CA, CS, CMA : Learn how an auditor qualifies a report, the reasons behind it, and its impact on financial statements. This guide covers the requ...
CA, CS, CMA : Key points for auditors on Clause 34 of the Tax Audit Report, covering TDS/TCS compliance, statement furnishing requirements, and ...
Income Tax : Discover the highlights of the Form 3CD amendments effective April 1, 2025, including new clauses for cruise ships and MSMEs....
CA, CS, CMA : Explore the significance of SA 570 in financial audits, focusing on the going concern basis, auditor responsibilities, risk assess...
Income Tax : Recent changes in audit reports for charitable trusts and institutions in India. New requirements include disclosing contributors ...
Income Tax : Engage in shaping tax audit guidelines! Direct Taxes Committee invites public comments on the Exposure Draft for Guidance Note on ...
Income Tax : Know the challenges in Form 10B/10BB filings in 2023 and Income Tax Bar Association in Jalandhar appeal for deferment or extension...
Company Law : The National Financial Reporting Authority (NFRA) has published its audit quality inspection guidelines as a step towards furt...
Corporate Law : FRC imposed sanctions against PwC & Richard Hughes, Audit Engagement Partner in relation to statutory audit of financial statement...
Custom Duty : The Compliance Audit Report No. 17 of 2020 of the Comptroller and Auditor General of India on Department of Revenue - Customs and ...
Income Tax : In a case concerning Thenkumarai Primary Agricultural Cooperative Credit Society, Madras High Court's liberal interpretation of Se...
Income Tax : ITAT Chennai held that in the present case AO himself referred the matter for special audit u/s 142(2A), however, report of specia...
Income Tax : ITAT Amritsar held that non-filing of tax audit report due to technical glitch is the reasonable cause shown. Accordingly, penalty...
Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
Income Tax : Condonation of delay in filing of Form no. 10B (audit report by trust/institution) for Assessment Years 2016-17 and 2017-18 by CBD...
Company Law : This Order may be called the Companies (Auditor's Report) Order, 2016. - Every report made by the auditor under section 143 of the...
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 Coronavirus COVID19.
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.
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/ clarifications issued by ICAI on the matter including the requirement to mention UDIN.
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 environment which has consequential impact on financial statements and reporting.
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 […]
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 Act, 2013 and its relevant Rules are always considered crucial at the time of reporting and these are:
COMPANIES AUDITOR REPORT ORDER (CARO) RULES, 2020 – Analyses The MCA has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020), on 25th February 2020. This order has been issued in supersession of the Companies (Auditor’s Report) Order, 2016, and is applicable for reporting on financial statements of companies whose financial year commences on or […]
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 issues that need […]
It is requested to kindly consider amendment in the explanation to Section 288(2) of the Income ‘lax Act. 1961 ‘so as to include the profession of Company Secretary within the meaning of the Company Secretaries Act, 1980 in the definition of Accountant
We have audited the accompanying standalone financial statements of XYX Limited, which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of the significant accounting policies and other explanatory information
