CA, CS, CMA : The article explains how unusually flawless records may signal a managed presentation rather than genuine business performance, re...
CA, CS, CMA : Focusing only on receivables can miss significant risks embedded in related-party payables. A bilateral review reveals internal gr...
CA, CS, CMA : This comprehensive checklist covers every stage of a stock and receivables audit, from engagement acceptance to final reporting. I...
CA, CS, CMA : A perfect stock valuation can still conceal serious lending risks if critical operating licences have expired. Auditors should ver...
CA, CS, CMA : The article highlights practical dilemmas faced during stock audits by borrowers, auditors, and bankers. It explains how professio...
Income Tax : Join us for an insightful session with CA Bikash Bogi, a seasoned tax expert with over 15 years of practical experience, as he bre...
Company Law : Multinational companies cannot conduct surrogate audit work in India under Chartered Accountants Act, 1949 and Companies Act, 2013...
CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...
CA, CS, CMA : Discover the catalytic role of audit in enhancing efficiency and effectiveness, as emphasized by the Comptroller and Auditor Gener...
CA, CS, CMA : Explore the essential aspects of audit documentation, its nature, purposes, and compliance requirements. Learn best practices for ...
Service Tax : The High Court in this regard stayed CAG audit of a private limited company providing warehouse and logistical support services in...
Service Tax : Gujarat High Court granted stay on conducting audit of records of taxpayers under 5A of Service Tax Rules, 1994, by Officers of C&...
Finance : The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Uni...
Income Tax : and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course ...
Income Tax : The Delhi High Court (HC) [2010-TIOL42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which...
Company Law : The ROC Ahmedabad penalized the company and its director for failing to appoint independent directors and constitute an audit comm...
Goods and Services Tax : Learn about the latest directive from the Ministry of Finance regarding joint audits by CGST and SGST officers. Understand the fra...
Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
CA, CS, CMA : (1) These Regulations may be called Regulations on Audit and Accounts (Amendments) 2020 (2) They shall come into force on the date...
CA, CS, CMA : Labour Department, Government of Haryana vide its Notification No. 11/38/2016-4Lab dated 10th August, 2016 formulated Third Party ...
The first ray of sunrise of the Ist April 2015 is not as usual to the auditing industry. With the dusk of first financial year under companies act 2013 , we are subject to the uncountable penalties and prosecutions . The Government moved to tightening of the grip on the auditors after satyam scam has taken its final step of implementation.
The article briefly explains the guidelines issued by the Auditing Assurance Standards Board of Institute of Chartered Accountants of India on Reporting of Fraud under Sec 143(12) of the Companies Act 2013.
Amendments Class – For May 2015 exam ADVANCED AUDITING AND PROFESSIONAL ETHICS – C.A. FINAL. Note Covers the following Topics- Professional Ethics Audit of public sector undrtaking Audit Report corporate governance and clause 49 Tax Audit
Break Even Date for NPA is 01.01.2015 for the year 2014-2015. Once an account has been classified as NPA, all the facilities granted to the borrower will be treated as NPA except in respect of Primary Agricultural Credit Societies (PACS)/Farmers Service Societies (FSS).
When we go to audit the banking industry, we came to know which of the Banks must be treated with respect and which are in low water ,it simply add our responsibility to take cognizance of peripheral area of DEPOSITS. Deposits are peripheral areas of attention and due diligence while conducting and concluding the branch audits.
An attempt is made through this article to have a quick view over many issues like Categorization, Classification and provisioning of Advances. The Third Schedule to the Act requires classification of advances made by a bank from three different angles, viz., nature of advance, nature and extent of security, and place of making advance (i.e. whether in India or outside India). Accordingly, these advances are to be classified in Schedule 9 to the balance sheet
CA Amresh Vashisht The latest quote price of Rs 2 per month per panchayat at Madhya Pradesh has once again shattered the profession heart & soul. Thank GOD this time, it’s double to 2012 rates, where the lowest tender for primary school audits was Re 1 per school. Tender system with quoted price of Re […]
We, the Chartered Accountants Fraternity, are all aware of the peer review process undertaken by the Peer Review Board of ICAI for the practicing member. With recent development in the reporting requirement of the financial statements, the peer review exercise helps the members of the profession at large on the following fronts:
The Guidance Note provides an overview of reporting requirement u/s 143(12). It also provides detailed guidance wrt various aspects of this reporting requirement like requirements for reporting u/s 143(12), responsibility of management, responsibility of auditor, Issues for consideration by the auditors, Applicability of Standards on Auditing, Audit procedures Technical guidance, Appendices etc.
Certain accountants not to give reports/certificates The Act contains several provisions (e.g. section 44AB, section 80-IA, section 92E, section 115JB, etc.) which mandate the taxpayers to furnish audit reports and certificates issued by an ‘accountant’ for ensuring correct reporting/computation of taxable income by the tax payers. Explanation below section 288(2) of the Act defines an […]
