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Audit of Sustainable Development -Regularity Audit

Audit of Sustainable Development -Regularity Audit. In regularity Audit-Financial Audit Objectives: Attesting and ensuring financial accountability, ensuring compliance with statistics, auditing internal controls, Evaluating administrative decisions and reporting.

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Audit of Sustainable Development -Regularity Audit

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  1. Audit of Sustainable Development -Regularity Audit • In regularity Audit-Financial Audit • Objectives: Attesting and ensuring financial accountability, ensuring compliance with statistics, auditing internal controls, Evaluating administrative decisions and reporting RTI, MUMBAI / DAY 1 / Slide 1.1.3

  2. Audit of Sustainable Development -Regularity Audit (Cond.) • Financial Statements • They convey information of financial position, performance and cash flow of an entity for decision making • In Govt. financial statement-Issues of Environmental nature are not dealt with • Indian constitution recognizes Environmental issues and therefore, budget includes Environmental concerns also. RTI, MUMBAI / DAY 1 / Slide 1.1.3

  3. Audit of Sustainable Development -Regularity Audit (Cond.) • Objectives of a Financial Statement • A financial statement dealing with Environmental issues will focus on: • matters connected with prevention, abatement or remedying the damage to environment • conservation of renewable, non-renewable resources • Environmental Laws/regulations • consequences of environmental damage • consequences of various liabilities imposed by law. RTI, MUMBAI / DAY 1 / Slide 1.1.3

  4. Audit of Sustainable Development -Regularity Audit (Cond.) • Accrual system/Cash system • There are two bases of accounting- • Cash system/Accrual system • Cash accounting deals with cash flows • Cash accounting recognizes happening of a particular year • Environmental issues are not limited to any particular year RTI, MUMBAI / DAY 1 / Slide 1.1.3

  5. Audit of Sustainable Development -Regularity Audit (Cond.) • Accrual system • Accrual concepts take into account Environmental assets, erosion of assets, liability and other exhibition • Environmental laws-its obligation • Environmental liabilities • some permanent annual operating costs to contain pollution control • Other liabilities arising out of legislation and arising out of International accords. RTI, MUMBAI / DAY 1 / Slide 1.1.3

  6. Audit of Sustainable Development -Regularity Audit (Cond.) • Contingent liability • Financial statement to include and disclose: • Cost likely to liquidate an obligation of future occurrence • details of out flow to settle contingent liability • proper disclosure of Environmental issues RTI, MUMBAI / DAY 1 / Slide 1.1.3

  7. Audit of Sustainable Development -Regularity Audit (Cond.) • Regularity Audit • Evaluates the compliance of various laws/ Regulations • Considers the risk involved in the Environmental issues • performs substantive testing to secure proper audit evidence RTI, MUMBAI / DAY 1 / Slide 1.1.3

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