CONVERGENCE OF AUDITING STANDARDS TO ISAs

Indian Auditing Standards are on way to convergence based on the standards set by the International Auditing and Assurance Standards Board (IAASB). The IAASB has set 39 International Standards on Auditing (ISAs) of which India follows 35, but not wholly. The IASSB is now calling for complete convergence. The four different categories standards include assessment of risk, auditing procedure, quality control and documentation process.