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....
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. Process for forming of Opinion 2. Precedence […]
CSAS-2 Auditing Standard on Audit Process and Documentation deals with responsibilities, duties and powers of the Auditor with respect to Audit Process to be followed by him in performing the audit function and maintaining proper documentation with respect to the audit. Contents Scope Effective Date Objective Definitions i. Auditor ii. Auditee iii. Auditee Units iv. […]
CSAS-1 Auditing Standard on Audit Engagement prescribe for an Auditor, principles to accept or continue with an Audit Engagement by agreeing to the terms of engagement with the Management or any changes therein and matters related thereto.
AUDITING AND ASSURANCE STANDARDS BOARD CONSTITUTES EXPERT PANEL FOR ADDRESSING BANK BRANCH AUDIT RELATED QUERIES FOR THE FINANCIAL YEAR 2018-19 Dear Members, The bank audit season is around the corner. Given the fact that the banking industry is typical in terms of its geographical and customer spread, the volume and varied nature of products and […]
Standards on Auditing (SAs) recognize the importance of ‘External Confirmations’ as audit evidence. Relevant extracts of some SAs regarding external confirmations are reproduced below.
Adoption of ICAI Software on Allotment of Statutory Bank-Branch Audit by Banks As you know, we have over the years expressed our concern on the appointment of auditors of public sector banks by Banks’ Board themselves and on the autonomy given to them. To address this, as you are very well aware, ICAI had developed […]
SA 701 is applicable for audits of financial statements for periods beginning on or after April 01,2018 for audits of complete sets of general purpose financial statements of listed entities. It casts a new reporting requirement on auditors of listed entities to communicate the key audit matters in their audit reports.
Large number of mid-term resignations by auditors this year has become matter of concern for various stakeholders. To examine the reasons and circumstances leading to resignation of auditors, a Group was constituted and it was decided to issue guidance for the members on the matter. The task of developing guidance for the members was entrusted […]
ICAI has issued 3 Exposure Draft of the Guidance Note on Audit of Banks 2019 which includes Guidance on Statutory Central Audit of Banks, Guidance on Foreign Exchange Transactions and Integrated Treasury and Guidance on Bank Branch Audit other than Foreign Exchange Transactions. Exposure Draft of the Guidance Note on Audit of Banks 2019 edition – […]
CA Amogh Dongshanwar Introduction and meaning of Key Audit Matter With the introduction of new Standard on Auditing – SA 701 by Institute of Chartered Accountants of India (ICAI), the members of the ICAI have been entrusted with the new responsibility along with opining on the financial statements, to communicate the key audit matters (KAM) […]
