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 ...
It has been observed that there have been a number of cases in banks and financial institutions wherein due to the erroneous/ambiguous advice tendered by the respective Chartered Accountants, borrowal accounts have had to face quick mortality resulting in loss for the bank. Many a time this has also resulted in vigilance cases being initiated […]
The Curriculum of the Chartered Accountancy Course has been designed, developed and maintained so that the members of the Profession can become the valued Trustees of the World Class Financial Competence, Good Governance and Competitiveness. For details regarding the curriculum, please refer to Annexure 1. Since December 1949, the Chartered Accountancy Examination is held twice in a year. The Final exam was held in November, 2008 in 190 Examination Centers spread over 106 cities all over India and 3 cities abroad.
Everything revolves around clause (iii) of section 32(1). The said clause provides that in case any of the assets specified therein on which depreciation is claimed and allowed under clause (i), is sold, discarded, demolished, and if the monies payable fall short of the w.d.v, such shortfall will be allowed
To bring in a more transparent and credible auditing system in the country, the government proposes to give explicit legal status to the audit standards prepared by the Institute of Chartered Accountants of India (ICAI), minister of corporate affairs Prem Chand Gupta said here on Saturday. The minister said that the Companies Bill, 2008, now […]
The Big Four accounting firms are reputed to have strong process controls. How then could one such firm have failed to detect such a multi-year scam as is getting unravelled in Satyam? “There is a co-relation between the size of audit firms and the size of companies, and hence all large corporate frauds involve big […]
The Satyam scandal continues to reverberate, with a host of competing companies aiming to pick up some U.S. business and some big firms facing questions about why they did business with the Indian outsourcer.
The Reserve Bank of India, or RBI, has prohibited the statutory auditors of a bank from carrying out any consultancy work for the bank to avoid a possible conflict of interest.
The Satyam scam has made auditors realise the need to have a ‘fraud-finding’ approach, rather than the conventional fault-finding mode while examining the books of companies. Looking at the need and appetite for such accounting practices, the apex body of chartered accountants, Institute of Chartered Accountants of India (ICAI), has introduced new study modules for […]
“Satyam Scam has raised basic questions about the depth and devotion in statutory audit conducted by one of the big four audit firms, the PWC. In India the professional depth and devotion of small and medium size audit firms are of quite high level but unfortunately their potential remains heavily under utilized. One of the […]
Institute of Chartered Accountants of India (ICAI) has formed a six- member high level team to go into the Satyam Computer Services fiasco that has drawn international attention, informed ICAI central committee member K Raghu.
