menu
logo images

Introduction

TEsting here
Auditing Standards Board (AuSB), Nepal, has been constituted by the Government of Nepal on 26 Falgun 2059, corresponding to 10 March 2003 under the Nepal Chartered Accountants Act, 1997 (first amendment 2002). The AuSB consists of 7 members: a Chairman appointed by the Government of Nepal from Fellow Chartered Accountants, and other members are representatives of the Ministry of Finance (MoF) , representatives of the Office  of the Auditor General (OAG) , three Chartered Accountants, and one Registered Auditor nominated by the Government of Nepal on the recommendation of the Institute of Chartered Accountants of Nepal (ICAN) . The board has full discretion in developing and pursuing the technical agenda for setting auditing standards.  

The main function of AuSB is to review existing practices in Nepal and to develop Nepal Standards on Auditing (NSAs) so that these may be issued and regulated by ICAN. While formulating NSA(s), the AuSB considers the applicable laws, customs, usages, and business environments in Nepal. The NSAs are issued under the authority of the Chartered Accountants Act, 1997 (first amendment 2002). The AuSB issues guidance notes on the issues arising from the NSAs wherever necessary. AuSB reviews and revises the NSAs at periodical intervals or as per the need of the respective standards. The AuSB determines the broad areas in which the NSAs need to be formulated and the priority in regard to the selection thereof.  

Auditing Standards Board (AuSB), Nepal, has so far formulated and issued the following standards & guidelines:

  1. Nepal Standards on Quality Control (NSQC 1)
  2. Nepal Standards on Quality Management I and II (NSQM 1 and NSQM 2)
  3. 49 Nepal Standards on Auditing
  4. Nepal Standards on Auditing for Audits of Financial Statements of Less Complex Entities (the NSA for LCE)
  5. Guidelines for an Audit during Extraordinary Circumstances, Including Pandemic
  6. Auditing Guidelines (Nepali version)