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 ...
Institute of Chartered Accountants of India (ICAI) would submit a representation to Tamil Nadu Government to make VAT Auditing compulsory in the State. By compulsory auditing of VAT, as in Maharashtra, the Government would have lot of advantages, including identifying the revenue leakage, said Mr G Ramaswamy, General Council member.
6. We have verified the orders and heard:the rival contentions. There is no dispute that there was a qualification in the auditors report whereby the auditors had mentioned Rs.27,47,258/ – as the adjustment required u/s. 145A of the Act for the purpose of valuing the closing stock. Copy of the computation statement for the relevant Assessment Year filed by the assessee show that it had made a suo motu addition
Accounting regulator, Institute of Chartered Accountants of India (ICAI) has asked the private and public-sector banks to hire the services of qualified auditors instead of chartered accountants who render ‘compilation engagement’ services. In a compilation engagement, a chartered accountant uses his accounting expertise as opposed to the auditing expertise to collect, classify and summarize financial […]
Uttam Prakash Agarwal, president of Institute of Chartered Accountants of India (ICAI), has been in focus lately, handling queries on the role of auditors in the Satyam Computer fiasco. Agarwal, who is also chairing the six-member high-level committee set up by ICAI to look into the Satyam scandal, talked to Vivek Seal of DNA on […]
NEW DELHI: The I-T authorities have slapped a tax liability of Rs 300-400 crore on realty leader DLF over what they called understatement of income and fund diversion by the company. The liability was raised after a special audit by the Income Tax department in the accounts of DLF for the year 2005-06. With the kind of […]
The government has turned down a proposal of the Reserve Bank of India (RBI) to allow public sector banks to select auditors independently. Last year, RBI had made the proposal to the finance ministry, which forwarded it to the Ministry of Corporate Affairs (MCA), the nodal body for auditors. The proposal was in line with […]
The Securities and Exchange Board of India (Sebi) will pay auditors fees for the first year of peer review of accounts of companies in the 50-index Nifty and the 30-index BSE. In an effort to build investor confidence and avoid reoccurrence of Satyam-like frauds, Sebi had announced a peer review of company accounts. “Sebi will […]
IMPORTANT ANNOUNCEMENT (Transfer of Articles – (19-05-2009) The following decisions taken by the Council of the Institute are brought into force immediately for compliance by the Students / Members concerned. It is advised that required compliance be made by the concerned students / members. It may please be noted that non-compliance will be viewed seriously […]
Expression of interest from firms of Chartered Accountants for inclusion of their names to the existing panel of Statutory Auditors / Additional Auditor/ Concurrent Auditor for BOT/BOT (Annuity) Projects of NHAI (based upon new MCA) in various States of India. National Highways Authority of India (NHAI) awards concessions for Highways construction to the selected bidders. […]
Frequently Asked Questions on AS 11 notification – Companies (Accounting Standards) Amendment Rules, 2009 (G.S.R. 225 (E) dt. 31.3.09) issued by Ministry of Corporate Affairs. ASB Guidance in the form of FAQs on AS 11 notification – Companies (Accounting Standards) Amendment Rules, 2009 (G.S.R. 225 (E) dt. 31.3.09) issued by Ministry of Corporate Affairs does […]
