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 ...
Appointment of branch statutory auditors of Public Sector Banks – Chartered Accountants from North Eastern Region. RBI has decided to relax the eligibility norm in respect of professional standing of individual auditors/proprietar y audit firms from the North-Eastern Region (viz. the states of Assam, Meghalaya, Arunachal Pradesh, Manipur, Mizoram, Nagaland, Sikkim and Tripura) by reducing the period from 3 years to 1 year from the year 2008-09 and onwards.
MVAT Audit Due date extended to 31St July 2008 for Financial Year 20005-06 and 2006-07. 1. The Hon’ble High Court has dismissed the Writ petition No. 2000 of 2007 and allied petitions regarding Form 704. The date for filing of Form 704 was extended by the High Court to 30th June 2008. Accordingly, a trade circular cited at reference 13 was issued and the date for filing of Form 704 in respect of the year 2005-06 and 2006-07 was extended to 30th June 2008.
The requirement of compulsory practical training is an integral part of the Chartered Accountancy course. Keeping this in view, the Council has recently issued a statement to ensure that working hours of articled assistants do not clash with any other activity undertaken by the articled assistants. However, it has been brought to the notice of the Institute that some of articled assistants are attending coaching classes during working hours of articled training. It is hereby clarified that articled assistants are not permitted to attend coaching classes during working hours. As stated earlier, articled training is an important part of CA curriculum.
The Government recognises the importance of financial reporting in providing essential financial information about the company to its shareholders and other stakeholders, as an integral and important part of good corporate governance. Such information needs to be reliable, free from bias and should enable comparison on the basis of common benchmarks. This, in turn, necessitates an appropriate, financial reporting system in the form of accounting standards that incorporate sound accounting principles and reflect a true picture of the financial health of the company while ensuring legally enforceable accountability.
The Supreme Court today said that only chartered or cost accountants will be eligible to audit and certify sales tax returns in bid to prevent evasion. The decision would affect the lawyers specialising in Sales Tax laws and former Sales Tax officers who work as sales tax practitioners.
Tax Audit for the Financial Year 2009-2010 is although over but I am sure most of us have not taken a deceleration from the management regarding the following items appearing in Tax Audit Report. Given Below is the format in which we can now take the deceleration from management which should be dated either by the Tax Audit Report date or a date prior to that.
The Institute of Chartered Accountants of India (ICAI) said on Thursday it will launch a course of accounting technicians from April 22 for undergraduate students. “We are launching this course considering that there is a need for second tier of accountants, with so many accounting jobs coming up in the country,” ICAI president Ved Jain told reporters here.
Information relating to allocation of auditors/audit firms to various public sector banks for the year 2007-08 is hosted on the web-site of RBI. While forwarding names of audit firms, banks are advised that not more than three branches may be allotted per audit firm and that they should endeavor to give assignments to all the auditors to the extent possible. It may be noted that it may not be necessary that all the audit firms whose names are forwarded/ recommended by RBI to various banks are allotted branch audit by the respective banks, as sufficiently higher number of audit firms are forwarded to banks in order to enable them to allot audit assignments as per their logistic requirements
In what could be a significant deterrent to corporate frauds, the concept of rotation of partners received a green signal from the apex body for chartered accountants, Institute of Chartered Accountants of India (ICAI), and mandates change of partners after seven consecutive years with a listed company. The step, cleared by ICAI, will be operational from April 2009 and is expected to significantly reduce complexity between individual partners in audit firms and their assigned companies, something that has been a cause behind many of the big corporate frauds to have hit the financial world.
Trade Cir. No. 4 T of 2008 Section 31 of the Maharashtra Value Added Tax Act, 2002 provides for deduction of tax at Source. Section 31(1) (b) (ii) of the Act empowers the Commissioner of Sales Tax to grant certificate to a contractor who is not doing Works contract. Where an application is made by the contractor and if the Commissioner is satisfied that the contract is not a works contract, then, he shall grant him the certificate for non-deduction of tax at source. The Commissioner may, after giving the contractor a reasonable opportunity of being heard, reject the application or cancel or modify such certificate.
