Finance - Page 387

Format of Development Agreement with Builder

DEVELOPMENT AGREEMENT WITH THE BUILDER This Agreement is made here at New Delhi on this ….th day of ………, 200…., between ………………………………………………….. through its………………&...

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Right to Emergency Care

The Supreme Court has ruled that all injured persons especially in the case of road traffic accidents, assaults, etc., when brought to a hospital / medical center, have to be offered first aid, stabilized and shifted to a higher centre / government centre if required. It is only after this that the hospital can demand payment or complete ...

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Vyaj badla dispute is not admissible in court

In a setback to the once popular vyaj badla transactions, the Bombay high court recently held that an aggrieved party cannot take their disputes to the arbitration tribunal set up under the byelaws of the Bombay Stock Exchange. Dismissing a petition filed by a Mahim-based partnership firm against a city broker, a division bench of Justice...

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Role of Internal Auditor in Enterprise-wide Risk Management (ERM)

This programme of enterprise-wide risk management was highly successful and resulted in substantial savings and structured decision-making with learnings for the company. The Board appreciated the consulting role of the Internal Audit Department which had fulfilled its role aptly described as ‘Best Practice Transfer and Risk Management...

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Using Audit Tools- Purchase and Accounts Payable- Case Study

Using several features of the audit tools, the auditor was able to increase the depth of his audit and also do it faster. In this way, he was able to focus on streamlining processes and spend more time interacting with officials on business issues which were useful sources for analytical information. This was appreciated by the management...

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Frauds — A compilation

During the audit of a bank branch (which is a semi-urban branch and has been put under concurrent audit for the first time), the concurrent auditors found that the total working is in a mess. Loan applications for loans already disbursed are not on record, disbursement conditions are not complied with, hypothecation agreements are incompl...

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Using Audit Tools — Inventory Case Study

Using the analysis done offline in India, the auditors were able to focus their energies during a short visit on the core-concern areas and arrive at conclusions that were startling. Considering the focus on accountability in the US with the Sarbanes-Oxley legislation, the CEO and the CFO were taken aback at the status of internal control...

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Internal Audit of Maintenance — Electrical motors Case study

The top management of a chemical company, with 400 crores turnover, is extremely happy with its internal audit department specially with the cost saving measures recommended by the department. The company has two plants in Thane (Mumbai) and Vapi (Gujarat), with its corporate headquarters. The company is presently facing problems with hig...

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Internal Audit of Container Freight Station (CFS)

Timely preparation of manual for all major processes at CFS helped the company to run the operations effectively and efficiently. The manual preparation exercise created a bond between the internal audit team and the operational staff which resulted in a healthy interaction during continuous monthly internal audit. The internal audit issu...

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Internal Audit of Information Technology (IT) Organisation

The departmental heads who were earlier sceptical of the role of internal audit were appreciative of the internal audit reviews carried out and also started making number of requests for internal auditing of all new processes including new computer applications. They also requested internal auditors for continuous assurance work including...

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