CA, CS, CMA - SA 701 & SA 570: Auditor special considerations with respect to covid-19 pandemic In light of the corona virus pandemic various tragedies and sufferings are currently faced by the community and there is also economic slowdown having significant impact on the economy resulting in halt down the GDP of the country, the users of the [&hel...
Read MoreCA, CS, CMA - A practicing chartered accountant is generally well versed with tax laws, company law and even the accounting standards. Unfortunately, as is evident from numerous findings of reviews by the Quality Review Board, the focus on standards on auditing is missing. This article aims to highlight the key aspects of the standards on auditing....
Read MoreCA, CS, CMA - Key Audit Matter, professionally known as SA 701, is no more a newly introduced standard for any auditor. The auditor has been given the onerous responsibility as well as individual decision to incorporate it in the audit report. Incorporated as those of the most significant in the audit of financial statements from the year reports [&hel...
Read MoreCA, CS, CMA - 1. Management of the entity should assess the impact of COVID-19 and the measures taken on its ability to continue as a going concern. 2. The impact of COVID- 19 after the reporting date should also be considered and if, management after the reporting date either intends to liquidate the entity or to cease trading, or has no realistic alt...
Read MoreCA, CS, CMA - The Institute of Chartered Accountants of India (ICAI) has recently issued exposure draft on Standard of Internal Audit (SIA)- 150- 'Compliance with laws and Regulations'. Here in this article we would briefly understand the Internal Auditor's Responsibility with regard to Compliance with Laws and Regulations....
Read MoreCA, CS, CMA - Framework for Social Audit Standards defines and describes the elements and objectives of a social audit performed by social auditors. It provides a frame of reference Social auditors when performing social audit i.e., social impact assessment of project/ program executed by social enterprises....
Read MoreCA, CS, CMA - ICSI Social Audit Standard – 16 (ICSI SAS-16) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of promoting welfare of migrants and displaced persons...
Read MoreCA, CS, CMA - ICSI Social Audit Standard – 15 (ICSI SAS-15) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of bridging the digital divide in internet and mobile phone access, addressing issues of misinformation and data protection...
Read MoreCA, CS, CMA - ICSI Social Audit Standard – 14 (ICSI SAS-14) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of facilitating access to land and property assets for disadvantaged communities...
Read MoreCA, CS, CMA - ICSI Social Audit Standard – 13 (ICSI SAS-13) aims to aid the Social Auditors with necessary instructions or guidelines for the effective Social Audit of Social Enterprises engaged in the field of promotion of financial inclusion...
Read MoreF. No. 01/33/2013-CL.V (Pt.) - (12/04/2019) - Further deferral of SA 701 cannot be permitted and it remains applicable for audits of financial statements for periods beginning on or after 1st April, 2018:‑(i) SA 701 was issued in May, 2016 with applicability for all audits of the year 2017-18 onwards. On the grounds of lack of adequate time f...
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