Auditing Standards

Changes in SA 610 with Effective from 1.4.2016

CA, CS, CMA - The external auditor has sole responsibility for the audit opinion expressed, and that responsibility is not reduced by the external auditor’s use of the work of the internal audit function or internal auditors to provide direct assistance on the engagement....

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Satyam Case-: an eye opener

CA, CS, CMA - We have been taught that an audit conducted with a view to give an opinion about the truthful and fairness of financial statements, it does not include the objective to find out frauds / errors. Though the principle has remained constant, the expectations thereof have gone a sea change....

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Positioning Of Internal Audit In Corporate Framework

CA, CS, CMA - The scope of internal auditing within an organization involves topics such as an organization's governance, risk management and management controls. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation ...

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Decoding 2015 Statutory Audits Of The Banks

CA, CS, CMA - A chartered accountant is mandated to conduct statutory and other audit of banking industries. This is in compliance of various statutes applicable to audits, there are kind of audits and there are many ways to appoint the auditors for the Banking Sector. ...

Read More

Role of Audit Committees in Financial Conglomerates

CA, CS, CMA - We all know that in addition to the Management, companies also need a governance framework primarily with a view to preserving the shareholder value. There are some major landmarks that defined the role of Audit Committees in augmenting the Governance aspects in companies. ...

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Revised SA 299 Joint Audit of Financial Statements

CA, CS, CMA - The practice of appointing more than one auditor to conduct the audit of large entities is followed for a longtime, sometimes voluntarily by the shareholders or sometimes due to the requirements of laws or regulations....

Read More

Implementation Guide to Standard on Auditing (SA) 701

CA, CS, CMA - In the year 2016, ICAI revised the extant suite of auditor’s reporting standard (i.e. SAs 700, 705, 706) and also issued a new standard SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report...

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Standard on Auditing (SA) 720 (Revised): Auditor’s Responsibilities Relating to Other Information

CA, CS, CMA - Standard on Auditing (SA) 720 (Revised) deals with the auditor's responsibilities relating to other information, whether financial or non-financial information (other than financial statements and the auditor's report thereon), included in an entity's annual report. An entity's annual report may be a single document or a combination of d...

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New / Revised Standard on Auditing SA 700, 701, 705, 706, 260 & 570

CA, CS, CMA - 1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. 3. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. 4. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Indepe...

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Amendment to Auditor’s Report Format Under the Companies Act

CA, CS, CMA - Announcement 1 : Manner of Reporting on Section 227(3)(bb) of the Companies Act, 1956. Announcement 2 : Reference to the Accounting Standards Applicable to the Companies in the Auditor’s Report and Limited Review Reports and various Engagement Standards. Announcement 3 : Amendment to the “Auditor’s Responsibility” Paragraph Includ...

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Recent Posts in "Auditing Standards"

Revised SA 299 Joint Audit of Financial Statements

The practice of appointing more than one auditor to conduct the audit of large entities is followed for a longtime, sometimes voluntarily by the shareholders or sometimes due to the requirements of laws or regulations....

Read More
Posted Under: CA, CS, CMA |

Implementation Guide to Standard on Auditing (SA) 701

In the year 2016, ICAI revised the extant suite of auditor’s reporting standard (i.e. SAs 700, 705, 706) and also issued a new standard SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report...

Read More
Posted Under: CA, CS, CMA |

Standard on Auditing (SA) 720 (Revised): Auditor’s Responsibilities Relating to Other Information

Standard on Auditing (SA) 720 (Revised) deals with the auditor's responsibilities relating to other information, whether financial or non-financial information (other than financial statements and the auditor's report thereon), included in an entity's annual report. An entity's annual report may be a single document or a combination of d...

Read More
Posted Under: CA, CS, CMA |

Changes in SA 610 with Effective from 1.4.2016

The external auditor has sole responsibility for the audit opinion expressed, and that responsibility is not reduced by the external auditor’s use of the work of the internal audit function or internal auditors to provide direct assistance on the engagement....

Read More
Posted Under: CA, CS, CMA |

New / Revised Standard on Auditing SA 700, 701, 705, 706, 260 & 570

1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. 3. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. 4. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Indepe...

Read More
Posted Under: CA, CS, CMA |

Satyam Case-: an eye opener

We have been taught that an audit conducted with a view to give an opinion about the truthful and fairness of financial statements, it does not include the objective to find out frauds / errors. Though the principle has remained constant, the expectations thereof have gone a sea change....

Read More
Posted Under: CA, CS, CMA |

Positioning Of Internal Audit In Corporate Framework

The scope of internal auditing within an organization involves topics such as an organization's governance, risk management and management controls. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation ...

Read More
Posted Under: CA, CS, CMA |

Decoding 2015 Statutory Audits Of The Banks

A chartered accountant is mandated to conduct statutory and other audit of banking industries. This is in compliance of various statutes applicable to audits, there are kind of audits and there are many ways to appoint the auditors for the Banking Sector. ...

Read More

Role of Audit Committees in Financial Conglomerates

We all know that in addition to the Management, companies also need a governance framework primarily with a view to preserving the shareholder value. There are some major landmarks that defined the role of Audit Committees in augmenting the Governance aspects in companies. ...

Read More
Posted Under: CA, CS, CMA |

Value Dating check in relation to Concurrent Audit of Banks

Dear Professional colleagues, Concurrent Audit of Banks are fast gaining significance in the wake of increase in Non-Performing Assets (NPA) and other irregularities which have surfaced in the recent past. Concurrent Audit is primarily a risk mitigation method wherein various Banking functions are Audited in detail in order to unearth any...

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Posted Under: CA, CS, CMA |
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