audit report

ITR Forms and Tax Audit New Report for F.Y. 2020-21

Income Tax - CBDT has notified the ITR-1 to ITR-7 for F.Y. 2020-21 and stated that no significant changes have been made to ITR forms as compared to the previous year to help the taxpayers and minimize compliance burden in view of the ongoing crisis due to the COVID pandemic....

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Reporting of Key Audit Matters

Income Tax - The purpose of communicating Key Audit Matters (KAM) is to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed. -KAM provides additional information to intended users of the Financial Statement to assist them in understanding those matters that, in the auditor’s ...

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Who Should issue Audit Report under RERA

Income Tax - Certificate by a Chartered Accountant is to be issued with set of objects and intentions with an intent to express the professional opinion or state the facts based on the information, explanation, documents received from the promoter....

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Impacts of Covid-19 on Financial Reporting

Income Tax - COVID-19, an infectious disease caused by a novel Coronavirus is exponentially spreading illness and causing deaths to citizens throughout the globe and has been recognized as a global pandemic by the WHO. COVID-19 has not only affected the health of people across the globe and it has also caused severe disturbances in the global economic...

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Impact of Coronavirus on Auditing of Financial Statements

Income Tax - The global financial authorities are already shaken by the implications of the spread of COVID-19 on a world scale. It is highly unlikely to state when the current situation will pass and the economy will come right back on the tracks. It seems very justified to state that the pandemic which originated far away from […]...

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CAG report on Compliance Audit (Department of Revenue- Customs)

Income Tax - The Compliance Audit Report No. 17 of 2020 of the Comptroller and Auditor General of India on Department of Revenue - Customs and Director General of Foreign Trade under Ministry of Commerce and Industry, for the year ended 31 March 2019 was presented in Parliament here today....

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CAG finds 192 cr of unauthorised payment of idle salary etc in J&K

Income Tax - Part-I comprising of Chapters-1 and 2, covers audit findings of eight Government departments and contains nine paragraphs involving Rs. 192.47 crore relating to Management of Bank accounts, unfruitful expenditure, unauthorised payment of idle salary etc....

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Advisory on Disclosures in Audit Report amid COVID19

Income Tax - Impact of COVID19 Lockdown on the Operations of the Company and Resumption of Operations post COVID19 Lockdown- The Operations of the Company during the year ended 31st March 2020 were marginally / seriously affected due to Lockdown announced by the Central / State Governments in the month of March 2020 due to the outbreak of Novel Corona...

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ICAI members use electronic signature for signing audit reports

Income Tax - Members of ICAI may use electronic signature for signing audit reports, all reports issued pursuant to any attestation engagement and certificates. However, the members need to ensure compliance with all the requirements relating to signature prescribed in the relevant law or regulation, Standards on Auditing and relevant announcements/ c...

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Report on Audit Quality Review- 2018-19

Income Tax - Cases of financial irregularities continue unabated, both in India and abroad, bringing to the forefront yet again concerns over the need to improve audit quality. Reports of resignations of auditors to swift actions from various regulatory bodies against auditors continue to grab headlines on a routine basis these days. There are several...

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CBDT condones delay in filing of audit report by trust/institution

Circular No. 10/2019-Income Tax - (22/05/2019) - Condonation of delay in filing of Form no. 10B (audit report by trust/institution) for Assessment Years 2016-17 and 2017-18 by CBDT vide Circular No. 10/2019 dated 22nd May, 2019 subject to fulfillment of conditions prescribed by CBDT. Circular No. 10/2019-Income Tax F.No.197/55/2018-ITA-1 Governmen...

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Companies Auditor’s Report Order (CARO), 2016

Order No. S.O. 1228(E) - (29/03/2016) - This Order may be called the Companies (Auditor's Report) Order, 2016. - Every report made by the auditor under section 143 of the Companies Act, 2013 on the accounts of every company audited by him, to which this Order applies, for the financial years commencing on or after 1st April, 2015, shall i...

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Recent Posts in "audit report"

ITR Forms and Tax Audit New Report for F.Y. 2020-21

CBDT has notified the ITR-1 to ITR-7 for F.Y. 2020-21 and stated that no significant changes have been made to ITR forms as compared to the previous year to help the taxpayers and minimize compliance burden in view of the ongoing crisis due to the COVID pandemic....

Read More
Posted Under: Custom Duty |

CAG report on Compliance Audit (Department of Revenue- Customs)

The Compliance Audit Report No. 17 of 2020 of the Comptroller and Auditor General of India on Department of Revenue - Customs and Director General of Foreign Trade under Ministry of Commerce and Industry, for the year ended 31 March 2019 was presented in Parliament here today....

Read More
Posted Under: Custom Duty |

CAG finds 192 cr of unauthorised payment of idle salary etc in J&K

Part-I comprising of Chapters-1 and 2, covers audit findings of eight Government departments and contains nine paragraphs involving Rs. 192.47 crore relating to Management of Bank accounts, unfruitful expenditure, unauthorised payment of idle salary etc....

Read More
Posted Under: Custom Duty |

Reporting of Key Audit Matters

The purpose of communicating Key Audit Matters (KAM) is to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed. -KAM provides additional information to intended users of the Financial Statement to assist them in understanding those matters that, in the auditor’s ...

Read More
Posted Under: Custom Duty |

Advisory on Disclosures in Audit Report amid COVID19

Impact of COVID19 Lockdown on the Operations of the Company and Resumption of Operations post COVID19 Lockdown- The Operations of the Company during the year ended 31st March 2020 were marginally / seriously affected due to Lockdown announced by the Central / State Governments in the month of March 2020 due to the outbreak of Novel Corona...

Read More
Posted Under: Custom Duty | ,

Who Should issue Audit Report under RERA

Certificate by a Chartered Accountant is to be issued with set of objects and intentions with an intent to express the professional opinion or state the facts based on the information, explanation, documents received from the promoter....

Read More
Posted Under: Custom Duty |

ICAI members use electronic signature for signing audit reports

Members of ICAI may use electronic signature for signing audit reports, all reports issued pursuant to any attestation engagement and certificates. However, the members need to ensure compliance with all the requirements relating to signature prescribed in the relevant law or regulation, Standards on Auditing and relevant announcements/ c...

Read More
Posted Under: Custom Duty |

Impacts of Covid-19 on Financial Reporting

COVID-19, an infectious disease caused by a novel Coronavirus is exponentially spreading illness and causing deaths to citizens throughout the globe and has been recognized as a global pandemic by the WHO. COVID-19 has not only affected the health of people across the globe and it has also caused severe disturbances in the global economic...

Read More
Posted Under: Custom Duty |

Impact of Coronavirus on Auditing of Financial Statements

The global financial authorities are already shaken by the implications of the spread of COVID-19 on a world scale. It is highly unlikely to state when the current situation will pass and the economy will come right back on the tracks. It seems very justified to state that the pandemic which originated far away from […]...

Read More
Posted Under: Custom Duty |

Certain crucial reporting under Auditor’s Report

There are certain provisions in the Companies Act, 2013 which every auditor is required to report with due and reasonable care considering the impact of such provisions over the Company’s Shareholder and Creditors and also looking after the consequences of its misreporting. In this regards the below stated provisions of the Companies Ac...

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Posted Under: Custom Duty |

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