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Subsequent Events Key Audit Considerations amid COVID-19

Auditing and Assurance Standards Board (AASB) of ICAI Institute of Chartered Accountants of India This document has been prepared to highlight key areas of focus in the current environment when undertaking procedures relating to subsequent events in accordance with the Standards on Auditing (SAs). This document does not amend or override ...

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Posted Under: CA, CS, CMA |

ICSI Requests amendment in GST law due to COVID 19

It is further requested that time of supply of goods or services or both be defined as receipt of money or money equivalent towards supply of goods or services or both and the supplier discharges tax liability on receipt basis proportionate to amount received, inclusive tax. Similarly, a supplier shall avail Input Tax Credit (ITC) proport...

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Posted Under: CA, CS, CMA |

ICAI extends time period for commencement of Practical Training

Extension of time period for commencement of Practical Training on or before 31st May, 2020 to 31st July, 2020 for appearing in Final examination to be held in November, 2022...

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Posted Under: CA, CS, CMA |

Auditor’s Reporting Key Audit Considerations amid COVID-19

While preparing the financial statements, considering the nature of business of the entity, the management needs to make a detailed assessment (to the extent possible based on the information available) of the impact of COVID- 19 on the items, components of the financial statements including disclosures in the financial statements (e.g. ...

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Posted Under: CA, CS, CMA |

ICAI: Retrospective Restoration of Membership / COP 2019-2020

To mitigate the hardships, the application(s) in Form 9 and Form 101 for retrospective restoration of membership / certificate of practice complete in all respects and applicable fee for the year 2019-2020 can now be submitted by filing until the midnight of 31st May 2020....

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Posted Under: CA, CS, CMA |

ICAI advisory in respect of Fake Social Media Pages

It has come to the notice of ICAI that various Fake Social Media Pages are being operated illegally on ICAI’s name and logo. They are making various announcements and reference material on which the ICAI has sole and exclusive intellectual property rights (IPRs)....

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Posted Under: CA, CS, CMA |

Physical Inventory Verification- Key Audit Considerations amid COVID-19

Physical Inventory Verification Key Audit Considerations amid COVID-19 Auditing and Assurance Standards Board (AASB) The Institute of Chartered Accountants of India A. BACKGROUND Physical verification of inventory is the responsibility of management of the entity. Management is required to establish procedures under which inventory is phy...

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Posted Under: CA, CS, CMA |

ICAI Clarification on Fees from a single client

It may be clarified that there is NOT a bar in the revised Code of Ethics on acceptance of more than 15% fees from a single client. There is only requirement of disclosure , and taking safeguards prescribed therein, if the total gross annual professional fees from the audit client and its related entities represent more than 15% of the to...

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Posted Under: CA, CS, CMA |

Going Concern- Key Considerations for Auditors Amid COVID-19

Timely and effective communication between the management and the auditor is essential in ensuring that both are able to fulfil their respective responsibilities in relation to going concern aspect during these uncertain times....

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Posted Under: CA, CS, CMA |

ACCA to introduce Remote Exam-Taking

ACCA (the Association of Chartered Certified Accountants) is introducing new flexibility for ACCA students around the world to enable them to take their exams at home or in another location in circumstances where centre-based exam sittings are disrupted. This development will ensure the robust and secure way of using the latest technology...

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Posted Under: CA, CS, CMA |