Audit Practices Manual-Volume 1

Preface Any profession in order to win public confidence, respect and appreciation of the society, should be able to respond to the dynamic environment in which it operates. This is only possible if the members of the related profession render high quality services and maintain the dignity of the profession by following the ethical standards. The members of the Institute are no exception to this general rule. For this purpose, members of the Institute always try their best to continually sharpen their technical skills, keep themselves fully informed of the changes and developments. The Institute of Chartered Accountants of Pakistan, being regulatory authority to the chartered accountancy profession, has been in the forefront in maintaining an impeccable record of quality services by its members. This has been possible by continually upgrading their technical knowledge and sharpening of skills through various pronouncements, and guidelines on performance standards, organizing continuing development programmes and issuing guidance material to their members. Recognizing the large and increasing demand from SMPs especially for guidance on the implementation of ISAs and the development of audit practice aids, in early 2001, the Institute took the initiative by issuing the Audit Practice Manual which was very much appreciated amongst the members. Due to the continuous ongoing changes in the international standards, it was indeed an urgent need to ...