"01 December 2018" Archive

Standard on Internal Audit (SIA) 13 Enterprise Risk Management

The following is the text of the Standard on Internal Audit (SIA) 13, Enterprise Risk Management, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision of the […]...

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Posted Under: CA, CS, CMA |

Standard on Internal Audit (SIA) 12 Internal Control Evaluation

The following is the text of the Standard on Internal Audit (SIA) 12, Internal Control Evaluation, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision of the […]...

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Posted Under: CA, CS, CMA |

SIA 11 Consideration of Fraud in an Internal Audit

Standard on Internal Audit (SIA) 11 Consideration of Fraud in an Internal Audit The following is the text of the Standard on Internal Audit (SIA) 11, Consideration of Fraud in an Internal Audit, issued by the Council of the Institute of Chartered Accountants of India. These Standards should be read in conjunction with the Preface [&hellip...

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Posted Under: CA, CS, CMA |

Standard on Internal Audit (SIA) 9, Communication with Management

The following is the text of the Standard on Internal Audit (SIA) 9, Communication with Management, issued by the Council of the Institute of Chartered Accountants of India.. These Standards should be read in conjunction with the Preface to the Standards on Internal Audit, issued by the Institute. In terms of the decision of the […...

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Posted Under: CA, CS, CMA |

GST Audit Report – GSTR 9C

A reconciliation statement also known as the GST audit report in FORM GSTR 9C is to be submitted in case the GST audit provisions are applicable to the registered person....

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Posted Under: CA, CS, CMA |

Processing of final GST refund -Revised instructions for Audit initiation

Internal Circular No. 35A of 2018 01/12/2018

In case the Nodal Officer decides to undertake the Audit, then he/she shall issue a notice in FORM-GST-ADT-01. Depending upon the record to be verified he/she may decide whether the Audit is to be carried out at the business premises of the tax payer or at the office concerned. The place at which the Audit is to be carried out shall be ex...

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Whether issuance of s. 274 notice is merely an administrative device- Conflicting views of High Courts

Jeetmal Choraria Vs. ACIT (ITAT Kolkata)

Jeetmal Choraria Vs. ACIT (ITAT Kolkata) From the aforesaid discussion it can be seen that the line of reasoning of the Honorable Bombay High Court and the Honorable Patna High Court is that issuance of notice is an administrative device for informing the assessee about the proposal to levy penalty in order to enable him […]...

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Extend due date for Filing of Annual Return In Form GSTR-9 and Audit Report in Form GSTR-9C

There is sufficient cause and need for the extension of filing of Annual Forms GSTR-9, 9A, 9B and 9C for a reasonable period of time to give justice to the correctness of returns considering the need for reconciliations state-wise. ...

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Brief About National Financial Reporting Authority

Five years after the Companies Act, 2013 provided for the creation of a National Financial Reporting Authority (NFRA), Government has taken steps to implement NFRA. Ministry of Corporate Affairs MCA vide its notification dated 13th November 2018 notified National Financial Reporting Authority (NFRA) Rules 2018. T...

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Posted Under: CA, CS, CMA |

Analysis of GST on Medical Sector  

Internationally, GST was first introduced in France and now more than 160 countries have introduced GST. The Various countries have , depending upon their requirements and suitability  introduced National level GST or Dual GST....

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Posted Under: CA, CS, CMA |

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