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CA, CS, CMA - SA 240 defines fraud as an intentional act by one or more individuals among management , those charged with governance , employees or third parties involving the use of deception to obtain an unfair or illegal advantage. Frauds can be of two types fraudulent financial reporting and misappropriation of assets. Fraud risk factors refers to ...
Read MoreCA, CS, CMA - The auditors play a very important role in overseeing the company’s financial matters. As per S. 141 of the Companies Act, 2013 (‘Act’) only chartered accountants can be auditors. S. 143 provides that the auditor of a company shall have access to the books of accounts of the company at all times....
Read MoreCA, CS, CMA - The Companies Act, 2013 has separate section for auditor related all the provisions, implying that an auditor has important place in a company. Auditor is per responsible for checking the accuracy financial part of company. I have already covered the provision of appointment of auditor in my article https://taxguru.in/company-law/auditor-...
Read MoreCA, CS, CMA - Article explains Manner of Rotation of Statutory Auditors under Companies (Audit and Auditors) Rules, 2014 read with Section 139 of Companies Act, 2013. A. Section 139(2) and Rule 5 of the Companies (Audit and Auditors) Rules 2014– Maximum term for appointment of auditors 1. In case of every listed company; 2. All Unlisted companies...
Read MoreCA, CS, CMA - As per the Companies Act, 2013 and related rules and provisions, it is mandatory for every company to appoint an auditor from incorporation to their going out of business. Auditor is eligible person, who audits the financial part and working of company. Hence, every company needs to appoint auditor. Notably there are many times, when [&he...
Read MoreCA, CS, CMA - The concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective manner. Though auditor is appointed by the shareholders, effective power of their appointment and dismissal lies with the management....
Read MoreCA, CS, CMA - It is requested to kindly consider amendment in the explanation to Section 288(2) of the Income 'lax Act. 1961 'so as to include the profession of Company Secretary within the meaning of the Company Secretaries Act, 1980 in the definition of Accountant...
Read MoreCA, 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...
Read MoreCA, CS, CMA - The world's four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulators over governance.Ernst & Young, which along with law firm Linklaters has been been accused of providing window dressing for Lehman Brothers' risky financial structures, today became the first of the big four ...
Read MoreCA, CS, CMA - That being the case, some of the people that you knew while they were in public accounting have completely disappeared never to heard from again. Those of you still at the mercy of the billable hour might assume that these refugees are loving life in their new jobs – working 40 hours a week, making far more money and seeing more than an...
Read MoreF No 7/4/2015-RRB- Vol(11) - (16/10/2017) - I am directed to refer to NABARD's letters NB.HO.IDD/260/RRB-322/2017-18 dated 2nd June 2017 and NB.HO.IDD/468/RRB-322/2017-18 dated 25th July 2017 on the above cited subject and to convey the approval of the Central Government in terms of provisions of section 19(2) of the Regional Rural Bank act, ...
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