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P K Chopra & Co.

Latest Posts by P K Chopra & Co.

Information Security & Malware

December 29, 2021 894 Views 2 comments Print

Computer security, information technology security (IT security) or cyber security is the protection of computer systems and networks from information disclosure, theft or damage to the hardware, software, or electronic data, as well as from the disruption or misdirection of the services they provide. “Cyber security” focuses on protecting computer systems from unauthorised access or […]

Valuation on Intangible Assets

February 25, 2021 11592 Views 0 comment Print

Intangible asset means an asset that is not in physical nature but have monetary value. Eg – Patents, Copyrights, Brand name, Tradenames, Goodwill and Software. As per Para21 of INDAS 38 Intangible Assets, Notified by MCA: An intangible asset should be recognized only when following conditions are satisfied i.e. a. future economic benefits will be […]

Auditing Internal Controls

January 19, 2021 4479 Views 0 comment Print

In response to the large corporate financial scandals like energy firm Enron Corp, telecommunications giant WorldCom and Tyco International, Sarbanes-Oxley Act (SOX) was introduced, in the USA, in year 2002. Purpose of the Act was to improve accuracy of financial reporting by establishing formalized system of checks and balances and protect shareholders/ general public from […]

Internal Controls and Audit

October 17, 2020 15267 Views 0 comment Print

Internal Controls are systematic and procedural steps adopted by an organization to mitigate risks, primarily in the areas of financial accounting and reporting, operational processing and compliance with laws and regulations. Internal Controls (ICs) are essentially risk mitigation steps taken to strengthen the organization’s systems and processes, as well as help to prevent and detect […]

Internal controls and Audit of Fixed Assets

October 6, 2020 120393 Views 0 comment Print

Fixed assets, in an organization represent the long-term tangible assets which are used, -to produce and deliver its products or services, and -to manage its operations. They are assets held for the purpose of providing or producing goods or services and are not meant for sale in the normal course of business. Therefore, an asset […]

“Risks” As in Internal Audit

September 14, 2020 4815 Views 0 comment Print

Risk-based internal audit is an internal methodology which is primarily focused on the inherent risks involved in the activities or system and provide assurance that risk is being managed by the management within the defined risk appetite level. Risk is defined as ‘the possibility of an event occurring that will have an impact on the […]

TCS Under Income Tax – Provisions Applicable from 01.10.2020

September 1, 2020 93426 Views 19 comments Print

Tax Collected at Source Under Income Tax – New Provisions Applicable from 01 October 2020 Introduction Finance Act, 2020 introduced 3 new provision under Tax Collected at Source (“TCS”): TCS on foreign remittance through LRS; TCS on selling overseas tour packages; and TCS on sales of any goods TCS unlike TDS is required to be […]

General Financial Rules (GFR Rules)

June 4, 2020 71619 Views 2 comments Print

The General Financial Rules (GFRs) are the general rules of Government of India (GOI) which are applicable to all Government Ministries/Departments. Exceptions are provided in the Rules. These rules are applicable in matters relating to Public Finance, that is, Matters relating to Revenue and Expenditure of Government. These rules were first introduced in 1947 and […]

New Valuation Regime under Companies Act, 2013

May 16, 2020 78732 Views 8 comments Print

The valuation by a registered valuer applies to valuation of assets, liabilities, shares, etc. required under the Companies Act, 2013 and the rules made thereunder. It does not apply to valuations required under other laws, unless the other laws mandate valuation by a registered valuer. However, certain SEBI Regulations also mandate valuation by RV.

Compliance Audit

April 24, 2020 4281 Views 0 comment Print

Compliance audit is an assessment as to whether the provisions of the applicable laws, rules and regulations are complying with various orders and instructions issued by the competent authority. This audit by its nature promotes accountability, good governance and transparency as it is concerned with reporting deviations, identifying weaknesses and assessing propriety. In short, the […]

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