Audit

Reporting of Key Audit Matters

CA, CS, CMA - The purpose of communicating Key Audit Matters (KAM) is to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed. -KAM provides additional information to intended users of the Financial Statement to assist them in understanding those matters that, in the auditor’s ...

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“Risks” As in Internal Audit

CA, CS, CMA - Risk-based internal audit is an internal methodology which is primarily focused on the inherent risks involved in the activities or system and provide assurance that risk is being managed by the management within the defined risk appetite level. Risk is defined as ‘the possibility of an event occurring that will have an impact on th...

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Audit under Threshold Limits- Ease of doing business for MSME companies

CA, CS, CMA - Business entities in India have been fighting with several multiple business laws, rules, regulations, policies, procedures, formats and authorities for running their business and statutory compliance has become a nightmare for most of them, especially the small business entities. ...

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Ledger Scrutiny Books of Accounts- Things You Must Know

CA, CS, CMA - Main features on Ledger scrutiny Steps to be followed: – 1. Take last year audited balance sheet from client and open Trial balance of current year in tally software, then check that last year closing balances in audited balance sheet is matched with current year opening balances in tally software (Trail balance). Note:- Opening bal...

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Audits of Financial Entity in COVID-19

CA, CS, CMA - Audits of financials, now a day, are on peak if we talk about it comparing with last financial year. But this year, AGM are already postponed, Tax audits dates are further increased to 30th Nov 2020 surely gonna extended further to the month of December. Market condition is not stable these days....

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Representation Seeking Relief Measures in Audit of Co-Operatives

CA, CS, CMA - There are certain unaddressed genuine concerns which are have been causing unwarranted difficulties and hardship to our members while performing their audit of Co-operative societies in the state. We thought to bring these concerns on the table through this representation, we urge you to take cognizance of these concerns and hardships as ...

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Empanelment of Stock Auditors with UCO Bank

CA, CS, CMA - Applications in prescribed format are invited from reputed individuals /firms for empanelment as UCO Bank stock auditors with our branches under Shimla Zone. Prescribed form, eligibility criteria and code of conduct of stock auditors are enclosed....

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Necessity of Statutory Branch Audit in Public Sector Banks

CA, CS, CMA - It has come to the notice of Professional Development (PD) Committee of Institute of  Chartered Accountants of India (ICAI) that one of the public sector banks (PSBs) has  requested that Indian Banks’ Association (IBA) to consider the representation on  exemption from statutory bank branch audit, for the year ended March 31, 2020, in...

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Guidance notes on ICSI auditing standards

CA, CS, CMA - GUIDANCE NOTES ON ICSI AUDITING STANDARDS ICSI Auditing Standards aims to support the Company Secretaries in developing auditing acumen, techniques and tools and inculcate best auditing practices while conducting the audit and promote standardisation and uniformity in the professional arena. The Institute of Company Secretaries of India h...

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Download Guidance Note on Audit of Banks

CA, CS, CMA - Guidance Note on Audit of Banks 2020 edition As you all are aware that the Bank Statutory Audit season is just around the corner, We take this opportunity to place in your hands, the Guidance Note on Audit of Banks – 2020 edition, issued by the Auditing and Assurance Standards Board of ICAI. Over the […]...

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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"

Reporting of Key Audit Matters

The purpose of communicating Key Audit Matters (KAM) is to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed. -KAM provides additional information to intended users of the Financial Statement to assist them in understanding those matters that, in the auditor’s ...

Read More
Posted Under: Corporate Law |

Representation Seeking Relief Measures in Audit of Co-Operatives

There are certain unaddressed genuine concerns which are have been causing unwarranted difficulties and hardship to our members while performing their audit of Co-operative societies in the state. We thought to bring these concerns on the table through this representation, we urge you to take cognizance of these concerns and hardships as ...

Read More
Posted Under: Corporate Law |

“Risks” As in Internal Audit

Risk-based internal audit is an internal methodology which is primarily focused on the inherent risks involved in the activities or system and provide assurance that risk is being managed by the management within the defined risk appetite level. Risk is defined as ‘the possibility of an event occurring that will have an impact on th...

Read More
Posted Under: Corporate Law |

Audit under Threshold Limits- Ease of doing business for MSME companies

Business entities in India have been fighting with several multiple business laws, rules, regulations, policies, procedures, formats and authorities for running their business and statutory compliance has become a nightmare for most of them, especially the small business entities. ...

Read More
Posted Under: Corporate Law |

Ledger Scrutiny Books of Accounts- Things You Must Know

Main features on Ledger scrutiny Steps to be followed: – 1. Take last year audited balance sheet from client and open Trial balance of current year in tally software, then check that last year closing balances in audited balance sheet is matched with current year opening balances in tally software (Trail balance). Note:- Opening bal...

Read More
Posted Under: Corporate Law |

Empanelment of Stock Auditors with UCO Bank

Applications in prescribed format are invited from reputed individuals /firms for empanelment as UCO Bank stock auditors with our branches under Shimla Zone. Prescribed form, eligibility criteria and code of conduct of stock auditors are enclosed....

Read More
Posted Under: Corporate Law |

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....

Read More

Audits of Financial Entity in COVID-19

Audits of financials, now a day, are on peak if we talk about it comparing with last financial year. But this year, AGM are already postponed, Tax audits dates are further increased to 30th Nov 2020 surely gonna extended further to the month of December. Market condition is not stable these days....

Read More
Posted Under: Corporate Law |

Secretarial Audit For Bigger Companies- Form No. MR-3

As per Section 204 read with rule The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 of the Companies Act, 2013 Applicability of Secretarial Audit 1. Every listed company In case of unlisted Public company: 2.Every public company having a paid-up share capital of fifty crore rupees or more; or 3. Every public...

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Posted Under: Corporate Law |

Areas of focus and auditor reporting issues related covid 19

COVID-19 issues will depend on each audit’s facts and circumstances. However, every auditor shall have to be proactive for these wholly unprecedented challenges in number of areas while carrying out their respective audits....

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Posted Under: Corporate Law |

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