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Standard Operating Procedure

I. Introduction Standard Operating Procedures (SOPs) are the documented processes that an organization has consisting of a set of step-by-step instructions to help the employees within its organization carry out its routine operations with ease. Normally, SOPs are used demonstrate compliance with the regulation or operational practices an...

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Posted Under: CA, CS, CMA |

Career opportunities for Chartered Accountants in Cyber Security

Cybercrime is emerging as one of the most dangerous threats to public safety and organisations of all types. In 2019, India witnessed many cases of cyberattacks, including information leak of 6.7 million users of an LPG brand Indane, Facebook database leak, and spyware Pegasus hacked into phones of around 1,400 users including Indian jour...

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Posted Under: CA, CS, CMA |

Direct & Indirect Taxes Updates- December 2020

DIRECT TAXES UPDATES Recent circulars/notifications/rules/clarifications/News  – Government issues a circular clarifying the requirements for opening  of Senior Citizen Savings Scheme Account (Circular  no.  File No. FS-10/17/2020-FS dated 07.12.2020)  – CBDT releases answers to FAQs on Vivad-se-Vishwas scheme (Circular N...

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Posted Under: CA, CS, CMA |

Compliance calendar for the Month of January 2021

The Month of January, 2021 is very significant with regards to the statutory due dates for ROC filing, GST return filings and Income tax filing falling in this month. Tax Compliance and Statutory Compliance calendar for the month of January 2021 helps every registered business and professional to be ready for compliance well in advance. [...

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Posted Under: CA, CS, CMA |

Mandatory Validation of UDIN with Income Tax Forms/Reports

The Income-tax e-filing portal has completed its integration with the Institute of Chartered Accountants of India (ICAI) portal for validation of the Unique Document Identification Number (UDIN) generated from ICAI portal by the Chartered Accountants for documents certified/attested by them and factored mandatory quoting of UDIN with effe...

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Posted Under: CA, CS, CMA |

Ind AS 8 – ERRORS vis a vis AS 5 – PRIOR PERIOD ITEMS

Under AS 5 considering the errors are reported as ‘prior period adjustment’ in the financial statements of the period in which such misstatements were discovered i.e. previous years’ financial statements were not restated and therefore, it leads to lack of understanding by the users of the revised financial position and performance ...

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Posted Under: CA, CS, CMA |

How a student can make best out of the articleship

What should be the ultimate goal of articleship? However, does every article set his own goals for articleship and take best out of it? Majority of articles go with the flow and learn whatever is served to them or in fact overlook the learning opportunity completely. It is not their mistake because they have also […]...

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Posted Under: CA, CS, CMA |

Risk Control Matrix

Each organization and its risk environment is unique, depending on different factors, including: business type, size, resources, and laws or regulations. Hence, Risk Control Matrix is an important tool to understand and optimize your organization’s risk profile....

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Posted Under: CA, CS, CMA |

Know your Empanelment/ Audit Allotment Status with CAG

A CA firm who applied for empanelment with CAG for Financial Year 2012-13 can check the status of his Empanelment & Audit work allotted by following the procedure given below :- ...

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Are you a CA Aspirant waiting for results? Here are some tips on how to use this time as an opportunity!

Time is the most precious resource which we all have. But what matters is how effectively we use it. As the CA exams are over, some of those who gave both groups or only single group is pending and have appeared for the same and eagerly waiting for their results are free from studies now. […]...

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Posted Under: CA, CS, CMA |