Audit

Fraud and Responsibilities of Auditor

CA, CS, CMA - SA 240 defines fraud as an intentional act by one or more individuals among management , those charged with governance , employees or third parties involving the use of deception to obtain an unfair or illegal advantage. Frauds can be of two types fraudulent financial reporting and misappropriation of assets. Fraud risk factors refers to ...

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Effectiveness of Audit Committee

CA, CS, CMA - Savita Joshi ‘Mutual Fund Sahi Hai’ This tagline has been the driving force amongst small investors to start SIP in hope of amassing a fortune. However, internationally and nationally since the 90s,the world has experienced scams such as Enron, Worldcom and our very own infamous big bull Mr. Harshad Mehta. These frauds have resulted i...

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Checklist For Audit of Unit Run Canteens

CA, CS, CMA - 1. Documentation and Records 1. Whether registration under The Food Safety and Standards Authority of India (FSSAI) has been taken by the company for operating canteen in premises? 2. In case of raw food materials, check whether the same is being purchased from registered or licensed vendor? 3. Ensure that no expired product is available ...

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Significance of SQC 1- Standard on Quality Control

CA, CS, CMA - Significance of SQC 1 – Quality Control for Firms that Perform Audits & Reviews of Historical Financial Information and Other Assurance & Related Services Engagements This topic is most important for Chartered Accountants firm having practice in areas of Audit, Review, Assurance services. Will it be Tax Audit, Statutory Audi...

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Building Blocks of basics: ABCD of audit

CA, CS, CMA - RPA, Block chain, CAAT, etc. sounds C- suit words to apply at times. Let us build basic wall based on bits & pieces blended by story. The story is based on teaching a new joinee ABCD of the audit by his senior whose vein is well equipped with audit flow. Here he begins to transform […]...

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Summary of CAG Audit Report on Assessment of Co-op Societies & Banks

CA, CS, CMA - Performance Audit Report No. 16 of The Comptroller & Auditor General of India on ‘Assessment of Co-operative Societies and Co-operative Banks’ was laid on the floor of the Parliament here today. The PA was carried out from March 2019 to September 2019 and findings were discussed with the Central Board of Direct Taxes (CBDT) in July 20...

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Representation Seeking Relief Measures in Audit of Co-Operatives

CA, CS, CMA - 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

CA, CS, CMA - 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

CA, CS, CMA - 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

CA, CS, CMA - 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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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"

Fraud and Responsibilities of Auditor

SA 240 defines fraud as an intentional act by one or more individuals among management , those charged with governance , employees or third parties involving the use of deception to obtain an unfair or illegal advantage. Frauds can be of two types fraudulent financial reporting and misappropriation of assets. Fraud risk factors refers to ...

Read More
Posted Under: CA, CS, CMA |

Effectiveness of Audit Committee

Savita Joshi ‘Mutual Fund Sahi Hai’ This tagline has been the driving force amongst small investors to start SIP in hope of amassing a fortune. However, internationally and nationally since the 90s,the world has experienced scams such as Enron, Worldcom and our very own infamous big bull Mr. Harshad Mehta. These frauds have resulted i...

Read More
Posted Under: CA, CS, CMA |

Checklist For Audit of Unit Run Canteens

1. Documentation and Records 1. Whether registration under The Food Safety and Standards Authority of India (FSSAI) has been taken by the company for operating canteen in premises? 2. In case of raw food materials, check whether the same is being purchased from registered or licensed vendor? 3. Ensure that no expired product is available ...

Read More
Posted Under: CA, CS, CMA |

Significance of SQC 1- Standard on Quality Control

Significance of SQC 1 – Quality Control for Firms that Perform Audits & Reviews of Historical Financial Information and Other Assurance & Related Services Engagements This topic is most important for Chartered Accountants firm having practice in areas of Audit, Review, Assurance services. Will it be Tax Audit, Statutory Audi...

Read More
Posted Under: CA, CS, CMA |

Building Blocks of basics: ABCD of audit

RPA, Block chain, CAAT, etc. sounds C- suit words to apply at times. Let us build basic wall based on bits & pieces blended by story. The story is based on teaching a new joinee ABCD of the audit by his senior whose vein is well equipped with audit flow. Here he begins to transform […]...

Read More
Posted Under: CA, CS, CMA |

Applicability of Secretarial Audit

WITH ANALYSIS Every Company, while pursuing its business activities, has to comply with  so many rules and regulations relating to the Companies Act, Securities laws, FEMA, Industry Specific laws and General laws like Labour laws and so on… Therefore company have chances to face non- compliance risk like fine imprisonments penalties, l...

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Posted Under: CA, CS, CMA |

Summary of CAG Audit Report on Assessment of Co-op Societies & Banks

Performance Audit Report No. 16 of The Comptroller & Auditor General of India on ‘Assessment of Co-operative Societies and Co-operative Banks’ was laid on the floor of the Parliament here today. The PA was carried out from March 2019 to September 2019 and findings were discussed with the Central Board of Direct Taxes (CBDT) in July 20...

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Posted Under: CA, CS, CMA |

CAG have no jurisdiction to audit the accounts of a non-government entity

The Hon’ble Bombay High Court in Kiran Gems Private Limited v. Union of India and Ors. [Writ Petition No. 1135 of 2019, decided on January 29, 2021] quashed the notice/intimation demanding audit of a private entity by Central Excise Revenue Audit (CERA) and requiring information/records for the period 2015-16 to 2017-18 to the officers ...

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Posted Under: CA, CS, CMA |

Stock Audit

Article explains what is stock Audit, Reasons why one should look forward for the stock audit, key benefits of stock audit and List of Documents Required For Stock Audit. Stock audit, in general usage is considered as an important auditing term which refers to the physical verification of the inventory. However at times, it may […]...

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Posted Under: CA, CS, CMA |

7 Key Considerations of Auditing a Compliance Based Ethics Program

Ethical and Compliance failure cases reported in the year 2020 have only one common element: all those companies lacked a robust Compliance Based Ethical Culture in their organizations. It has become a pressing priority to safeguard the environment and smooth governance across the organizations. The media’s international presence is...

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Posted Under: CA, CS, CMA |

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