HARMONIZATION OF INDIAN AUDITING STANDARDS WITH INTERNATIONAL AUDITING STANDARDS :
The Institute of Chartered Accountants of India (ICAI) is a founder member of the International Federation of Accountants (IFAC). It is one of the membership obligations of the Institute to actively propagate the pronouncements of the International Auditing and Assurance Standards Board (IAASB) of the IFAC to contribute towards global harmonization and acceptance of the Standards issued by the IAASB. Accordingly, while formulating Engagement and Quality Control Standards, the AASB takes into consideration the corresponding Standards, if any, issued by the IAASB. In addition, the AASB also takes into consideration the applicable laws, customs, usages and business environment prevailing in India.
With effect from 1st April, 2008, the AASB re-categorised and re-numbered the existing Auditing and Assurance Standards on the lines as followed by the IAASB. With this change, all auditing and assurance standards (AAS) were renamed as standards on Auditing (SAs)