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The objective of this AAS is to establish standards on auditor’s responsibilities, audit procedures and provide guidance, in addition to that provided in AAS-5, “Audit Evidence”, with respect to certain specific financial statement amounts and other disclosures. This AAS assists the auditor to obtain audit evidence with respect to following aspects:

    Part A: Attendance at Physical Inventory Counting.
    Part B: Inquiry Regarding Litigation and claims.
    Part C: Valuation and Disclosure of Long Term Investments.
    Part D: Segment Information.

This AAS provides a detailed insight into each of these aspects. It provides guidance with respect to definition, procedures, management representations and audit conclusions and reporting for each of these parts.
The AAS becomes operative for all audits related to accounting periods beginning on or after 1 April 2005.
Issued in January, 2005
Published in the Handbook of Auditing Pronouncements, Vol. I, (Edn. 2005)
Not available as a separate publication of the Institute.

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