Audit

Forensic Audit Report of ABC Automobiles Pvt. Ltd on Receivables Lapping

CA, CS, CMA - This report summarizes our procedures, findings, and recommendations as it relates to our assistance with the evaluation of bookkeeping, records and internal control irregularities at Company in determining the fraud risk and the amount involved therein....

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Audit Assertion

CA, CS, CMA - What is Audit Assertion? It’s one of the basic questions that is being asked or come to the mind during the Audit. If we look the Oxford dictionary for the meaning of ‘ASSERTION’ we will found ‘A statement that you strongly believe is true’. In Audit also, Auditor need to present true and fair view […]...

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Income Tax Assessment of Co-operative Societies

CA, CS, CMA - 1. Definition of a Co-operative Society as per the Income-Tax Act. Section 2(19): ‘co-operative society‘ means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies. 2. Computation ...

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ASM Audit & Its Importance in Clean Credit Culture

CA, CS, CMA - Appointment of Agencies for specialized monitoring (ASM) was one of major key reforms under EASE 3.0 Agenda Smart, Tech-enabled banking for aspiring India...

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Progressing India: An-in-Depth look at 2023 Budget

CA, CS, CMA - The Indian Government is constructing a budget for 2023 with a clear focus on economic recovery, job creation and the development of an inclusive and resilient society. Incentive and progressive taxes are to be generated to ensure that resources are efficiently utilized. To cover for public services, infrastructure and other areas of inve...

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Audit is a powerful & inescapable tool of good governance – Vice President

CA, CS, CMA - Describing audit as a powerful and inescapable tool of good governance, Shri Dhankhar cautioned that the absence of audit or inefficient audit would lead to system degeneration. He also called for increased focus by CAG on the instances of utility certificates involving massive public funds not being imparted for long by governmental enti...

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NFRA introduces audit quality inspections

CA, CS, CMA - The National Financial Reporting Authority (NFRA) has published its audit quality inspection guidelines  as a step towards  further  improving the quality of audit profession. The inspection guidelines are on the lines of the best practices followed by International Audit Regulators. In fact, Audit quality inspections are integral to t...

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FRC fined PwC over BT fraud audit failures

CA, CS, CMA - FRC imposed sanctions against PwC & Richard Hughes, Audit Engagement Partner in relation to statutory audit of financial statements of BT Group plc ...

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Empanelment of Stock Auditors with UCO Bank

CA, CS, CMA - Applications in prescribed format are invited from qualified Chartered/Cost Accountant or a firm of Chartered/Cost Accountants registered with Institute of Chartered Accountants of India/Institute of cost Accountants of India for empanelment as stock & Book Debts auditors with our branches under Mumbai Zone....

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Audit of NBFCs: ICAI advises members to fully adhere to RBI circular

CA, CS, CMA - RBI prescribes that an audit firm can concurrently take up audit of maximum of eight NBFCs during a year, irrespective of the asset size of the auditee NBFC....

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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"

Forensic Audit Report of ABC Automobiles Pvt. Ltd on Receivables Lapping

This report summarizes our procedures, findings, and recommendations as it relates to our assistance with the evaluation of bookkeeping, records and internal control irregularities at Company in determining the fraud risk and the amount involved therein....

Read More
Posted Under: CA, CS, CMA |

Audit Assertion

What is Audit Assertion? It’s one of the basic questions that is being asked or come to the mind during the Audit. If we look the Oxford dictionary for the meaning of ‘ASSERTION’ we will found ‘A statement that you strongly believe is true’. In Audit also, Auditor need to present true and fair view […]...

Read More
Posted Under: CA, CS, CMA |

Income Tax Assessment of Co-operative Societies

1. Definition of a Co-operative Society as per the Income-Tax Act. Section 2(19): ‘co-operative society‘ means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies. 2. Computation ...

Read More
Posted Under: CA, CS, CMA |

ASM Audit & Its Importance in Clean Credit Culture

Appointment of Agencies for specialized monitoring (ASM) was one of major key reforms under EASE 3.0 Agenda Smart, Tech-enabled banking for aspiring India...

Read More
Posted Under: CA, CS, CMA |

Progressing India: An-in-Depth look at 2023 Budget

The Indian Government is constructing a budget for 2023 with a clear focus on economic recovery, job creation and the development of an inclusive and resilient society. Incentive and progressive taxes are to be generated to ensure that resources are efficiently utilized. To cover for public services, infrastructure and other areas of inve...

Read More
Posted Under: CA, CS, CMA |

Changing world of Audit: AI, Robotics & Machine learning

With emerging advances in technology day by day, every industry is seen to adapt to the technological trend to benefit their businesses. It’s a competition on delivering better quality goods and services to the market and this is only possible through analyzing business carefully. Such technologies include Artificial intelligence(AI), R...

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Posted Under: CA, CS, CMA |

Social Audit: An effective tool for Corporate Governance

The G-20 summit recently proposed a Social Audit by the Security Exchange Board of India (SEBI) as part of their agenda. This proposed social audit would examine various aspects of the corporate sector such as their transparency with regards to financial disclosure and accountability, corporate governance and fiduciary accountability, soc...

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Posted Under: CA, CS, CMA |

Audit Documentation and its Importance

Standard on Auditing (SA) 230, 'Audit Documentation' prescribes the basic principles of audit documentation. Reporting requirements of Companies Act, 2013 is very much necessary as per the auditing standards. ...

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Posted Under: CA, CS, CMA |

Understanding of Digital Forensics And Its Application

Digital forensics is the process of collecting, analyzing and reporting on digital data in order to find evidence for use in a legal case. It can be used to investigate crimes such as child pornography, terrorist activities or online financial scams....

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Posted Under: CA, CS, CMA |

Stock Audit – Advantages, Importance, procedures and Checklist

What is a stock audit? Simply put, a stock audit, sometimes referred to as an inventory audit, is the process of ensuring that the actual goods present in your store’s warehouse correspond to the information found in the stock register. Inventory audits may be carried out internally or by external auditors who can guarantee maximum ...

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Posted Under: CA, CS, CMA |

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