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Audit

Latest Articles


Joint Audit as a Tool to Enhance Audit Quality

Company Law : joint audit involves two or more audit firms working together to issue an audit opinion on the financial statements of an organiza...

March 19, 2025 1086 Views 0 comment Print

Top 10 Reasons for Audit Committee Underperformance

CA, CS, CMA : Factors like poor composition, weak leadership, limited meetings, and ineffective audits contribute to the underperformance of Aud...

February 27, 2025 429 Views 0 comment Print

Fraud Indicators in PSU and Government Contracts Audit

CA, CS, CMA : Explore fraud indicators in PSU and Government contract audits, including billing fraud, bribery, kickbacks, change order abuse, c...

January 14, 2025 978 Views 0 comment Print

Audit Planning, Strategy and Execution: Best Practices & Key Considerations

CA, CS, CMA : When it comes to auditing, planning carefully and doing things accurately are crucial for a successful audit. This easy guide expl...

July 19, 2024 696 Views 0 comment Print

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 3252 Views 0 comment Print


Latest News


Webinar on Budget 2025 – In-depth Analysis of Income Tax Amendments

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...

January 31, 2025 17073 Views 1 comment Print

Surrogate Audit Work by Multinational Companies in India

Company Law : Multinational companies cannot conduct surrogate audit work in India under Chartered Accountants Act, 1949 and Companies Act, 2013...

December 6, 2024 432 Views 0 comment Print

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 1836 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 261 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 2217 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 2019 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 8418 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 6220 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 2762 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 5735 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 1545 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 11103 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 10560 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 7054 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 3634 Views 0 comment Print


Draft Standard on Auditing 210 Agreeing the Terms of Audit Engagements

November 24, 2023 1482 Views 0 comment Print

Explore the importance of agreeing audit engagement terms, preconditions, responsibilities, and legal considerations. Learn from the comprehensive analysis

Draft Standard on Auditing 220 Quality Control for Audit of Financial Statements

November 24, 2023 1956 Views 0 comment Print

Explore the Standard on Auditing (SA) focusing on auditor responsibilities and quality control procedures for financial statement audits. Learn about leadership, ethics, and engagement performance

Intricacies of Operational Audit: Join Our Exclusive Webinar on November 18, 2023!

November 16, 2023 4236 Views 0 comment Print

Join our live webinar on Operational Audit, Nov 18, 1.30 pm IST, YouTube Live. Explore key components, real-world examples, and untapped opportunities. Register now!

Auditors in India: Roles, Regulations, and Responsibilities

November 7, 2023 6399 Views 0 comment Print

Discover the crucial role of auditors in India, from financial statement examination to compliance verification. Learn about regulations and career paths.

Redefining Auditing: The Secret Power of In-House Accountants & Auditors

October 30, 2023 954 Views 0 comment Print

Discover how in-house accountants and auditors in India are reshaping financial practices with cost-efficiency, regulatory adaptability, and data security, explained by Mr. Raj Doshi, a Fellow CA.

How to manage enterprise’s financial risks, controls and audits efficiently

September 16, 2023 702 Views 0 comment Print

Discover effective strategies for managing an enterprise’s financial risks, controls, and audits. Learn the importance of identifying and mitigating financial risks, implementing robust internal controls, and conducting regular audits for transparency and accountability. Establish a comprehensive framework supported by strong leadership, clear policies, and competent professionals. Explore collaboration with external experts to enhance risk management and stay informed about emerging industry practices. Safeguard your financial health and ensure long-term stability through proactive financial governance.

BCAS asks for deferment of form 10B and 10BB

September 11, 2023 21930 Views 1 comment Print

Bombay Chartered Accountants Society requests a one-year deferment of Form 10B/10BB, citing challenges faced by charitable trusts in complying with the new audit requirements in India.

What is a Special Audit? Its Needs and Types

September 11, 2023 17799 Views 0 comment Print

Uncover the intricacies of Special Audits – focused examinations crucial for organizations. Explore the needs behind conducting them, and delve into various types such as Compliance, Construction, Internal, Cost, Fraud, and more. Understand how these audits address specific areas, ensuring financial transparency and legal compliance.

FEMA from the Auditor’s Perspective

September 4, 2023 3516 Views 0 comment Print

From an auditor’s perspective, the Federal Emergency Management Agency (FEMA) is a federal agency in the United States responsible for coordinating disaster response and providing financial assistance to state and local governments, as well as individuals and businesses, during and after natural or man-made disasters.

Balancing Progress: Cost of Modernization & Imperative of Environmental Audits

August 28, 2023 438 Views 0 comment Print

Explore the dual challenge of balancing the costs of modernization with the imperative of environmental sustainability. Learn how environmental audits play a crucial role in assessing and mitigating the environmental impact of financial decisions. Join the discussion on strategies for quantifying environmental costs, sustainable financing, risk management, and stakeholder engagement. Share your insights and contribute to the dialogue on shaping a future where financial progress aligns with responsible environmental stewardship.

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