Goods and Services Tax : ICAI clarified that ITC wrongly reversed under Table 4(B)(1) instead of Table 4(B)(2) can still be reclaimed within statutory time...
CA, CS, CMA : The FAQs explain how the 60 Tax Audit assignment ceiling will operate through the UDIN system from 1 April 2026. ICAI clarified wh...
CA, CS, CMA : Banks are asking CAs to issue end-use and KYC certificates without regulatory support. RBI confirms no such requirement exists, hi...
Company Law : The proposal to remove statutory audits for small companies risks eliminating independent financial scrutiny, potentially weakenin...
Corporate Law : The Bar Council of India has officially confirmed that the IGNOU-ICAI B.Com (Accountancy & Finance) degree meets all eligibility c...
CA, CS, CMA : The Sales Tax Bar Association requested reconsideration of Bar Council of India rules prohibiting advocates from entering partners...
CA, CS, CMA : ICAI has warned members and students against fraudulent calls, emails, and WhatsApp messages seeking confidential information and ...
CA, CS, CMA : The issue involves publication of the draft panel for statutory auditor appointments. ICAI has released the list based on existing...
CA, CS, CMA : Candidates can raise concerns regarding exam papers through email or post. The Institute will consider only properly submitted res...
CA, CS, CMA : The issue focused on strengthening public financial management for effective governance. ICAI emphasized reforms such as accrual a...
CA, CS, CMA : The Delhi High Court held that one of the meetings relied upon for automatic vacation of the petitioner’s seat was convened with...
CA, CS, CMA : The Court examined whether a complaint arising from a family dispute can be entertained in misconduct proceedings. It held that su...
CA, CS, CMA : The High Court held that a direct appellate challenge to the final removal order was not maintainable. The appeal was withdrawn wi...
CA, CS, CMA : The court affirmed disciplinary action where an auditor failed to detect ever-greening of assets and misreporting in audit account...
Income Tax : The ITAT Delhi has deleted a ₹25,000 penalty under Section 271A, ruling that F&O turnover for a trader should be calculated base...
CA, CS, CMA : ICAI Board holds CA not guilty in bribery case, finds no proof of knowledge or intent; mere receipt of packet without mens rea not...
CA, CS, CMA : The issue involved allegations of assisting in bogus accounting entries. The ruling held that without certification or statutory r...
CA, CS, CMA : The issue involved disciplinary action for professional and other misconduct under the Chartered Accountants Act. The authorities ...
Corporate Law : The amended guidelines mandate minimum CPE hours for all practicing members. Non-compliance will lead to discontinuation of the Ce...
CA, CS, CMA : The issue concerns disciplinary action for professional misconduct. The ruling enforces removal from membership and bars practice ...
SIA 260 defines the Internal Auditor’s responsibility for supervising and reviewing audit assignments. It ensures work conforms to standards, and that evidence and conclusions are properly supported.
This standard guides internal auditors on proper documentation of audit procedures, evidence, and conclusions, ensuring compliance, traceability, and retention for at least seven years.
This standard guides internal auditors on selecting, validating, and documenting tools like AI, analytics, and CAATs while ensuring data security and professional judgment in audits.
SIA 230 establishes standards for audit evidence, requiring auditors to collect sufficient, reliable data using methods like observation, inquiry, and analytics to support audit conclusions and assess control effectiveness.
The case underlines that identifying all auditable units through an audit universe ensures comprehensive coverage, prevents oversight, and guides resource allocation for efficient internal audits.
SIA 210 mandates internal auditors acquire detailed knowledge of the entity’s environment, operations, and risks. This knowledge is crucial for effective audit planning, procedure design, and risk identification.
ICAI SIA 160 outlines internal auditor responsibilities for assessing compliance frameworks, identifying gaps, and reporting non-compliance, while management retains ultimate responsibility.
SIA 150 clarifies management and internal auditor roles in risk management. It defines the framework, steps, and requirements for auditors to assess and provide assurance on the effectiveness of organizational risk processes.
SIA 140 defines Internal Controls and clarifies management’s and the Internal Auditor’s responsibilities for their design, implementation, and assessment, covering financial, operational, and compliance risks.
SIA 130 mandates that the Chief Internal Auditor establish a documented Internal Audit Process and a formal Quality Assessment and Improvement Program (QAIP). This ensures that internal audits are conducted systematically, resources are adequately skilled, and objectives are met in conformance with ICAI Standards.
