CA, CS, CMA : Learn how banks use stock and receivables audits to independently verify inventory and debtors before allowing working capital wit...
CA, CS, CMA : The article explains how inadequate insurance coverage of hypothecated stock can expose banks to major financial losses despite va...
CA, CS, CMA : Differences between audited balance sheets and stock statements can significantly impact drawing power calculations. This article ...
CA, CS, CMA : The Audit Committee ensures oversight of audits, controls, and compliance beyond financial reporting. Its effectiveness depends on...
CA, CS, CMA : This explains what materiality means in an audit and why it matters for financial decision-making. The key takeaway is that materi...
Income Tax : Join us for an insightful session with CA Bikash Bogi, a seasoned tax expert with over 15 years of practical experience, as he bre...
Company Law : Multinational companies cannot conduct surrogate audit work in India under Chartered Accountants Act, 1949 and Companies Act, 2013...
CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...
CA, CS, CMA : Discover the catalytic role of audit in enhancing efficiency and effectiveness, as emphasized by the Comptroller and Auditor Gener...
CA, CS, CMA : Explore the essential aspects of audit documentation, its nature, purposes, and compliance requirements. Learn best practices for ...
Service Tax : The High Court in this regard stayed CAG audit of a private limited company providing warehouse and logistical support services in...
Service Tax : Gujarat High Court granted stay on conducting audit of records of taxpayers under 5A of Service Tax Rules, 1994, by Officers of C&...
Finance : The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Uni...
Income Tax : and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course ...
Income Tax : The Delhi High Court (HC) [2010-TIOL42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which...
Company Law : The ROC Ahmedabad penalized the company and its director for failing to appoint independent directors and constitute an audit comm...
Goods and Services Tax : Learn about the latest directive from the Ministry of Finance regarding joint audits by CGST and SGST officers. Understand the fra...
Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
CA, CS, CMA : (1) These Regulations may be called Regulations on Audit and Accounts (Amendments) 2020 (2) They shall come into force on the date...
CA, CS, CMA : Labour Department, Government of Haryana vide its Notification No. 11/38/2016-4Lab dated 10th August, 2016 formulated Third Party ...
The Hon’ble Bombay High Court in Kiran Gems Private Limited v. Union of India and Ors. [Writ Petition No. 1135 of 2019, decided on January 29, 2021] quashed the notice/intimation demanding audit of a private entity by Central Excise Revenue Audit (CERA) and requiring information/records for the period 2015-16 to 2017-18 to the officers of […]
Article explains what is stock Audit, Reasons why one should look forward for the stock audit, key benefits of stock audit and List of Documents Required For Stock Audit. Stock audit, in general usage is considered as an important auditing term which refers to the physical verification of the inventory. However at times, it may […]
Ethical and Compliance failure cases reported in the year 2020 have only one common element: all those companies lacked a robust Compliance Based Ethical Culture in their organizations. It has become a pressing priority to safeguard the environment and smooth governance across the organizations. The media’s international presence is so quick and transparent that customers […]
CHAPTER – X: AUDIT AND AUDITORS Section – 139: Appointment of Auditors 139(1) Every company shall, at the first annual general meeting, appoint an individual or a firm as an auditor who shall hold office from the conclusion of that meeting till the conclusion of its 6th annual general meeting and thereafter till the conclusion […]
Challenges to Information Technologies (IT) Auditors as Advisors and How Information Technology Auditing Framework (ITAF) Can Help Information Security are probably aware of the Security Principles Embodied in the CIA triad Confidentiality, Integrity and Availability. The triad is a model that is used as a basis for security policies and practices. The performance of advisory […]
I. Introduction Standard Operating Procedures (SOPs) are the documented processes that an organization has consisting of a set of step-by-step instructions to help the employees within its organization carry out its routine operations with ease. Normally, SOPs are used demonstrate compliance with the regulation or operational practices and to document how tasks must be completed […]
Section 174(2)(e) of the Central Goods and Services Tax Act, 2017 (CGST Act), specifically empowers the authorities to institute any investigation, inquiry, verification, assessment proceedings, adjudication, etc. including service tax audit under Rule 5A of the Service Tax Rules, 1994 (Service Tax Rules), as said Rule framed under the repealed or omitted chapter V of the Finance Act, 1994 (Finance Act”), is saved.
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.
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 judgement were of most significance in the audit of financial statement of current period.
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 faced by our members and provide amicable resolutions to enable our members to discharge their onerous audit function in a more efficient and effective manner in future.
