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 ...
And who better than we professionals have powers as well as sense of such big responsibility therewith? Many professionals prove this by excelling in the various fields of accounting and auditing. The Institute of Chartered Accountants of India is always full of activities for developing the nature of work pattern & services provided by the professionals. One of these responsibilities, which the auditor is expected to fulfill, is ‘Audit Planning and Audit Documentation’.
Independent directors in charge of audit committees in companies may be held responsible for actions taken by the management
Audit firms may be asked to financially compensate investors for losses resulting from their lapses, with the government planning to strengthen the mechanism for fixing responsibility for corporate frauds and protecting investors from their ill-effects. To make this feasible, an audit firm would be held accountable for its actions regardless of whether the firm itself or its affiliate was the official auditor,
After the recent incidents of corporate fraud compounded by one of the worst periods of economic turbulence, there is a need to improve the levels of assurance provided over business activities. The need for internal audit, a profession dedicated to providing assurance, is greater than ever, and internal auditors’ role is taking centre-stage within organisations. These demands have created significant pressure on internal auditors to re-evaluate their approach and methods for evaluation.
Regulations regarding maintenance of cost accounting records and cost audit are likely to change. If the recommendations of the expert committee appointed by the Ministry of Corporate Affairs are accepted, all manufacturing companies with a paid-up capital of Rs 50 crores (500 million) or more will be required to get their cost accounting records audited by a statutory cost auditor.
Under pressure from the government to reveal the surrogate nature of its practices in India, senior officials from PricewaterhouseCoopers have sought a meeting with the corporate affairs minister Salman Khurshid next week to clarify its position.
Auditors are less likely to find manipulated earnings when management directs their attention away from areas of financial statements that contain errors. Distraction and deception go hand in hand, whether in a magic act or at a dishonest company. Sam Antar, the ex-CFO of electronics retailer Crazy Eddie, kept auditors away from the company’s fraudulent practices in the 1980s in part by having his staff distract them with constant small talk and invitations to coffee and lunch.
Whether the Company has been listed on the stock exchanges? If yes, the names of the stock exchanges may please be indicated? If so, whether the provisions of listing agreement of SEBI are being followed by the Company? (2) Whether the Company has 50% independent directors on their Board as required under SEBI guidelines?
Will we see a company audited by two audit firms at the same time? That looks a possibility from what the Union Minister of State for Corporate Affairs and Minority Affairs, Mr Salman Khurshid, said on 29.03.2009 while Addressing a meeting of the Confederation of Indian Industry (CII), Mr Khurshid said, in the context of making the audit function effective, that there had emerged an idea of dual audit so that there are two companies (firms) in a sense keeping a check on each other.
Country’s regulator for chartered accountants (CAs), the Institute of Chartered Accountants of India or ICAI, which witnessed enormous mudslinging in the year 2009 has started 2010 also with infighting. The centre of the controversy again is Uttam Prakash Agarwal, the outgoing president.
