Internal Audit

Internal Audit of Company (FAQs)

Company Law - Q.1 What is Internal Audit? Ans. -Internal Audit(s) is/are performed to assess and improve the effectiveness of governance, risk management, and control over critical processes. Also, it provides the board and management with information and assurance related to their duties. -Technically, Internal Audit is a cost center in a company—it...

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Incorporating Internal Financial Controls over Financial Reporting Empirically- Series 4 –Logistic Process (Listed Companies Call)

Company Law - As I already stated in my introductory part of this topic, any process will be parted into static and strategic meaning thereby one which is in as it is form and the other requires professional skepticism. Above that, static facts w.r.t. terminologies are also tuned here. Let us sail beyond statutory sections sight u/s 134, […]...

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PPE (Listed Companies Call) – Incorporating Internal Financial Controls over Financial Reporting Empirically-Series 3

Company Law - As I already stated in my introductory part of this topic, any process will be parted into static and strategic meaning thereby one which is in as it is form and the other requires professional skepticism. Above that, static facts w.r.t. terminologies are also tuned here. Let us sail beyond statutory sections sight u/s 134, […]...

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Incorporating Internal Financial Controls over Financial Reporting Empirically Series 2 –P2P (Listed Companies Call)

Company Law - Incorporating Internal Financial Controls over Financial Reporting Empirically Series 2 –P2P (Listed Companies Call) As I already stated in my introductory part of this topic, any process will be parted into static and strategic meaning thereby one which is in as it is form and the other requires professional skepticism. Above that, sta...

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Incorporating Internal Financial Controls over Financial Reporting Empirically- Series 1 –Insurance Process (Listed Companies Call)

Company Law - Incorporating Internal Financial Controls over Financial Reporting Empirically- Series 1 –Insurance Process (Listed Companies Call) As I already stated in my introductory part of this topic, any process will be parted into static and strategic meaning thereby one which is in as it is form and the other requires professional skepticism....

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EOI for Internal / Statutory Audit of various units of ICAI

Company Law - Expression of Interest for Internal / Statutory Audit of various units of ICAI for the financial year 2021-22 Audit Committee (ICAI) has invited applications from eligible Chartered Accountant firms for appointment as Internal / Statutory Auditors of its various units for the financial year 2021-22. Notice inviting expression of interest ...

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Empanelment of Internal Auditor in State Trading Corporation

Company Law - 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

Company Law - 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

Company Law - 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

Company Law - 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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Internal Audit’s Popular Posts

Recent Posts in "Internal Audit"

Internal Audit of Company (FAQs)

Q.1 What is Internal Audit? Ans. -Internal Audit(s) is/are performed to assess and improve the effectiveness of governance, risk management, and control over critical processes. Also, it provides the board and management with information and assurance related to their duties. -Technically, Internal Audit is a cost center in a company—it...

Read More
Posted Under: Corporate Law |

Incorporating Internal Financial Controls over Financial Reporting Empirically- Series 4 –Logistic Process (Listed Companies Call)

As I already stated in my introductory part of this topic, any process will be parted into static and strategic meaning thereby one which is in as it is form and the other requires professional skepticism. Above that, static facts w.r.t. terminologies are also tuned here. Let us sail beyond statutory sections sight u/s 134, […]...

Read More
Posted Under: Corporate Law |

PPE (Listed Companies Call) – Incorporating Internal Financial Controls over Financial Reporting Empirically-Series 3

As I already stated in my introductory part of this topic, any process will be parted into static and strategic meaning thereby one which is in as it is form and the other requires professional skepticism. Above that, static facts w.r.t. terminologies are also tuned here. Let us sail beyond statutory sections sight u/s 134, […]...

Read More
Posted Under: Corporate Law |

EOI for Internal / Statutory Audit of various units of ICAI

Expression of Interest for Internal / Statutory Audit of various units of ICAI for the financial year 2021-22 Audit Committee (ICAI) has invited applications from eligible Chartered Accountant firms for appointment as Internal / Statutory Auditors of its various units for the financial year 2021-22. Notice inviting expression of interest ...

Read More
Posted Under: Corporate Law |

Incorporating Internal Financial Controls over Financial Reporting Empirically Series 2 –P2P (Listed Companies Call)

Incorporating Internal Financial Controls over Financial Reporting Empirically Series 2 –P2P (Listed Companies Call) As I already stated in my introductory part of this topic, any process will be parted into static and strategic meaning thereby one which is in as it is form and the other requires professional skepticism. Above that, sta...

Read More
Posted Under: Corporate Law |

Incorporating Internal Financial Controls over Financial Reporting Empirically- Series 1 –Insurance Process (Listed Companies Call)

Incorporating Internal Financial Controls over Financial Reporting Empirically- Series 1 –Insurance Process (Listed Companies Call) As I already stated in my introductory part of this topic, any process will be parted into static and strategic meaning thereby one which is in as it is form and the other requires professional skepticism....

Read More
Posted Under: Corporate Law |

Incorporating Internal Financial Control Over Financial reporting empirically

Incorporating Internal Financial Control Over Financial reporting empirically (Listed Companies Call) As captioned, I will surely not sail through statutory sections sight u/s 134, 143,177 of Companies Act, 2013 but certainly carve into crux of the topic. This article will dive deep intro review as well as testing touch of IFC (Per se mea...

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Posted Under: Corporate Law |

Risk Management – making it effective from the point of view of industry finance professionals to work in peace

Risk Management – making it effective from the point of view of industry finance professionals to work in peace Risk Management – Part 1: All Risk Policy: We start with relatively under played policy under the umbrella of All risk Policy namely Portable Equipment policy  ~ Generally covers Laptops and Mobiles. This could be e...

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Posted Under: Corporate Law |

Change in Internal Audit approach, technique & expectation after Pandemic

Internal Audit after Pandemic – Change in approach, technique and expectation from Internal audit As conglomerates make substantial demands on internal auditors to help them deal with the several issues that arise as a result of the COVID-19 crisis, internal auditors must keep up. They may also get dragged into additional roles that...

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Posted Under: Corporate Law |

Integrated reporting

INTEGRATED REPORTING The International Integrated Reporting Council (IIRC) is a global coalition of regulators, investors, companies, standard setters, the accounting profession and NGO’s. Together this coalition share information about value creation, preservation or erosion is the next step in the evolution of corporate reporting. <...

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Posted Under: Corporate Law |

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