Audit

Significance of Bank Reconciliation Statement (A forensic approach)

CA, CS, CMA - There are numerous reasons to analyze BRS prepared by an entity. One major reason why should an auditor has to be vigilant while performing BRS audit is discussed below. BRS is a statement prepared to reconcile or tally the balance shown in cash book of an entity with that of bank statement....

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No Tax audit for Turnover less than 1 crore & net profit less than 8%

CA, CS, CMA - Due to amendment in Finance Act, 2016, applicability of Tax audit in cases where turnover is less than 1 crore and net profit less than 8%, tax audit will not be required to be conducted....

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Reporting of Fraud by Auditors: Issues & Suggestions

CA, CS, CMA - If an auditor of a company, in the course of the performance of his duties as auditor, has sufficient reason to believe that an offence involving fraud, is being or has been committed against/in the company by officers or employees of the company, he shall report the matter in the manner stated hereinafter....

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National Financial Reporting Authority [NFRA] – In Brief

CA, CS, CMA - The Central Government may, by notification, shall constitute a National Financial Reporting Authority / NFRA, an independent Regulator for auditors. (Section132). NFRA, a quasi – judicial regulator will replace the National Advisory Committee on Accounting Standards (Section 210A of the Companies Act, 1956)....

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Forensic Accounting

CA, CS, CMA - Forensic Accounting is a relatively new profession that uses ideas and techniques started centuries ago. The profession has been molded and shaped by many aspects of the shifting world including the economy, society, and legislation. ...

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Standard on Auditing (SA) 299 (Revised) Joint Audits

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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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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Cybercrime audit on banks to check loopholes

CA, CS, CMA - To address the issue of cyber resilience, RBI vide circular dated December 9, 2016 had instructed all authorised entities / banks issuing PPIs in the country to: (i) Carry out a special audit by the empanelled auditors of Indian Computer Emergency Response Team (CERT-In) on a priority basis and take immediate steps thereafter to comply [&...

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Guidance Note on Audit of Banks (2017 Edition)

CA, CS, CMA - The Auditing and Assurance Standards Board of the ICAI has today issued the Guidance Note on Audit of Banks 2017 edition. For the benefit of the members, complete text of the Guidance Note and the contents of accompanying CD can be downloaded at the following links:...

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Empanelment with Punjab National Bank for Revenue Audit

CA, CS, CMA - Punjab National Bank invites applications on the undernoted prescribed format from practising 'Partnership firms of Chartered Accountants in India' who fulfill the eligibility criteria as mentioned hereunder and are willing to have their Firms empanelled as Revenue Auditors in the Bank for conducting revenue audit of branches....

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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"

Internal Audit Checklist

Generic Internal Audit Checklist  in excel format for ready reference of readers....

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Posted Under: Company Law |

Significance of Bank Reconciliation Statement (A forensic approach)

There are numerous reasons to analyze BRS prepared by an entity. One major reason why should an auditor has to be vigilant while performing BRS audit is discussed below. BRS is a statement prepared to reconcile or tally the balance shown in cash book of an entity with that of bank statement....

Read More
Posted Under: Company Law |

No Tax audit for Turnover less than 1 crore & net profit less than 8%

Due to amendment in Finance Act, 2016, applicability of Tax audit in cases where turnover is less than 1 crore and net profit less than 8%, tax audit will not be required to be conducted....

Read More
Posted Under: Company Law |

Reporting of Fraud by Auditors: Issues & Suggestions

If an auditor of a company, in the course of the performance of his duties as auditor, has sufficient reason to believe that an offence involving fraud, is being or has been committed against/in the company by officers or employees of the company, he shall report the matter in the manner stated hereinafter....

Read More
Posted Under: Company Law |

National Financial Reporting Authority [NFRA] – In Brief

The Central Government may, by notification, shall constitute a National Financial Reporting Authority / NFRA, an independent Regulator for auditors. (Section132). NFRA, a quasi – judicial regulator will replace the National Advisory Committee on Accounting Standards (Section 210A of the Companies Act, 1956)....

Read More
Posted Under: Company Law |

Standard on Auditing (SA) 299 (Revised) Joint Audits

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....

Read More
Posted Under: Company Law |

Forensic Accounting

Forensic Accounting is a relatively new profession that uses ideas and techniques started centuries ago. The profession has been molded and shaped by many aspects of the shifting world including the economy, society, and legislation. ...

Read More
Posted Under: Company Law |

Intercompany Transactions Eliminations: Fundamentals & Procedures

In the commercial world, generally what we see is transactions occurring between two unrelated entities. Though, sometime transactions may occur between units of one legal entity (what has been referred to as ‘inter-unit / intercompany transactions’ in commercial sense). ...

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Posted Under: Company Law |

Blockchain- In Supply Management

An Auditor has evolved from traditional practices of checking the accuracy of the numbers, finding faults or detecting frauds to a wider concept called ‘Value addition to their Clients’. ...

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Posted Under: Company Law |

ICAI forms panel to answer queries related to Bank Branch Audit

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 More
Posted Under: Company Law |
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