financial statement

Auditors are less likely to find manipulated earnings when management directs their attention away from areas of financial statements that contain errors. Distraction and deception go hand in hand, whether in a magic act or at a dishonest company. Sam Antar, the ex-CFO of electronics retailer Crazy Eddie, kept auditors away from the company's fraudulent practices in the 1980s in part by having his staff distract them with constant small talk and invitations to coffee and.. Full Article

Internal Audit is a service to management. Its functions include examining and evaluating internal control and providing assurance to the management. It is a part of the organisation's system of internal control and its scope includes ALL aspects of internal control, not just financial control.. The scope of internal audit is much wider than statutory/external audit. It should ideally cover all the organisation’s activities. They include: Full Article

References to budget can be found in Kautilya’s Arthashastra. It states that the Chancellor should first estimate revenue from each place and sphere of activity under different heads of accounts and then arrive at a grand total. The actual revenue is to be estimated by adding receipts into the treasury for current year and delayed payments received which were due in earlier year/s. Full Article

The Government is planning to strengthen the National Advisory Committee on Accounting Standards (NACAS), a move that will make the Institute of Chartered Accountants of India (ICAI) report to NACAS. For this, it will hand over the supervisory role of both accounting and auditing standards to NACAS. Full Article

CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `A’ : New Delhi,  In The case of: Ananta Raj  proteins Ltd. v. DCIT , Appeal No.: ITA No. 890 & 891/D/2007, Decided on: June 30, 2009 RELEVENT PARAGRAPH 13. It may be mentioned that provisions of section 145A were inserted by the Finance Act No. 2, 1998 [...] Full Article

Accounting regulator ICAI has started working with investigating agencies under the home ministry and the finance ministry to help them track down the flow of unaccounted money in the economy. Full Article