Internal Audit

Brief Summary – Standards on Internal Audit (SIA)

CA, CS, CMA - THE FIVE ‘I’ APPROACH FOR RISK ADVISORY & INTERNAL AUDIT 1. Innovation – Change is the only constant. 2. Interaction – For good ideas and true innovation, you need human interaction, disagreement, argument and debate. 3. Impact -The only limit to your impact is your creativity and commitment. 4. Information ...

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Auditing Internal Controls

CA, CS, CMA - In response to the large corporate financial scandals like energy firm Enron Corp, telecommunications giant WorldCom and Tyco International, Sarbanes-Oxley Act (SOX) was introduced, in the USA, in year 2002. Purpose of the Act was to improve accuracy of financial reporting by establishing formalized system of checks and balances and prote...

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Risk Control Matrix

CA, CS, CMA - Each organization and its risk environment is unique, depending on different factors, including: business type, size, resources, and laws or regulations. Hence, Risk Control Matrix is an important tool to understand and optimize your organization’s risk profile....

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Internal Controls and Audit

CA, CS, CMA - Internal Controls are systematic and procedural steps adopted by an organization to mitigate risks, primarily in the areas of financial accounting and reporting, operational processing and compliance with laws and regulations. Internal Controls (ICs) are essentially risk mitigation steps taken to strengthen the organization’s systems an...

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Internal Audit & Internal Auditor Appointment under Companies Act, 2013

CA, CS, CMA - Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and gov...

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Empanelment for Internal Audit of various units of ICAI

CA, CS, CMA - Application for Engagement of Chartered Accountant Firms for Internal Audit of various units of ICAI for the financial year 2020-21 Notice Inviting Expression of Interest for engagement of Chartered Accountant Firms for Internal Audit of various units of the Institute of Chartered Accountants of India (ICAI) [Announcement No. EOI/IA/2020-...

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Empanelment of Internal Auditor in State Trading Corporation

CA, CS, CMA - STC invites offers from reputed firms (including LLP) of Chartered Accountants for appointment as Internal Auditors having relevant experience in Audit work at their Head Office at New Delhi and its Branches at various locations in India for the Financial Year 2020-21....

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Empanelment of Internal Auditor in MSEDCL

CA, CS, CMA - Maharashtra State Electricity Distribution Company Limited a Government of Maharashtra Undertaking, invites Expression of Interest (EoI) for Empanelment as Internal Auditors for the period of three Financial Years 2020-21, 2021-22 and 2022-23 from Chartered Accountant /Cost Accountant firms....

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Draft SIA 250 Communication with those charged with Governance

CA, CS, CMA - The term Those Charged with Governance (TCWG) refers to either an individual, or a body of individuals, or a separate legal entity with the responsibility for overseeing the strategic direction and accountability of the organisation....

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Draft SIA 150 Compliance With Laws and Regulations

CA, CS, CMA - Compliance is a key concept in Internal Audit and this Standard seeks to clarify both, the concept and the responsibility of the Internal Auditor, Management and other Stakeholders, with respect to Compliance with Laws and Regulations (CLR), in line with their professional obligations....

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Risk Based Internal Audit (RBIA) in NBFCs/UCBs

RBI/2020-21/88 Ref.No.DoS.CO.PPG./SEC.05/11.01.005/2020-21 - (03/02/2021) - An independent and effective internal audit function in a financial entity provides vital assurance to the Board and its senior management regarding the quality and effectiveness of the entity’s internal control, risk management and governance framework....

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Internal Audit Procedure of Registration Process of Charitable Trusts

F. No. 240/8/2015— A & PAC —11 - (14/12/2018) - It has been recommended by the Hon'ble Public Accounts Committee that the process of the Registration Process of Charitable Trusts / Institutions should be brought under the purview of internal audit....

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SEBI circular on Internal Audit for Credit Rating Agencies

Notification No. SEBI/MIRSD/CRA/ Cir-01/2010 - (06/01/2010) - It is clarified that for the half-year October 2009 - March 2010, the CRA shall receive the report of the internal audit by May 31, 2010. Its Board of Directors shall consider the report and take appropriate measures to rectify the deficiencies and the CRA shall send the Action Taken Report to SEBI ...

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Recent Posts in "Internal Audit"

Brief Summary – Standards on Internal Audit (SIA)

THE FIVE ‘I’ APPROACH FOR RISK ADVISORY & INTERNAL AUDIT 1. Innovation – Change is the only constant. 2. Interaction – For good ideas and true innovation, you need human interaction, disagreement, argument and debate. 3. Impact -The only limit to your impact is your creativity and commitment. 4. Information ...

Read More
Posted Under: Fema / RBI |

Risk Based Internal Audit (RBIA) in NBFCs/UCBs

RBI/2020-21/88 Ref.No.DoS.CO.PPG./SEC.05/11.01.005/2020-21 (03/02/2021)

An independent and effective internal audit function in a financial entity provides vital assurance to the Board and its senior management regarding the quality and effectiveness of the entity’s internal control, risk management and governance framework....

Read More

Auditing Internal Controls

In response to the large corporate financial scandals like energy firm Enron Corp, telecommunications giant WorldCom and Tyco International, Sarbanes-Oxley Act (SOX) was introduced, in the USA, in year 2002. Purpose of the Act was to improve accuracy of financial reporting by establishing formalized system of checks and balances and prote...

Read More
Posted Under: Fema / RBI |

Risk Control Matrix

Each organization and its risk environment is unique, depending on different factors, including: business type, size, resources, and laws or regulations. Hence, Risk Control Matrix is an important tool to understand and optimize your organization’s risk profile....

Read More
Posted Under: Fema / RBI |

Internal Controls and Audit

Internal Controls are systematic and procedural steps adopted by an organization to mitigate risks, primarily in the areas of financial accounting and reporting, operational processing and compliance with laws and regulations. Internal Controls (ICs) are essentially risk mitigation steps taken to strengthen the organization’s systems an...

Read More
Posted Under: Fema / RBI |

Internal Audit & Internal Auditor Appointment under Companies Act, 2013

Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and gov...

Read More
Posted Under: Fema / RBI |

Internal controls and Audit of Fixed Assets

Fixed assets, in an organization represent the long-term tangible assets which are used, -to produce and deliver its products or services, and -to manage its operations. They are assets held for the purpose of providing or producing goods or services and are not meant for sale in the normal course of business. Therefore, an asset [&hellip...

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Posted Under: Fema / RBI |

“Risks” As in Internal Audit

Risk-based internal audit is an internal methodology which is primarily focused on the inherent risks involved in the activities or system and provide assurance that risk is being managed by the management within the defined risk appetite level. Risk is defined as ‘the possibility of an event occurring that will have an impact on th...

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Posted Under: Fema / RBI |

Internal Audit – How to Use it to Increase your Business & Profits

Dear readers, in the era of this competitive market, the key to success and to stay live in market is to provide best customer service/product at reasonable price. To achieve this success mantra, internal audit of organization can play a vital role. In laymen language Audit means verification/ authentication of our records, processes, goa...

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Posted Under: Fema / RBI |

Internal Audit- Tool of Corporate Governance or Assurance to Public !!

The Internal Audit prescribed under Section 138 of Companies Act 2013 has become an apple of discord between the Chartered Accountants and Cost Accountants simply because of defective law governing it. However nobody is addressing the issue for correcting the law to the govt. and CAs are being accused of prevailing over the prerogative to...

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Posted Under: Fema / RBI |

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