclosures in Audit Report [Read Advisory]

Cost Accountants - Audit Report - COVID 19 - Taxscan

The Technical Cell (Cost Audit & Statutory Compliances) of the Institute of Cost Accountants of India (ICAI) has published the Advisory on Disclosures in the Audit Report in light of the Lockdown due to COVID 19 Pandemic.

It has considered the adverse impact of travel restrictions due to the lockdown faced by the Professionals to physically visit the organizations. Even if they are carrying out techniques of Online Auditing, they can’t match the level of assurance that is obtained by carrying out physical processes.

In such a situation, the Technical Cell has come out with this Advisory on Disclosures in the Audit Report that gives Model Disclosures that can be used by the Audit & Assurance Professionals (including Cost Auditors) considering the limitations in Audit Processes due to Lockdown.

The Model Disclosures suggested as part of the Advisory are generic in nature and can be used for the purpose of any Audit & Assurance assignment (including Cost Audit under Section 148 of The Companies Act, 2013). The professionals are advised to use the Model Disclosures based on the actual scenario on case to case basis and if required modify the same to the extent relevant.

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