Audit

Auditors Resignations Raises Critical Eyebrow

CA, CS, CMA - The resignation of an auditor can be a critical and highly exposed event with serious implications for the company and the auditors themselves. Resignation, particularly in debatable circumstances, can expose auditors to various risks, including the risk of litigation from creditors, investors and the company. Although auditors’ res...

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GHOST EMPLOYEES – Forensic into payroll

CA, CS, CMA - Now a day’s accounting frauds are on rise to be reported related to Payroll in which a FRAUDSTER manages to create some employees master file which actually do not exists and manage to take away their all benefits by way of FRAUD....

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Forensic Audit – ROBBERY / THEFT Using Facebook Information

CA, CS, CMA - Now a days, using social media sites like Facebook, twitter or some other similar web portals become an integral part for updating our lives within friends and or relatives. Whatever we do, wherever we go, whatever we buy or intended to buy all goes at public domain and it is very easy to find out […]...

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GST Audit Compliance Check List for FY 17-18

CA, CS, CMA - For financial year 2017-2018, the GST taxpayer has to be answerable for the compliance in audit i.e. internal audit, statutory audit, tax audit , Audit by Chartered Accountant or Cost Accountant –  Rule 80 and Section 35(5), Audit by Tax Authorities –  Section 65,  Special Audit – Section 66 of CGST Act 2017....

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Audit under GST or Types of Audit in GST

CA, CS, CMA - In this article we have discussed GST Audit ) GST Audit based on Turnover by a CA or CMA u/s 35(5) 2) GST Audit by Tax Authorities U/s 65 of CGST Act, 2017 3) Special GST Audit by CA or CMA u/s 66 of CGST Act, 2017 ...

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Implementation Guide to Standard on Auditing (SA) 610 (Revised)

CA, CS, CMA - Implementation Guide to Standard on Auditing (SA) 610 (Revised)- Using the Work of Internal Auditors Standards on Auditing issued by the Institute of Chartered Accountants of India lay down the fundamental principles of relevant aspects of audit to be followed by auditors in their audit engagements. It is essential that auditors understan...

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Audit of Banks- RBI issued guideline for Audit and Auditor appointment

CA, CS, CMA - With regard to Statutory Audit, Reserve Bank of India (RBI) has informed that it has issued Guidelines for appointment of Statutory Central Auditors (SCAs) and Statutory Branch Auditors in Public Sector Banks (PSBs), which covers the norms on eligibility, empanelment and selection as well as the procedure for appointment of such auditors....

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SA 701 applicable for audits of financial year 2018-19 & onward

CA, CS, CMA - SA 701 is applicable for audits of financial statements for periods beginning on or after April 1, 2018 (i.e. for audits of financial year 2018-19 & onwards)....

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ICAI forms panel to answer queries related to Bank Branch Audit

CA, CS, CMA - It gives me great pleasure to inform you that after the release of the Guidance Note on Audit of Banks, 2017 edition for the benefit of the members carrying out Bank Branch Audits, the Auditing and Assurance Standards Board, like earlier years, has now also constituted an online Expert Panel for fast resolution of technical queries of the...

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Revised SA 299 Joint Audit of Financial Statements

CA, CS, CMA - The practice of appointing more than one auditor to conduct the audit of large entities is followed for a longtime, sometimes voluntarily by the shareholders or sometimes due to the requirements of laws or regulations....

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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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Shares activity treated as investment in earlier years cannot be treated as business in subsequent years if facts are the same

CIT Vs. Gopal Purohit (Bombay High Court) - The income from investment activity was offered as capital gains while the income from dealing activity was offered as business income. This position was accepted by the AO in the earlier years. In AY 2005-06, the AO took a different view and held that even the shares held on investment account had ...

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For a debt to be classified as bad, assessee has only to write it off as irrecoverable in its accounts

C. B. Richard Ellis Mauritius Ltd. Vs DDIT (International Taxation) (ITAT Delhi) - For claiming any debt as a bad debt, one has to satisfy following two conditions: (1) Debt is written off as bad debt in the Profit and Loss Account by making corresponding entry in the party account. (2) Debt is taken in to account in computing the income of the assessee of the previous year in whi...

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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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Cost Accounting Records & Cost Audit – Applicability & Compliance

General Circular No. 68/2011 - (30/11/2011) - In connection with the recently issued circulars/notifications concerning cost accounting records and cost audit, following clarifications are issued: (a) That the companies covered under Companies (Cost Accounting Records) Rules, 2011 shall only file a simple compliance report as per the notified...

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Recent Posts in "Audit"

Implementation Guide to Standard on Auditing (SA) 610 (Revised)

Implementation Guide to Standard on Auditing (SA) 610 (Revised)- Using the Work of Internal Auditors Standards on Auditing issued by the Institute of Chartered Accountants of India lay down the fundamental principles of relevant aspects of audit to be followed by auditors in their audit engagements. It is essential that auditors understan...

Read More
Posted Under: Fema / RBI |

Auditors Resignations Raises Critical Eyebrow

The resignation of an auditor can be a critical and highly exposed event with serious implications for the company and the auditors themselves. Resignation, particularly in debatable circumstances, can expose auditors to various risks, including the risk of litigation from creditors, investors and the company. Although auditors’ res...

Read More
Posted Under: Fema / RBI | ,

GHOST EMPLOYEES – Forensic into payroll

Now a day’s accounting frauds are on rise to be reported related to Payroll in which a FRAUDSTER manages to create some employees master file which actually do not exists and manage to take away their all benefits by way of FRAUD....

Read More
Posted Under: Fema / RBI |

Audit of Banks- RBI issued guideline for Audit and Auditor appointment

With regard to Statutory Audit, Reserve Bank of India (RBI) has informed that it has issued Guidelines for appointment of Statutory Central Auditors (SCAs) and Statutory Branch Auditors in Public Sector Banks (PSBs), which covers the norms on eligibility, empanelment and selection as well as the procedure for appointment of such auditors....

Read More
Posted Under: Fema / RBI |

Forensic Audit – ROBBERY / THEFT Using Facebook Information

Now a days, using social media sites like Facebook, twitter or some other similar web portals become an integral part for updating our lives within friends and or relatives. Whatever we do, wherever we go, whatever we buy or intended to buy all goes at public domain and it is very easy to find out […]...

Read More
Posted Under: Fema / RBI |

GST Audit Compliance Check List for FY 17-18

For financial year 2017-2018, the GST taxpayer has to be answerable for the compliance in audit i.e. internal audit, statutory audit, tax audit , Audit by Chartered Accountant or Cost Accountant –  Rule 80 and Section 35(5), Audit by Tax Authorities –  Section 65,  Special Audit – Section 66 of CGST Act 2017....

Read More
Posted Under: Fema / RBI |

Audit under GST or Types of Audit in GST

In this article we have discussed GST Audit ) GST Audit based on Turnover by a CA or CMA u/s 35(5) 2) GST Audit by Tax Authorities U/s 65 of CGST Act, 2017 3) Special GST Audit by CA or CMA u/s 66 of CGST Act, 2017 ...

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Posted Under: Fema / RBI |

FAQs on SA 570 ‘Going Concern’ (Applicable for audits of FY 2017-18)

To clarify the implementation issues, the Auditing and Assurance Standards Board of ICAI, hereby issues the following FAQs on SA 570(Revised) based on the queries received from the members:...

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Posted Under: Fema / RBI |

How to manage finances – PDF Tips for Accounting

If you run a small business, a startup or if you prefer to manage your personal finances by yourself, make sure you learn all the necessary accounting hacks. Accounting is a very important aspect of everyone’s finances, whether personal or business ones. Even if you hire an accountant to manage your books, you should still […]...

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Posted Under: Fema / RBI |

SA 701 applicable for audits of financial year 2018-19 & onward

SA 701 is applicable for audits of financial statements for periods beginning on or after April 1, 2018 (i.e. for audits of financial year 2018-19 & onwards)....

Read More
Posted Under: Fema / RBI |

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