Audit

Audit Documentation in Bank Branch Audit

CA, CS, CMA - Master audit documentation with our guide for bank branch audits. Learn compliance with SA 230, preparation, real-time documentation, and ensuring audit integrity....

Impact of Automation in Audit Industry and Evolving Role of Auditors

CA, CS, CMA - The audit industry has been changed by Automation and its impact is seen in the evolving role of auditors. Find out more about AI, Cloud-Based Solutions, RPA, and Data Analytics. ...

Audit Trail – Reporting obligation on Auditors

CA, CS, CMA - Learn about the reporting requirement for audit trail under the Companies Act, 2013, its implications, management's and auditor's responsibilities, and preservation requirements....

DISA (Information System Audit 3.0) by ICAI for Chartered Accountants

CA, CS, CMA - Explore significance of DISA (ISA 3.0) qualification by ICAI for Chartered Accountants. Learn about course, its benefits, and how it opens avenues for IT risk advisory, bank audits, and information system audits. Discover the differences between DISA and CISA, exam preparation tips, and the comprehensive curriculum of the ISA course....

Greenhouse Gas Audit: A Crucial Step in Emission Reduction

CA, CS, CMA - Explore the significance of auditing greenhouse gas data for emission reduction. Learn how the Greenhouse Gas Protocol and EPA resources guide organizations in managing, tracking, and reducing emissions....

Exposure Draft SA 230 Audit Documentation

CA, CS, CMA - Explore the essential aspects of audit documentation, its nature, purposes, and compliance requirements. Learn best practices for effective preparation, retention, and assembly...

Exposure Draft of SA 300: Planning an Audit of Financial Statements

CA, CS, CMA - Explore the significance of Standard on Auditing 300 in planning and executing financial statement audits. Learn the requirements, strategies, and considerations...

Draft Standard on Auditing 210 Agreeing the Terms of Audit Engagements

CA, CS, CMA - Explore the importance of agreeing audit engagement terms, preconditions, responsibilities, and legal considerations. Learn from the comprehensive analysis...

Draft Standard on Auditing 220 Quality Control for Audit of Financial Statements

CA, CS, CMA - Explore the Standard on Auditing (SA) focusing on auditor responsibilities and quality control procedures for financial statement audits. Learn about leadership, ethics, and engagement performance...

BCAS asks for deferment of form 10B and 10BB

CA, CS, CMA - Bombay Chartered Accountants Society requests a one-year deferment of Form 10B/10BB, citing challenges faced by charitable trusts in complying with the new audit requirements in India....

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....

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....

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...

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...

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...

NFRA Circular on Statutory Auditors’ Responsibilities in Reporting Fraud in a Company

Circular No. NF-25013/2/2023 - (26/06/2023) - NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circular emphasizes consequences for auditors who fail to fulfill their reporting duties and clarifies that resignation does not absolve them of their responsibilities....

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....

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...

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....

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...

Recent Posts in "Audit"

Audit Documentation in Bank Branch Audit

Master audit documentation with our guide for bank branch audits. Learn compliance with SA 230, preparation, real-time documentation, and ensuring audit integrity....

Posted Under: Company Law |

Impact of Automation in Audit Industry and Evolving Role of Auditors

The audit industry has been changed by Automation and its impact is seen in the evolving role of auditors. Find out more about AI, Cloud-Based Solutions, RPA, and Data Analytics. ...

Posted Under: Company Law |

Audit Trail – Reporting obligation on Auditors

Learn about the reporting requirement for audit trail under the Companies Act, 2013, its implications, management's and auditor's responsibilities, and preservation requirements....

Posted Under: Company Law |

DISA (Information System Audit 3.0) by ICAI for Chartered Accountants

Explore significance of DISA (ISA 3.0) qualification by ICAI for Chartered Accountants. Learn about course, its benefits, and how it opens avenues for IT risk advisory, bank audits, and information system audits. Discover the differences between DISA and CISA, exam preparation tips, and the comprehensive curriculum of the ISA course....

Posted Under: Company Law |

Greenhouse Gas Audit: A Crucial Step in Emission Reduction

Explore the significance of auditing greenhouse gas data for emission reduction. Learn how the Greenhouse Gas Protocol and EPA resources guide organizations in managing, tracking, and reducing emissions....

Posted Under: Company Law |

How to authenticate accruals and provisions during the audit process?

Explore comprehensive audit procedures for authenticating accruals and provisions. From examining supporting documents to legal inquiries, these illustrative examples ensure financial statement accuracy....

Posted Under: Company Law |

How to verify and confirm Bank reconciliation as part of audit procedures?

Explore detailed audit procedures to verify bank reconciliations, ensuring financial records' accuracy. From confirming outstanding checks to assessing timing differences, this guide provides illustrative examples for a robust audit process....

Posted Under: Company Law |

How to verify and confirm subsequent events as part of audit procedures?

Explore essential audit procedures for verifying subsequent events. From legal confirmations to reviewing financial transactions, these detailed examples guide auditors in ensuring accurate and timely financial statements....

Posted Under: Company Law |

How to authenticate Estimates during audit process?

Explore comprehensive audit procedures to authenticate estimates during the audit process. From understanding the estimation process to engaging external experts, fortify assurance on financial statements with practical examples and industry benchmarks....

Posted Under: Company Law |

How to authenticate Legal expenses during audit process?

Discover essential audit procedures to authenticate legal expenses, safeguarding financial statements' integrity. From supporting documentation to external confirmations, gain insights into accurate accruals and provisions....

Posted Under: Company Law |

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