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 Department of Telecom will appoint special auditors this week to verify the revenue figures of Bharti Airtel, Vodafone Essar, Idea Cellular and Tata’s telecom companies, which operate in different areas of communications. The special auditors will be from the CAG panel, a senior DoT official told PTI .
In October 2007, Disciplinary proceedings were initiated against two partners of M/s Pricewaterhouse (PWC) for alleged professional and other misconduct in conducting the statutory audit of Global Trust Bank. The proceedings were based on the findings in the Special Audit report and the Annual Financial Inspection of the RBI. Though several hearings were conducted by the Disciplinary Committee,
The high-level committee set up to look at the multi-crore rupee fraud at Satyam Computer by the Institute of Chartered Accountants of India is close to coming out with its recommendatations by June. “The high-level committee set up to look into matters arising out of Satyam fraud is carrying out deliberations and is likely to […]
These guidelines supersede the earlier instructions issued vide Circular No.818/15/2005- CX from F.No.224/1/2005- CX.6 dated 15th July, 2005 and Circular No.249/83/96- CX issued from F.No.206/1/96- CX.6 dated 11.10.96. These guidelines seek to explain the content of the Return Scrutiny Manual, which has been prepared and is now being circulated to all the field formations vide this circular.
DLF, the country’s biggest real estate developer, said the Income Tax (I-T) Department, had raised an additional demand of Rs 300-400 crore for understating its income for the fiscal year ended March 31, 2006. The tax demand comes at a time when DLF’s profit has shrunk by 41 per cent to Rs 4,629 crore for […]
A peer review of statutory auditors of listed companies may have become mandatory from April this year, but the Securities Exchange Board of India (Sebi) is yet to come out with a notification on the same. This is essential as listed companies are regulated by Sebi. Both the Institute of Chartered Accountants of India (ICAI), […]
The Institute of Chartered Accountants of India (ICAI) has raised apprehensions about the accuracy of the audited financial statements of Allahabad Bank, Vijaya Bank and the Central Bank of India, saying the statutory auditors were under pressure from these banks to complete the audits within unreasonable deadlines. The accounting rule-maker, which is facing flak after […]
THE Comptroller and Auditor General of India (CAG) plans to move from cash to accrual basis accounting in government within a five year time frame. A National Round Table Conference on Accrual Basis Accounting was held in CAG office yesterday. The Conference, convened by Government Accounting Standards Advisory Board (GASAB) of CAG of India, deliberated […]
Accounting regulator ICAI today asked 11 more auditing firms having foreign affiliations to furnish with information on their activities and operating structure in India. “We have issued notices to 11 more firms. We have asked about their activities, international affiliations and operating structure in India,” ICAI President Uttam Prakash Agarwal said here. Last week, the […]
The income tax (I-T) department has detected a racket of money laundering through the secondary market, the first estimates of which show a whopping Rs 10,000 crore at stake at the national level. Though the `penny stock’ scam has been detected among traders of Chikpet locality in the heart of Bangalore, I-T officials do not […]
