CA, CS, CMA : Explore the significance of SA 570 in financial audits, focusing on the going concern basis, auditor responsibilities, risk assess...
CA, CS, CMA : Discover the crucial role of auditors in India, from financial statement examination to compliance verification. Learn about regul...
CA, CS, CMA : Discover how in-house accountants and auditors in India are reshaping financial practices with cost-efficiency, regulatory adaptab...
Company Law : Unlock the compliance guide to auditor appointment and removal under the Companies Act, 2013. Dive into the nuances of appointing ...
Company Law : Explore intricacies of Section 139(2) in Companies Act, covering appointment of statutory auditors and addressing casual vacancies...
Company Law : The concept of Auditor independence requires the auditor to carry out his or her work freely, with integrity and in an objective m...
CA, 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 t...
CA, CS, CMA, Company Law : 1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the...
Finance : The world's four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulato...
Finance : That being the case, some of the people that you knew while they were in public accounting have completely disappeared never to he...
Company Law : Challenge to constitutional validity of section 140(5) of Companies Act, 2013 fails and it is observed and held that section 140(5...
Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
CA, CS, CMA : NFRA imposes monetary penalty of Rs Five Lakhs upon CA Rajiv Bengal In addition he is debarred for Five years from being appointed...
Fema / RBI : 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 dat...
APPOINTMENT OF FIRST AUDITOR BY BOARD OF DIRECTORS: The First Auditor of a company (other than a Government Company) shall be appointed by the Board of Directors within 30 days from the date of registration/Incorporation of the company. TENURE OF FIRST AUDITOR: First auditor shall hold office till the conclusion of the First Annual General […]
The concept of One Person Company (OPC) is well understood by all of us and doesn’t need any introduction. We all are aware of the privileges enjoyed by an OPC in comparison to other forms of companies, like non-requirement of holding general meeting, non-requirement of holding board meeting (in case there is only one director), […]
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 […]
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.
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-appointment-companies-act-2013.html. Many times, due to some reason, […]
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 having […]
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 […]
We know that all big company are operated to earn profits apart from serving to society. And when it comes to profits, it directly relates to numbers i.e. financials of companies. The person who is responsible for financial working of the company. Auditor is eligible person, who audits the financial part and working of company. […]
In corporate governance parlance, auditors are considered to be key ‘gatekeepers’. However, governance failures both in India and around the world have pointed fingers towards the role of auditors. This has led to a series of reforms that impose greater stringency on auditors and the audit process. The concept of Auditor independence requires the auditor […]
In this article author gives his views on the Consultation Paper with Justification to Examine the Existing Provisions of Law and Make Suitable Amendments therein to Enhance Audit Independence and Accountability
