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 NFRA issues Draft Procedure for Submission of Audit Files
 Auditors barred from putting a value on companies they are auditing
 Standard on Internal Audit (SIA) 18, Related Parties
 Standard on Internal Audit (SIA) 17, Consideration of Laws and Regulations in an Internal Audit
 Standard on Internal Audit (SIA) 16, Using the Work of an Expert
 Standard on Internal Audit (SIA) 14, Internal Audit in an Information Technology Environment
 Standard on Internal Audit (SIA) 13, Enterprise Risk Management
 Standard on Internal Audit (SIA) 12, Internal Control Evaluation
 Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit
  Standard on Internal Audit (SIA) 9, Communication with Management
  Standard on Internal Audit (SIA) 8, Terms of Internal Audit Engagement

Quarterly cost audit for good corporate governance: Panel
September, 22nd 2009

Quarterly cost audit by internal auditors in the listed companies should be explored in consultation with the market regulator SEBI to improve corporate governance, an expert group appointed by Corporate Affairs Ministry has suggested.

"The possibility of introducing quarterly limited review of cost details, in case of listed companies, may be examined in consultation with SEBI," the 13-member group set up to review the cost accounting rules and standards has said.

The group- representing Corporate Affairs Ministry, ICWAI, ICAI, ICSI, CII, FICCI, Assocham, PHDCCI, Sebi, academicians and management consultants among others- is of the view that although cost books could be maintained annually, internal audit should be done on a quarterly basis.

"As at present, periodicity of cost audit should remain on annual basis...a limited review of key parameters that appear in the cost audit report should be considered by the Audit Committee on a quarterly basis for listed companies," it said.

At present, companies engaged in manufacturing 44 products, like paper, need to get their cost books audited.

The group has also recommended that cost audit be made compulsory for all large-scale manufacturers.

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