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Audit

Latest Articles


Auditing Hotel Industry: Laws, Revenue, Expenses & Compliance

CA, CS, CMA : Comprehensive guide on auditing the hotel industry covering applicable laws, revenue generation, expenses, and compliance requirem...

July 4, 2024 1209 Views 0 comment Print

SA 706 (Revised): Emphasis of Matter & Other Matter Paragraphs in Auditor’s Report

CA, CS, CMA : Learn about SA 706 (Revised) and its guidelines on Emphasis of Matter and Other Matter paragraphs in auditor reports, enhancing cl...

June 22, 2024 2757 Views 0 comment Print

Audit Manual for Small & Medium Enterprises (SME) for Financial Year 2023-24

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...

June 13, 2024 6795 Views 0 comment Print

Audit Requirements & Criterion for Business & Profession (Section 44AB) Assessment Year 2024-24

Income Tax : Understand tax audit requirements under Section 44AB for AY 2024-25. Detailed analysis for businesses and professionals, including...

June 7, 2024 41217 Views 0 comment Print

Audit of Foreign Exchange Transactions

CA, CS, CMA : Understand foreign exchange audit: realized and unrealized gains/losses, accounting treatment, examples, and modern technology's r...

April 11, 2024 6294 Views 0 comment Print


Latest News


Expert Panel for Addressing queries related to Statutory Audit

CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...

April 11, 2024 1662 Views 0 comment Print

Audit Plays Catalytic Role in Promoting Efficiency and Effectiveness: CAG

CA, CS, CMA : Discover the catalytic role of audit in enhancing efficiency and effectiveness, as emphasized by the Comptroller and Auditor Gener...

March 19, 2024 195 Views 0 comment Print

Exposure Draft SA 230 Audit Documentation

CA, CS, CMA : Explore the essential aspects of audit documentation, its nature, purposes, and compliance requirements. Learn best practices for ...

November 24, 2023 1710 Views 0 comment Print

Exposure Draft of SA 300: Planning an Audit of Financial Statements

CA, CS, CMA : Explore the significance of Standard on Auditing 300 in planning and executing financial statement audits. Learn the requirements,...

November 24, 2023 2154 Views 0 comment Print

Draft Standard on Auditing 210 Agreeing the Terms of Audit Engagements

CA, CS, CMA : Explore the importance of agreeing audit engagement terms, preconditions, responsibilities, and legal considerations. Learn from t...

November 24, 2023 1050 Views 0 comment Print


Latest Judiciary


CAG cannot carry compulsory service tax audit of private agencies after GST

Service Tax : The High Court in this regard stayed CAG audit of a private limited company providing warehouse and logistical support services in...

October 17, 2020 1923 Views 0 comment Print

Gujarat High Court stays Service Tax Audit under Rule 5A by CAG

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&...

October 18, 2018 8340 Views 1 comment Print

CAG can audit Pvt. Companies if Govt Revenue is in question

Finance : The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Uni...

January 7, 2014 6154 Views 0 comment Print

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

Income Tax : and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course ...

January 24, 2010 2639 Views 0 comment Print

Deductibility of premium on forward contracts in the year of entering into such contracts

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...

January 21, 2010 5600 Views 0 comment Print


Latest Notifications


Framework for conducting Joint Audit by CGST and SGST officers

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...

April 3, 2024 1350 Views 0 comment Print

NFRA Circular on Statutory Auditors’ Responsibilities in Reporting Fraud in a Company

Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...

June 26, 2023 10326 Views 0 comment Print

Regulations on Audit and Accounts (Amendments) 2020

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...

August 20, 2020 10386 Views 0 comment Print

Practising CS can do Third Party Certification Audits in Haryana

CA, CS, CMA : Labour Department, Government of Haryana vide its Notification No. 11/38/2016-4Lab dated 10th August, 2016 formulated Third Party ...

September 9, 2016 7027 Views 0 comment Print

RBI issues revised guideline on Concurrent Audit System in Commercial Banks

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....

July 16, 2015 3382 Views 0 comment Print


Audit Trail – Reporting obligation on Auditors

February 8, 2024 6447 Views 0 comment Print

Learn about the reporting requirement for audit trail under the Companies Act, 2013, its implications, management’s and auditor’s responsibilities, and preservation requirements.

DISA (Information System Audit 3.0) by ICAI for Chartered Accountants

January 7, 2024 39636 Views 0 comment Print

Explore significance of DISA (ISA 3.0) qualification by ICAI for Chartered Accountants. Learn about course, its benefits, and how it opens avenues for IT risk advisory, bank audits, and information system audits. Discover the differences between DISA and CISA, exam preparation tips, and the comprehensive curriculum of the ISA course.

Greenhouse Gas Audit: A Crucial Step in Emission Reduction

January 4, 2024 633 Views 0 comment Print

Explore the significance of auditing greenhouse gas data for emission reduction. Learn how the Greenhouse Gas Protocol and EPA resources guide organizations in managing, tracking, and reducing emissions.

How to authenticate accruals and provisions during the audit process?

January 3, 2024 924 Views 0 comment Print

Explore comprehensive audit procedures for authenticating accruals and provisions. From examining supporting documents to legal inquiries, these illustrative examples ensure financial statement accuracy.

How to verify and confirm Bank reconciliation as part of audit procedures?

January 3, 2024 1020 Views 0 comment Print

Explore detailed audit procedures to verify bank reconciliations, ensuring financial records’ accuracy. From confirming outstanding checks to assessing timing differences, this guide provides illustrative examples for a robust audit process.

How to verify and confirm subsequent events as part of audit procedures?

January 3, 2024 852 Views 0 comment Print

Explore essential audit procedures for verifying subsequent events. From legal confirmations to reviewing financial transactions, these detailed examples guide auditors in ensuring accurate and timely financial statements.

How to authenticate Estimates during audit process?

January 3, 2024 450 Views 0 comment Print

Explore comprehensive audit procedures to authenticate estimates during the audit process. From understanding the estimation process to engaging external experts, fortify assurance on financial statements with practical examples and industry benchmarks.

How to authenticate Legal expenses during audit process?

January 3, 2024 1233 Views 0 comment Print

Discover essential audit procedures to authenticate legal expenses, safeguarding financial statements’ integrity. From supporting documentation to external confirmations, gain insights into accurate accruals and provisions.

How to authenticate payroll expenses during audit process?

January 3, 2024 711 Views 0 comment Print

Verifying payroll expenses is a pivotal element in the audit process for firms. Robust audit procedures are essential to ensure the accuracy and completeness of payroll expenses, safeguarding the integrity of financial statements.

What Audit Committees are looking for Internal Audit Departments!!!

December 22, 2023 987 Views 0 comment Print

Explore pivotal relationship between Audit Committees and Internal Audit Departments. Learn roles, oversight responsibilities and key questions for effective collaboration.

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