Audit
Word Audit losing its meaning and what it means to an Auditor?
CA, CS, CMA - What is Audit? This is not a model question for a CA IPCC/Intermediate exam! Perhaps this may not be asked for examinations. That does not mean that we do not need an answer....
Read MoreForensic Audit: Field to Explore
CA, CS, CMA - Everyone reading this article would have obviously heard of Forensic Audit. And there is nothing surprising to that, as this word ‘Forensic Audit’ has become so familiar now these days, and special credit for this goes to Mr.Nirav Modi and Mr.Vijay Mallya and a huge pile of NPA’s build up by our state-owned banks. 1. [&h...
Read MoreBlockchain Technology
CA, CS, CMA - CA. Ankit Danawala Toolkit for future Finance Professionals, Accountants and Auditors “We stand on the brink of a technological revolution that will fundamentally alter the way we live, work and relate to one another. In its scale, scope and complexity, the transformation will be unlike anything humankind has experienced before.” – ...
Read MoreAuditors 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...
Read MoreGHOST 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....
Read MoreEmpanelment for Concurrent Audit of National Insurance Company Ltd.
CA, CS, CMA - Tender Document For Selection Of CA Firm For Concurrent Audit Of Investment Operations Of Empanelment for Concurrent Audit of National Insurance Company Ltd....
Read MoreImplementation 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...
Read MoreAudit 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....
Read MoreSA 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)....
Read MoreICAI 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...
Read MoreGujarat 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....
Read MoreCAG 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...
Read MoreSurplus 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...
Read MoreDeductibility 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...
Read MoreShares 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 ...
Read MorePractising 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...
Read MoreRBI 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....
Read MoreSubmission 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...
Read MoreRBI 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...
Read MoreCost 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...
Read MoreRecent Posts in "Audit"
Word Audit losing its meaning and what it means to an Auditor?
Empanelment for Concurrent Audit of National Insurance Company Ltd.
Gujarat High Court stays Service Tax Audit under Rule 5A by CAG
OWS Warehouse Services LLP Vs. UOI (Gujarat High Court) -
Forensic Audit: Field to Explore
Blockchain Technology
Implementation Guide to Standard on Auditing (SA) 610 (Revised)
Auditors Resignations Raises Critical Eyebrow
GHOST EMPLOYEES – Forensic into payroll
Audit of Banks- RBI issued guideline for Audit and Auditor appointment
Forensic Audit – ROBBERY / THEFT Using Facebook Information
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