The functions, duties and powers of the Audit Board shall be as under:-
(a) To arrange auditing standards based on international auditing standards (International Standard on Auditing) to streamline and regulate accounting business and financial reporting,
(b) To prepare appropriate methods for developing auditing standards and to publish materials related to auditing standards,
(c) revision, improvement and revision of audit criteria,
(d) Explaining audit criteria,
(e) To perform other work related to auditing standards.