Indian Institute of Foreign Trade 2009 Solved Paper

To improve the quality and reliability of the information reported in the financial statements:
I. Accounting standards should keep pace with the dynamic business environment
II. There should be a body of internal auditors to oversee the functioning of external auditors
III. Reports should be certified by key company officials
IV. Accounting standards should be set by a body comprising of practicing accountants only and this body should be funded from a corpus built up from the contributions made by the companies