Audit

SA- 701- key audit matters

CA, CS, CMA - SA 701 is applicable for audits of financial statements for periods beginning on or after April 01,2018 for audits of complete sets of general purpose financial statements of listed entities. It casts a new reporting requirement on auditors of listed entities to communicate the key audit matters in their audit reports....

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Key Audit Matter – Introduction & Practical Approach

CA, CS, CMA - CA Amogh Dongshanwar Introduction and meaning of Key Audit Matter With the introduction of new Standard on Auditing – SA 701 by Institute of Chartered Accountants of India (ICAI), the members of the ICAI have been entrusted with the new responsibility along with opining on the financial statements, to communicate the key audit matters (...

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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....

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Forensic 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...

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Blockchain 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.” – ...

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Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements

CA, CS, CMA - Large number of mid-term resignations by auditors this year has become matter of concern for various stakeholders. To examine the reasons and circumstances leading to resignation of auditors, a Group was constituted and it was decided to issue guidance for the members on the matter. The task of developing guidance for the members was entr...

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ICAI issues 3 Exposure Drafts of Guidance Note on Audit of Banks 2019

CA, CS, CMA - ICAI has issued 3 Exposure Draft of the Guidance Note on Audit of Banks 2019 which includes Guidance on  Statutory Central Audit of Banks, Guidance on Foreign Exchange Transactions and Integrated Treasury and Guidance on Bank Branch Audit other than Foreign Exchange Transactions. Exposure Draft of the Guidance Note on Audit of Banks 201...

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Empanelment 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....

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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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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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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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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"

SA- 701- key audit matters

SA 701 is applicable for audits of financial statements for periods beginning on or after April 01,2018 for audits of complete sets of general purpose financial statements of listed entities. It casts a new reporting requirement on auditors of listed entities to communicate the key audit matters in their audit reports....

Read More
Posted Under: Finance |

Implementation Guide on Resignation/ Withdrawal from an Engagement to Perform Audit of Financial Statements

Large number of mid-term resignations by auditors this year has become matter of concern for various stakeholders. To examine the reasons and circumstances leading to resignation of auditors, a Group was constituted and it was decided to issue guidance for the members on the matter. The task of developing guidance for the members was entr...

Read More
Posted Under: Finance |

ICAI issues 3 Exposure Drafts of Guidance Note on Audit of Banks 2019

ICAI has issued 3 Exposure Draft of the Guidance Note on Audit of Banks 2019 which includes Guidance on  Statutory Central Audit of Banks, Guidance on Foreign Exchange Transactions and Integrated Treasury and Guidance on Bank Branch Audit other than Foreign Exchange Transactions. Exposure Draft of the Guidance Note on Audit of Banks 201...

Read More
Posted Under: Finance |

Key Audit Matter – Introduction & Practical Approach

CA Amogh Dongshanwar Introduction and meaning of Key Audit Matter With the introduction of new Standard on Auditing – SA 701 by Institute of Chartered Accountants of India (ICAI), the members of the ICAI have been entrusted with the new responsibility along with opining on the financial statements, to communicate the key audit matters (...

Read More
Posted Under: Finance |

Word Audit losing its meaning and what it means to an Auditor?

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 More
Posted Under: Finance |

Empanelment for Concurrent Audit of National Insurance Company Ltd.

Tender Document For Selection Of CA Firm For Concurrent Audit Of Investment Operations Of Empanelment for Concurrent Audit of National Insurance Company Ltd....

Read More
Posted Under: Finance |

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....

Read More

Forensic Audit: Field to Explore

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 More
Posted Under: Finance |

Blockchain Technology

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 More
Posted Under: Finance |

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: Finance |

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