Audit

Audit and Auditors Under Companies Act, 2013- Relevant Sections

Company Law - CHAPTER – X: AUDIT AND AUDITORS Section – 139: Appointment of Auditors 139(1) Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its 6th annual general meeting and thereafter till the conclusion [&h...

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Challenges to IT Auditors as Advisors & How ITAF Can Help

Company Law - Challenges to Information Technologies (IT) Auditors as Advisors and How Information Technology Auditing Framework (ITAF) Can Help Information Security are probably aware of the Security Principles Embodied in the CIA triad Confidentiality, Integrity and Availability. The triad is a model that is used as a basis for security policies and ...

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Standard Operating Procedure

Company Law - I. Introduction Standard Operating Procedures (SOPs) are the documented processes that an organization has consisting of a set of step-by-step instructions to help the employees within its organization carry out its routine operations with ease. Normally, SOPs are used demonstrate compliance with the regulation or operational practices an...

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Delhi High Court: Upheld the power to conduct Service Tax Audit post GST regime

Company Law - Section 174(2)(e) of the Central Goods and Services Tax Act, 2017 (CGST Act), specifically empowers the authorities to institute any investigation, inquiry, verification, assessment proceedings, adjudication, etc. including service tax audit under Rule 5A of the Service Tax Rules, 1994 (Service Tax Rules), as said Rule framed under the re...

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Reporting of Key Audit Matters

Company Law - 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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Representation Seeking Relief Measures in Audit of Co-Operatives

Company Law - There are certain unaddressed genuine concerns which are have been causing unwarranted difficulties and hardship to our members while performing their audit of Co-operative societies in the state. We thought to bring these concerns on the table through this representation, we urge you to take cognizance of these concerns and hardships as ...

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Empanelment of Stock Auditors with UCO Bank

Company Law - Applications in prescribed format are invited from reputed individuals /firms for empanelment as UCO Bank stock auditors with our branches under Shimla Zone. Prescribed form, eligibility criteria and code of conduct of stock auditors are enclosed....

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Necessity of Statutory Branch Audit in Public Sector Banks

Company Law - It has come to the notice of Professional Development (PD) Committee of Institute of  Chartered Accountants of India (ICAI) that one of the public sector banks (PSBs) has  requested that Indian Banks’ Association (IBA) to consider the representation on  exemption from statutory bank branch audit, for the year ended March 31, 2020, in...

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Guidance notes on ICSI auditing standards

Company Law - GUIDANCE NOTES ON ICSI AUDITING STANDARDS ICSI Auditing Standards aims to support the Company Secretaries in developing auditing acumen, techniques and tools and inculcate best auditing practices while conducting the audit and promote standardisation and uniformity in the professional arena. The Institute of Company Secretaries of India h...

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Download Guidance Note on Audit of Banks

Company Law - Guidance Note on Audit of Banks 2020 edition As you all are aware that the Bank Statutory Audit season is just around the corner, We take this opportunity to place in your hands, the Guidance Note on Audit of Banks – 2020 edition, issued by the Auditing and Assurance Standards Board of ICAI. Over the […]...

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CAG cannot carry compulsory service tax audit of private agencies after GST

Oil Field Warehouse and Service Ltd Vs Union of India (Gujarat High Court) - The High Court in this regard stayed CAG audit of a private limited company providing warehouse and logistical support services in SEZ. CAG was directed not to carry out any further Service Tax audit of petitioner....

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Gujarat High Court stays Service Tax Audit under Rule 5A by CAG

OWS Warehouse Services LLP Vs. UOI (Gujarat High Court) - Gujarat High Court granted stay on conducting audit of records of taxpayers under 5A of Service Tax Rules, 1994, by Officers of C&AG who were sending communications through CGST officers....

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CAG can audit Pvt. Companies if Govt Revenue is in question

Association of Unified Telecom Service Providers of India Versus Union of India & Others (Delhi High Court) - The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Union of India & Others on the powers of CAG to audit the revenues of Private Telecom Companies flowing to the Consolidated Fund of India...

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Surplus arising to a partner from transaction of contribution of land held by it to a firm as capital contribution shall be taxable u/s 45

DLF Universal Ltd. Vs. DCIT (ITAT Delhi) - and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course of making the transaction of transferring or contributing the land to the partnership firm as capital contribution, the surplus arising to the assessee from the said tran...

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Deductibility of premium on forward contracts in the year of entering into such contracts

CIT Vs. Industrial Finance Corporation of India (Delhi High Court) - The Delhi High Court (HC) [2010-TIOL­42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which held that the difference between forward rate and exchange rate prevailing on the date of entering into forward contracts is fully allowable as deduction even if the...

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Regulations on Audit and Accounts (Amendments) 2020

F. No. 11-PPG/2020 - (20/08/2020) - (1) These Regulations may be called Regulations on Audit and Accounts (Amendments) 2020 (2) They shall come into force on the date of issue....

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Practising CS can do Third Party Certification Audits in Haryana

Press Release No. PDPP&S/LL/2016/37 - (09/09/2016) - Labour Department, Government of Haryana vide its Notification No. 11/38/2016-4Lab dated 10th August, 2016 formulated Third Party Certification/Audit Scheme for the factories, shops and commercial establishments in the State to liberalise the enforcement of labour laws...

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RBI issues revised guideline on Concurrent Audit System in Commercial Banks

RBI/2015-16/133 DBS.CO.ARS.No. BC. 2/08.91.021/2015-16 - (16/07/2015) - As you are aware, guidelines on 'concurrent audit system in commercial banks' were issued by us vide our circular DOS.No.BC.16/08.91.021/96 dated August 14, 1996 setting out the scope and coverage of concurrent audit system in commercial banks....

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Submission of Long Form Audit Report (LFAR) by Concurrent Auditors

RBI/2014-15/626 DBS.CO.ARS.BC.8/08.91.001/2014-15 - (02/06/2015) - You are advised that henceforth Concurrent Auditors, who are chartered accountants, of branches below the cut-off point will submit LFAR only to the Chairman of the bank. The banks in turn will consolidate/compile all such LFARs submitted by the Concurrent Auditors and submit to Statutory Central Au...

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RBI Policy on eligibility, empanelment & selection of Statutory Auditors for 2014-15

/08.91.008/2014-15 - (06/02/2015) - Department of Financial Services. Ministry of Finance. Government of India vide their letter NO'. F.No.1/14/2004-BOA dated November 25, 2014 has advised us that Government has decided that the work of selection and appointment of Statutory Central Auditors (SCAs) is delegated to individual Public Se...

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Recent Posts in "Audit"

Audit and Auditors Under Companies Act, 2013- Relevant Sections

CHAPTER – X: AUDIT AND AUDITORS Section – 139: Appointment of Auditors 139(1) Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its 6th annual general meeting and thereafter till the conclusion [&h...

Read More
Posted Under: CA, CS, CMA |

Challenges to IT Auditors as Advisors & How ITAF Can Help

Challenges to Information Technologies (IT) Auditors as Advisors and How Information Technology Auditing Framework (ITAF) Can Help Information Security are probably aware of the Security Principles Embodied in the CIA triad Confidentiality, Integrity and Availability. The triad is a model that is used as a basis for security policies and ...

Read More
Posted Under: CA, CS, CMA |

Standard Operating Procedure

I. Introduction Standard Operating Procedures (SOPs) are the documented processes that an organization has consisting of a set of step-by-step instructions to help the employees within its organization carry out its routine operations with ease. Normally, SOPs are used demonstrate compliance with the regulation or operational practices an...

Read More
Posted Under: CA, CS, CMA |

Delhi High Court: Upheld the power to conduct Service Tax Audit post GST regime

Section 174(2)(e) of the Central Goods and Services Tax Act, 2017 (CGST Act), specifically empowers the authorities to institute any investigation, inquiry, verification, assessment proceedings, adjudication, etc. including service tax audit under Rule 5A of the Service Tax Rules, 1994 (Service Tax Rules), as said Rule framed under the re...

Read More

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: CA, CS, CMA |

Representation Seeking Relief Measures in Audit of Co-Operatives

There are certain unaddressed genuine concerns which are have been causing unwarranted difficulties and hardship to our members while performing their audit of Co-operative societies in the state. We thought to bring these concerns on the table through this representation, we urge you to take cognizance of these concerns and hardships as ...

Read More
Posted Under: CA, CS, CMA |

“Risks” As in Internal Audit

Risk-based internal audit is an internal methodology which is primarily focused on the inherent risks involved in the activities or system and provide assurance that risk is being managed by the management within the defined risk appetite level. Risk is defined as ‘the possibility of an event occurring that will have an impact on th...

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Posted Under: CA, CS, CMA |

Audit under Threshold Limits- Ease of doing business for MSME companies

Business entities in India have been fighting with several multiple business laws, rules, regulations, policies, procedures, formats and authorities for running their business and statutory compliance has become a nightmare for most of them, especially the small business entities. ...

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Posted Under: CA, CS, CMA |

Ledger Scrutiny Books of Accounts- Things You Must Know

Main features on Ledger scrutiny Steps to be followed: – 1. Take last year audited balance sheet from client and open Trial balance of current year in tally software, then check that last year closing balances in audited balance sheet is matched with current year opening balances in tally software (Trail balance). Note:- Opening bal...

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Posted Under: CA, CS, CMA |

Empanelment of Stock Auditors with UCO Bank

Applications in prescribed format are invited from reputed individuals /firms for empanelment as UCO Bank stock auditors with our branches under Shimla Zone. Prescribed form, eligibility criteria and code of conduct of stock auditors are enclosed....

Read More
Posted Under: CA, CS, CMA |

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