AUDITING STANDARD :

Auditing standards refers to the code of best practices/procedures which an auditor is expected to follow during an audit to ensure consistency of findings. The auditing standard specifies a minimum level of performance. Auditing standards help the auditor in proper and optimum discharge of their profession duties. Auditing standards also promote uniformity in practice as also comparability. In India the Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India formulates the auditing standards.