The ever-evolving economic environment together with the technology-led disruptions and regulatory changes, brings in both advancement and complexities in businesses, warranting equal augmentation in accounting and auditing standards and procedures. One of the core objectives of the Foundation for Audit Quality (FAQ) is to provide the audit professionals in India with the tools and enablers to help achieve high standards of audit quality, ethics and integrity in the work performed by them. The FAQ will aim to disseminate regular updates and resources to the members of the FAQ that could assist in executing their audit engagements in an effective and efficient manner.
The sections below highlight some of our tools and enablers and other resources that will be available to the members.
Tools and enablers (Coming Soon)
Standard workpapers
We have compiled standard workpapers templates that are based on the lifecycle of an audit of a company - from planning, execution and completion. The purpose of the standard workpapers is to aid audit professionals with example templates for documenting the audit procedures and steps involved in performing a high-quality audit. The standard workpapers also contain relevant guidance from the Standards on Auditing issued by the Institute of Chartered Accountants of India for reference. The standard workpapers are likely to provide a consistent approach help ensure that important aspects of audit engagements are covered.
Technology and analytics tools
We are developing and compiling various technology and data analytics aids that could help in automating or bringing greater effectiveness to some of the audit steps.
Resources
Regulatory updates
We provide monthly regulatory updates covering a comprehensive list of updates from various regulators, including international regulators, where relevant, relating to accounting and auditing updates. These have been exhibited and elucidated in an easy-to-read and understand manner.
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Training and knowledge sharing (Coming Soon)
This section also includes trainings on some complex topics of general interest. The section aims to provide to the members of the FAQ, relevant articles on financial reporting, podcasts on technical topics and videos by experts on trending topics in the accounting and auditing space.
Events and webinars
The FAQ aims to conduct monthly knowledge sharing webinars on accounting and auditing topics in order to keep its members abreast with the latest developments. The FAQ would organize annual and other periodic topical events based on the needs of its members.
The FAQ will also be hosting webinars on the design of the standard workpapers, audit methodology, sectoral insights and latest technology and data analytics tools. Additionally, the recordings, presentations and webcasts of these events will be made available in this section.
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Sectoral insights
The FAQ aims to provide to its members deep insights and understanding of different industries and sectors. This would be done by conducting sector specific trainings, developing standard workpapers templates and other technical reference materials pertaining to specific sectors.
As the first sectoral initiative, FAQ is organizing a series of webinars on topics specific to the Financial Services sector.
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