CA, CS, CMA : Comprehensive guide on auditing the hotel industry covering applicable laws, revenue generation, expenses, and compliance requirem...
CA, CS, CMA : Learn about SA 706 (Revised) and its guidelines on Emphasis of Matter and Other Matter paragraphs in auditor reports, enhancing cl...
CA, CS, CMA : Discover the essential 2023-24 Audit Manual for SMEs. Stay updated with changes in CARO 2020, Schedule III, and more. Download edi...
Income Tax : Understand tax audit requirements under Section 44AB for AY 2024-25. Detailed analysis for businesses and professionals, including...
CA, CS, CMA : Understand foreign exchange audit: realized and unrealized gains/losses, accounting treatment, examples, and modern technology's r...
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 ...
CA, CS, CMA : Explore the significance of Standard on Auditing 300 in planning and executing financial statement audits. Learn the requirements,...
CA, CS, CMA : Explore the importance of agreeing audit engagement terms, preconditions, responsibilities, and legal considerations. Learn from t...
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...
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 ...
Fema / RBI : As you are aware, guidelines on 'concurrent audit system in commercial banks' were issued by us vide our circular DOS.No.BC.16/08....
In this article author gives his views on the Consultation Paper with Justification to Examine the Existing Provisions of Law and Make Suitable Amendments therein to Enhance Audit Independence and Accountability
ICAI invites suggestions/comments from members on Consultation paper to examine the existing provisions of law and make suitable amendments therein to enhance audit independence and accountability by 12.00 Noon on 21st February, 2020. Also Read Here –MCA proposes amendments to enhance Audit Independence & Accountability 18th February, 2020 Announcement Sub: ICAI invites suggestions/comments from members […]
In this write up we will understand about Limited Review Report which is mainly applicable on listed entities and other entities whose accounts are to be consolidated with listed entities. Listed companies are required to conduct limited review through statutory auditors before submitting it to SEBI and before publishing unaudited financial statements in newspaper on quarterly & […]
The concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective manner. Though auditor is appointed by the shareholders, effective power of their appointment and dismissal lies with the management.
Section 69 does not provide any guideline about the extent and length of the discretionary power given to AO in the matter of treating the investment as income which is unexplained or unsatisfactorily explained by the investor-assessee. Therefore, Assessing Officer is expected to appreciate the reasonable explanation offered to him, the evidences produced before him about the nature and source of investment and he can not make the addition merely on surmises, conjectures as well as without any supporting evidences. (Ashok Kumar Rastogi V CIT (1991) 100 CTR 204.)
In this age and time, Management System and auditors face greater challenges in their task. They need to respond effectively to the demands of a rapidly changing and complex business environment, while helping organizations continue comply with growing regulatory mandates and conform to other requirements.
Root Cause Analysis (RCA) is one of a group of classic methodologies known as structured problem solving. Today, we find that RCA is one of the hottest topics in the world of audit and accounting. It is also very much vibrant from the data shared by Future of Jobs Survey 2018, World Economic Forum that […]
Inventories are tangible property held for sale in the ordinary course of business, or in the process of production for such sale, or for consumption in the production of goods or services for sale, including maintenance supplies, consumable stores and spare parts meant for replacement in the normal course. Inventories normally comprise raw materials including components, work-in-process, finished goods including by-products, maintenance supplies, stores and spare parts, and loose tools.
In many ways not-for-profit organizations are no different from for-profit or commercial organizations. Their objectives and activities may be different but the day to day operations would more or less involve common activities like receipt and processing cash, tracking revenue and expenses, managing personnel, and financial reporting to stakeholders. Errors, misappropriations, frauds can happen in […]
Cases of financial irregularities continue unabated, both in India and abroad, bringing to the forefront yet again concerns over the need to improve audit quality. Reports of resignations of auditors to swift actions from various regulatory bodies against auditors continue to grab headlines on a routine basis these days. There are several issues that need […]
