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 ...

Read More

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. ...

Read More

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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Use of the Term “Profit and Loss Account” or “Statement of Profit and Loss” in the Statutory Audit Reports of Companies

CA, CS, CMA - I. The Council of the Institute of Chartered Accountants of India, at its 329th Adjourned meeting, held on 03rd and 04th January, 2014 at New Delhi noted that the illustrative formats of the independent auditor’s report (in respect of a Company) as given in SA 700, SA 705 and SA 706 contain the references to “Profit and Loss Account...

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Manner of Reporting on Section 227(3)(bb) of the Companies Act, 1956

CA, CS, CMA - The Council of the Institute, at its 329th (Adjourned) meeting held on 03rd and 04th January 2014 at New Delhi noted that reporting by the statutory auditors of the Company on clause (3)(bb) of section 227 of the Companies Act, 1956 is a legal requirement in cases where the company had appointed separate branch auditor/s. ...

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Reporting In Respect of Such Clauses of CARO Report, 2003 Which Are Not Applicable to the Auditee Company

CA, CS, CMA - The Council, accordingly, decided to amend paragraph 80 of the Statement on CARO, 2003 as follows: 80. There may be situations where one or more of the clauses are not applicable. For example, the requirement regarding internal audit system does not apply in case of all the companies....

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Recent Posts in "Auditing Standards"

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: Company Law |

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: Company Law |

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: Company Law |

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: Company Law |

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: Company Law |

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: Company Law |

A Brief Explanation on SA 550 Related Parties

This standard lays emphasis on the auditors responsibilities in regard to the related parties identified during the conduct of an audit of financial statements. It deals with the responsibilities and expands on how to make the application of: SA 315 Identification and Assessment of the Risk of Material Misstatement Through Understand...

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Posted Under: Company Law |

Amendment to Auditor’s Report Format Under the Companies Act

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...

Read More
Posted Under: Company Law | ,

Use of the Term “Profit and Loss Account” or “Statement of Profit and Loss” in the Statutory Audit Reports of Companies

I. The Council of the Institute of Chartered Accountants of India, at its 329th Adjourned meeting, held on 03rd and 04th January, 2014 at New Delhi noted that the illustrative formats of the independent auditor’s report (in respect of a Company) as given in SA 700, SA 705 and SA 706 contain the references to “Profit and Loss Account...

Read More
Posted Under: Company Law |
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