Internal Audit

Role of Internal Audit in Fraud Prevention and Detection

CA, CS, CMA - Fraud is not a recent phenomenon associated to some highly-publicized cases of financial fraud from the last two centuries. It can be found early in the history of our world as men have made use of tricks, manipulation, and deceit in order to acquire money, land, goods, or trust, with the overall objective of making profit....

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How to Implement Effective Internal Controls to Prevent Revenue Leakage

CA, CS, CMA - Small business dealers dealing in unorganized markets has always faced the problem of revenue leakage due to lack of availability of Man Power Resources as well as too much dependence and trust on existing employees....

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Internal Audit And Scope For “Other” Professionals

CA, CS, CMA - The term audit is derived from the Latin term audire which means to hear. In early days an auditor used to listen to the accounts read over by an accountant in order to check them....

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Emerging Issues And Challenges in Internal Auditing

CA, CS, CMA - Traditionally, the internal audit function focused on providing core assurance around business process risk and controls. But, with increasing market volatility and complexity, internal audit is being asked to deliver deeper insights and value beyond assurance, particularly in the areas of strategy execution, emerging risk, and increasing...

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Intercompany Transactions Eliminations: Fundamentals & Procedures

CA, CS, CMA - In the commercial world, generally what we see is transactions occurring between two unrelated entities. Though, sometime transactions may occur between units of one legal entity (what has been referred to as ‘inter-unit / intercompany transactions’ in commercial sense). ...

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ICAI Exposure Draft Framework Governing Internal Audits

CA, CS, CMA - Internal audits are conducted within a defined framework that lays down the boundaries and identifies, in a broad manner, how the internal audit activity is performed. This framework provides the required clarity on key components of the audit activity and helps aggregate all aspects of the internal audit process in a cohesive manner ther...

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Exposure Draft of Preface to Framework & Standards on Internal Audit

CA, CS, CMA - EXPOSURE DRAFT PREFACE TO THE FRAMEWORK AND STANDARDS ON INTERNAL AUDIT* (Last date for comments- January 17, 2018) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on proposed revision to the Preface to the Framework and Standards on Internal Audit. Comments are most helpful if...

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Exposure Draft of the proposed revised definition of internal audit

CA, CS, CMA - EXPOSURE DRAFT – PROPOSED REVISED DEFINITION OF INTERNAL AUDIT (Last date for comments -November 25, 2017) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on proposed revised definition of internal audit. An explanation has also been included as part of the revised defini...

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Appointment of internal auditor under Gujarat Horticulture Mission

CA, CS, CMA - Appointment of internal auditor under Gujarat Horticulture Mission Download Full Text...

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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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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"

Role of Internal Audit in Fraud Prevention and Detection

Fraud is not a recent phenomenon associated to some highly-publicized cases of financial fraud from the last two centuries. It can be found early in the history of our world as men have made use of tricks, manipulation, and deceit in order to acquire money, land, goods, or trust, with the overall objective of making profit....

Read More
Posted Under: CA, CS, CMA |

ICAI Exposure Draft Framework Governing Internal Audits

Internal audits are conducted within a defined framework that lays down the boundaries and identifies, in a broad manner, how the internal audit activity is performed. This framework provides the required clarity on key components of the audit activity and helps aggregate all aspects of the internal audit process in a cohesive manner ther...

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of Preface to Framework & Standards on Internal Audit

EXPOSURE DRAFT PREFACE TO THE FRAMEWORK AND STANDARDS ON INTERNAL AUDIT* (Last date for comments- January 17, 2018) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on proposed revision to the Preface to the Framework and Standards on Internal Audit. Comments are most helpful if...

Read More
Posted Under: CA, CS, CMA |

How to Implement Effective Internal Controls to Prevent Revenue Leakage

Small business dealers dealing in unorganized markets has always faced the problem of revenue leakage due to lack of availability of Man Power Resources as well as too much dependence and trust on existing employees....

Read More
Posted Under: CA, CS, CMA |

Internal Audit And Scope For “Other” Professionals

The term audit is derived from the Latin term audire which means to hear. In early days an auditor used to listen to the accounts read over by an accountant in order to check them....

Read More
Posted Under: CA, CS, CMA |

Exposure Draft of the proposed revised definition of internal audit

EXPOSURE DRAFT – PROPOSED REVISED DEFINITION OF INTERNAL AUDIT (Last date for comments -November 25, 2017) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on proposed revised definition of internal audit. An explanation has also been included as part of the revised defini...

Read More
Posted Under: CA, CS, CMA |

Emerging Issues And Challenges in Internal Auditing

Traditionally, the internal audit function focused on providing core assurance around business process risk and controls. But, with increasing market volatility and complexity, internal audit is being asked to deliver deeper insights and value beyond assurance, particularly in the areas of strategy execution, emerging risk, and increasing...

Read More
Posted Under: CA, CS, CMA |

Intercompany Transactions Eliminations: Fundamentals & Procedures

In the commercial world, generally what we see is transactions occurring between two unrelated entities. Though, sometime transactions may occur between units of one legal entity (what has been referred to as ‘inter-unit / intercompany transactions’ in commercial sense). ...

Read More
Posted Under: CA, CS, CMA |

Blockchain- In Supply Management

An Auditor has evolved from traditional practices of checking the accuracy of the numbers, finding faults or detecting frauds to a wider concept called ‘Value addition to their Clients’. ...

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Posted Under: CA, CS, CMA |

Appointment of internal auditor under Gujarat Horticulture Mission

Appointment of internal auditor under Gujarat Horticulture Mission Download Full Text...

Read More
Posted Under: CA, CS, CMA |
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