Audit

Simple Statutory Audit Checklist

CA, CS, CMA - A. Internal Control verification:- As Auditor we check the Internal control, just to ascertain whether weak internal controls are materially affecting financial statements. Give separate report on internal control, wherever applicable:- –  Check processing pattern of company / firm from purchase order placed by company to actual de...

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Forensic Audit: Field to Explore by Chartered Accountants

CA, CS, CMA - Forensic Audit: Field to Explore Growing cyber crimes, failure of regulators to track the security scams, series of co-operative banks bursting – all are pinpointing the need of forensic accounting, irrespective of whether we understand the need or not. Forensic accounting seeks to uncover the what, why and how behind the computatio...

Read More

Forensic Auditing: Much required tool in current era of Frauds

CA, CS, CMA - The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various  inter-related conc...

Read More

Secretarial Audit Restructuring Audit Framework

CA, CS, CMA - Secretarial Audit: Introduction Secretarial Audit is a health check-up process of an organization whereby the Practicing Professional verifies the correctness and reliability of the compliance management system in order to ensure compliances of applicable laws by the company. Secretarial Audit is a process to check compliance with the pro...

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Auditing Standards Issued By ICSI

CA, CS, CMA - ICSI has recently issued four Auditing Standards for the members in practice in order to enable them to carry out the audit engagements more effectively. The four Auditing Standards are: CSAS-1 Auditing Standard on Audit Engagement CSAS-2 Auditing Standard on Audit Process and Documentation CSAS-3- Auditing Standard on Forming of Opinion ...

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Revised Audit Manual 2019 for use of Income Tax Department

CA, CS, CMA - Audit is a significant mechanism to protect the interest of revenue. For effective audit, the CBDT issues Instructions and guidelines from time to time, Audit Instructions were also revised by the Instruction No. 6 and Instruction No. 7 of 2017 and the work related to assessment is now being done on ITBA module, and the Audit work has als...

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ICSI Requests inclusion of CS in Definition of “Accountant”

CA, CS, CMA - It is requested to kindly consider amendment in the explanation to Section 288(2) of the Income 'lax Act. 1961 'so as to include the profession of Company Secretary within the meaning of the Company Secretaries Act, 1980 in the definition of Accountant...

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ICSI issues four Auditing Standards on Audit Engagement

CA, CS, CMA - The four Standards namely CSAS-1: Auditing Standard on Audit Engagement; CSAS-2: Auditing Standard on Audit Process and Documentation; CSAS-3: Auditing Standard on Forming of Opinion and CSAS-4:  Auditing Standard on Secretarial Audit are applicable on recommendatory basis on Audit engagements accepted by the Auditor on or after 1...

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CSAS-4 Auditing Standard on Secretarial Audit

CA, CS, CMA - CSAS-4 Auditing Standard on Secretarial Audit deals with responsibilities of the auditor while carrying out Secretarial Audit of a Company. The Standard is in addition to other Auditing Standards, as may be applicable with regard to Secretarial Audit. Contents Scope Effective Date Objective Definitions i. Auditor ii. Audit Procedure iii. ...

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CSAS-3- Auditing Standard on Forming of Opinion

CA, CS, CMA - CSAS-3- Auditing Standard on Forming of Opinion deals with basis and manner for forming Auditor’s opinion on subject matter of the audit. Contents Scope  Effective Date  Objective  Definitions  i. Auditor ii. Audit Evidence iii. Records iv. Materiality v. Misstatement vi. Third Party vii. Third Party Information Requirements  1. Pr...

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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"

Simple Statutory Audit Checklist

A. Internal Control verification:- As Auditor we check the Internal control, just to ascertain whether weak internal controls are materially affecting financial statements. Give separate report on internal control, wherever applicable:- –  Check processing pattern of company / firm from purchase order placed by company to actual de...

Read More
Posted Under: Company Law |

Revised Audit Manual 2019 for use of Income Tax Department

Audit is a significant mechanism to protect the interest of revenue. For effective audit, the CBDT issues Instructions and guidelines from time to time, Audit Instructions were also revised by the Instruction No. 6 and Instruction No. 7 of 2017 and the work related to assessment is now being done on ITBA module, and the Audit work has als...

Read More
Posted Under: Company Law |

Forensic Audit: Field to Explore by Chartered Accountants

Forensic Audit: Field to Explore Growing cyber crimes, failure of regulators to track the security scams, series of co-operative banks bursting – all are pinpointing the need of forensic accounting, irrespective of whether we understand the need or not. Forensic accounting seeks to uncover the what, why and how behind the computatio...

Read More
Posted Under: Company Law |

Forensic Auditing: Much required tool in current era of Frauds

The article briefly explains the concept of Forensic Auditing and the use of the technique in the detection of the frauds. The relevance of the concept has been highlighted -especially in the emerging scenario of continuous development in the fields of accounting and auditing. The article also touches upon the various  inter-related conc...

Read More
Posted Under: Company Law |

ICSI Requests inclusion of CS in Definition of “Accountant”

It is requested to kindly consider amendment in the explanation to Section 288(2) of the Income 'lax Act. 1961 'so as to include the profession of Company Secretary within the meaning of the Company Secretaries Act, 1980 in the definition of Accountant...

Read More
Posted Under: Company Law |

Secretarial Audit Restructuring Audit Framework

Secretarial Audit: Introduction Secretarial Audit is a health check-up process of an organization whereby the Practicing Professional verifies the correctness and reliability of the compliance management system in order to ensure compliances of applicable laws by the company. Secretarial Audit is a process to check compliance with the pro...

Read More
Posted Under: Company Law |

Auditing Standards Issued By ICSI

ICSI has recently issued four Auditing Standards for the members in practice in order to enable them to carry out the audit engagements more effectively. The four Auditing Standards are: CSAS-1 Auditing Standard on Audit Engagement CSAS-2 Auditing Standard on Audit Process and Documentation CSAS-3- Auditing Standard on Forming of Opinion ...

Read More
Posted Under: Company Law |

ICSI issues four Auditing Standards on Audit Engagement

The four Standards namely CSAS-1: Auditing Standard on Audit Engagement; CSAS-2: Auditing Standard on Audit Process and Documentation; CSAS-3: Auditing Standard on Forming of Opinion and CSAS-4:  Auditing Standard on Secretarial Audit are applicable on recommendatory basis on Audit engagements accepted by the Auditor on or after 1...

Read More
Posted Under: Company Law |

CSAS-4 Auditing Standard on Secretarial Audit

CSAS-4 Auditing Standard on Secretarial Audit deals with responsibilities of the auditor while carrying out Secretarial Audit of a Company. The Standard is in addition to other Auditing Standards, as may be applicable with regard to Secretarial Audit. Contents Scope Effective Date Objective Definitions i. Auditor ii. Audit Procedure iii. ...

Read More
Posted Under: Company Law |

CSAS-3- Auditing Standard on Forming of Opinion

CSAS-3- Auditing Standard on Forming of Opinion deals with basis and manner for forming Auditor’s opinion on subject matter of the audit. Contents Scope  Effective Date  Objective  Definitions  i. Auditor ii. Audit Evidence iii. Records iv. Materiality v. Misstatement vi. Third Party vii. Third Party Information Requirements  1. Pr...

Read More
Posted Under: Company Law |

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