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 ...
Article explains What is a Legal Audit, Procedure of Legal Audit, Is Legal Audit Mandatory, Legal Audit vs Tax Audit, Company Audit and Financial Audit and Significance of Legal Audit. What is a Legal Audit? The word legal audit is made from two words ‘legal’ and ‘audit’. Legal audit is the process of verification of the documents […]
Inventory is one of the important area for any business where chances of fraud are more as it’s a department where thefts and damages occur. Having strong controls, proper processes, checklist and regular stock audit is essential for this function. In this article we would learn the basic check points which needs to be checked […]
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 has issued the first four Auditing Standards, i.e […]
ICSI has issued the first four Auditing Standards which are mandatorily applicable to the auditor on or after 1st April, 2020. The first three Standards will be applicable to all kinds of audit engagements and the fourth one will specifically be applicable for the Secretarial Audit under section 204 of the Companies Act, 2013.
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 […]
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.)
