Rajvanshi & Associates,
Chartered Accountants, Jaipur (INDIA)
   
 

Quality Control Policy & Procedure

We implement following quality control policy and procedure, which are designed to ensure that all audits are conducted in accordance with Accounting Standard and Standard on Auditing (SAs) as prescribed by ICAI and all work is executed with the highest quality & accuracy.

PREVIEW OF ACCOUNTING & AUDIT WORK:-  The Partners of the Firm do an overall preview of all the assignment.

PLANNING:-  After that the Partners of the Firm make the Action Plan for Audit program.

FIXATION OF AUDIT PROGRAMME:-  The Partners of the Firm fixed the Audit Programme, Time budgets and the overall audit plan for conducting Audit.

DELEGATION OF WORK:-  The Partners of the Firm delegated in such manner that the Audit work is performed by the Assistants and personnel, who have the technical training and proficiency required in the circumstances.

DIRECTION:-  The Partners of the Firm gives sufficient and desirable directions to all the assistants and Audit staff on reasonable durations, which depends on nature of assignment. The Partners of the Firm ensures that all the assistants understood their responsibilities and the objectives of the procedures they are to perform. They also inform them all the important matters, such as the nature and peculiarity of the entity's business and possible accounting or auditing problems that may affect the nature, timing and extent of audit procedures with which they are involved.

SUPERVISION:- There is sufficient Supervision at all levels to provide reasonable assurance that the work performed meets appropriate standards of quality. The Partners of the Firm ensure that assistants have the necessary skills and competence to carry out their assigned tasks, assistants understand the audit directions and the work is being carried out in accordance with the overall audit plan and the audit program. They also clear auditing questions raised during the audit, by assistants and if they deem think fit, modify the overall audit plan and the audit program, as appropriate. They also resolve any differences of professional judgement between personnel and consider the level of consultation that is appropriate.

REVIEW:-  The work performed by each assistant reviewed by personnel of at least equal competence to consider whether:

  • the work has been performed in accordance with the audit & accounting program;
  • the work performed and the results obtained have been adequately documented;
  • all significant audit matters have been resolved or are reflected in audit conclusions;
  • the objectives of the audit procedures have been achieved; and
  • the conclusions expressed are consistent with the results of the work performed and support the audit opinion.

The following are reviewed on a timely basis:

  • overall audit plan and the audit program;
  • assessments of inherent and control risks, including the results of tests of control and the modifications, if any, made to the overall audit plan and the audit program as a result of tests of control;
  • documentation of the audit evidence obtained from substantive procedures and the conclusions drawn there from, including the results of consultations; and
  • financial statements, proposed adjustments in financial statements arising out of the our examination, and the proposed observations or report.

 

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