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 ...
You are advised that henceforth Concurrent Auditors, who are chartered accountants, of branches below the cut-off point will submit LFAR only to the Chairman of the bank. The banks in turn will consolidate/compile all such LFARs submitted by the Concurrent Auditors and submit to Statutory Central Auditor as an internal document of the bank.
It was emphasized that the business in cooperative Banks i.e. State cooperative banks and district cooperative banks needs to be conducted in a manner not detrimental to the intents of the depositors and as these entities being Banks are subject to the regulatory provisions of the banking Regulation Act, 1949 (AACS), it is essential that the Statutory Audit in State Cooperative banks and district cooperative banks need to be conducted by Chartered accountants.
What is LLP- LLP is a way between Company and Partnership. It takes into account the benefits of both i.e. less legal and regulatory formalities as compared to Company and a Corporate Entity form which is not in the case of Partnership. Exemption from Audit- Rule 24(8) exempt the LLP from the Audit of its accounts if its turnover does not exceed, in any financial year, Rs.40 lakhs or its contribution does not exceed Rs. 25 Lakhs.
On the one hand the authorities want us to report any mischief occurred in the Company and on the other hand they are striking off various clauses from our reports through which we could report POSSIBLE FRAUD circumstances, which can become “ACTUAL FRAUD” ingredients later in future.
The first ray of sunrise of the Ist April 2015 is not as usual to the auditing industry. With the dusk of first financial year under companies act 2013 , we are subject to the uncountable penalties and prosecutions . The Government moved to tightening of the grip on the auditors after satyam scam has taken its final step of implementation.
The article briefly explains the guidelines issued by the Auditing Assurance Standards Board of Institute of Chartered Accountants of India on Reporting of Fraud under Sec 143(12) of the Companies Act 2013.
Amendments Class – For May 2015 exam ADVANCED AUDITING AND PROFESSIONAL ETHICS – C.A. FINAL. Note Covers the following Topics- Professional Ethics Audit of public sector undrtaking Audit Report corporate governance and clause 49 Tax Audit
Break Even Date for NPA is 01.01.2015 for the year 2014-2015. Once an account has been classified as NPA, all the facilities granted to the borrower will be treated as NPA except in respect of Primary Agricultural Credit Societies (PACS)/Farmers Service Societies (FSS).
When we go to audit the banking industry, we came to know which of the Banks must be treated with respect and which are in low water ,it simply add our responsibility to take cognizance of peripheral area of DEPOSITS. Deposits are peripheral areas of attention and due diligence while conducting and concluding the branch audits.
An attempt is made through this article to have a quick view over many issues like Categorization, Classification and provisioning of Advances. The Third Schedule to the Act requires classification of advances made by a bank from three different angles, viz., nature of advance, nature and extent of security, and place of making advance (i.e. whether in India or outside India). Accordingly, these advances are to be classified in Schedule 9 to the balance sheet
