Chapter 3b Standards on Auditing Board

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Constitution of Standards on Auditing Board : (1) His Majesty’s Government, in order to govern and regulate accounting and auditing profession, shall constitute Standards on Auditing Board.
(2) The Standards on Auditing Board shall comprise of following members :
(a) One FCA member nominated by His Majesty’s Government-Chairman
(b) Representative, Ministry of Finance – member
(c) Representative, Office of the Auditor General – member
(d) Three Chartered Accountants nominated by His Majesty’s Government on recommendation of the Council – member
(e) One Registered Auditor nominated by His Majesty’s Government on recommendation of the Council – member
(3) The Standards on Auditing Board, if deems necessary, may invite concerned experts to participate in the meeting as observer.
(4) The tenure of members as per clause (a), (d) and (e) shall be of three years and shall be eligible for re-appointment on expiry of their tenure.
(5) The business procedure of Standards on Auditing Board shall be as prescribed by the Standards on Auditing Board itself.
(6) The secretariat of Standards on Auditing Board shall be stationed in the Head Office of the Institute.
Rights and Duties of Standards on Auditing Board : The rights and duties of Standards on Auditing Board shall be as follows :
(a) To develop Standards on Auditing, on the basis of relevant International Standards on Auditing, in order to govern and regulate accounting and auditing profession,
(b) To evolve appropriate process of development of Standards on Auditing and publish material related to Standards on Auditing,
(c) To redraft, improvise and revise Standards on Auditing,
(d) To interpret the Standards on Auditing,
(e) To undertake other related tasks related to Standards on Auditing.
Seat not to retain : The seat of any member of Standards on Auditing Board shall not be retained on any of following conditions :
(a) if resigned,
(b) if remained absent for three consecutive board meetings without any information,
(c) if convicted and penalized by the court in a criminal offense,
(d) if declared insane, if declared insolvent,
(f) if dead,
(g) in case of members of the Institute, if the name is removed from the Membership Register pursuant to Section 22 of the Act.

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