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 ...
The Institute of Chartered Accountants of India today filed an application in a local court here seeking its permission to examine and record statements of three chartered accountants, including Satyam’s former CFO Vadlamani Srinivas. ICAI counsel G Gopalakrishna Murthy told the XIV additional chief metropolitan magistrate’s court that the professional body wanted to find if […]
Uppermost in the agenda of the new chief of the Institute of Chartered Accountants of India (ICAI), Mr Uttam Prakash Agarwal, is the Satyam problem. “Members should not lose heart but must act proactively to safeguard the interests of all stakeholders,” he calls out to CAs, from the pulpit of ‘The Chartered Accountant’ journal, March […]
To prevent recurrence of Satyam-like frauds, the ICAI on Monday tightened the auditing standards by introducing new guidelines which will enable auditors interlink information and reports of other stakeholders and evaluate them. The two new standards on auditing, said Atul Kumar Gupta, member of the regional council of Institute of Chartered Accountants of India (ICAI), […]
In order to restore credibility in the Satyam-tainted work of auditors, the Institute of Chartered Accountants of India (ICAI), the apex body that regulates the profession of chartered accountancy in India, is considering various options, including demanding more powers for itself. “The institute needs to have more teeth and there is need to make changes […]
The Institute of Chartered Accountants of India (ICAI) has approached the Finance Ministry and the Reserve Bank of India (RBI), seeking a reversal of their decision to liberalise the system for appointment of statutory branch auditors by public sector banks (PSBs). Until three years ago, RBI allotted such branch auditors, based on a panel of […]
The Council in its 281st meeting held from 3rd to 5th October, 2008 decided that an internal auditor of an assessee, whether working with the organization or an independently practicing Chartered Accountant being an individual chartered accountants or a firm of chartered accountants, could not be appointed as his tax auditor. The said decision came […]
Companies may soon have to get their financial statements vetted by more than one auditor. The Institute of Chartered Accountants of India (ICAI), the country’s accounting and auditing rule-maker, is considering a proposal to make it mandatory for companies to get their books audited by more than one auditor so that each of the audit […]
The Institute of Chartered Accountants of India (ICAI) is planning to set up a rating system for corporate governance for listed and unlisted entities. It is aiming to bring in internationally best practices and new code of conduct. The apex statutory body of CAs, established under the Chartered Accountants Act, 1949, is in the process […]
The accent of the statute is ‘an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability’. The condition for applying Section 41(1) is the allowance of deduction earlier and subjecting it to tax later on its waiver. Explanation 1 to Section 41(1) covers even unilateral transfer of liability by write off in the books of account by the taxpayer.
The global auditing firm PricewaterhouseCoopers is overhauling its India operations, two months after starting an investigation into fraud at one of its clients here. The auditor, which has nine offices and thousands of clients in India, said Thursday that it would make a number of sweeping changes to “re-emphasize quality.”
