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 ...
Apart from said business, the assessee invested in shares and treats shares as investment in his books of account. This itself manifests the intention of the assessee as to whether he proposed into dealing in shares or earn dividend and profit out of such investment. The Assessing Officer was guided more because of the total amount involved rather than the actual intention and the way of carrying on share transaction.
The ministry of company affairs (MCA) intends to insert a clause in the Companies Act that will make audit firms also liable to prosecution as against the existing provisions that limits penal action only to chartered accountants. The proposal, being pushed by government agencies, has found favour with MCA and the amendments could be made […]
Paragraph 83 of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, states as follows: “83. The needs of the firm for retention ………………. ……………… In the specific case of audit engagements, the retention period ordinarily is no shorter than […]
Sebi will soon offer listed companies the option of switching over to the International Financial Reporting Standards for improved corporate governance, but is yet to take a decision on allowing quarterly audits, due to stiff opposition from companies themselves.
I New firms to be empanelled from the list of audit firms whose Chartered Accountants should have Diploma in Information and System Accounting (DISA) qualification. II Selection for new audit firms to be made only from category III and from category IV SP upto 20% of the total requirement in respect of vacancies.
Canara Bank invites applications from the eligible/interested audit firms for empanelment as concurrent auditors for conducting concurrent audit in the identified 500 branches for the period from 01.10.2009 to 30.9.2010. Terms and conditions for appointment, fee structure, methodology for application/ selection, methodology for conducting audit/reporting and the methodology for review of performance of the auditors […]
Suppose Firms A & Co, B& Co. merge in C & Co during the year (a) All three firms are empanelled in bank branch auditor’s panel and audit is allotted to M/s B& Co. only. In the above case, B& Co. will be allowed to take up the audit assignment in the name of C […]
Notification No. 60/2009 – Income Tax , dated 31-7-2009 It is hereby notified for general information that the organization Institute of Rural Management, Anand, Gujarat has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from assessment year 2008-09 onwards in the category of ‘other institution’ partly engaged in research activities subject to the following conditions, namely :–
BIODATA FORMAT-2009 Allahabad Bank invites applications in the under noted prescribed format from practising firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent/ Revenue Auditor in the Bank. The panel of auditors maintained last year (excluding existing concurrent auditors) since expired and will not be used for appointment […]
A special audit of Anil Ambani group firm Reliance Communications will be delayed, as the auditor Parakh & Co has sought an extension for three months from mid-July.The government has, however, asked the auditor for progress report before deciding on giving the extension and in case more time was given, the auditors would have to […]
