Internal Audit

Internal Audit And Scope For “Other” Professionals

Company Law - 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

Company Law - 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

Company Law - 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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Blockchain- In Supply Management

Company Law - 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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Risk Based Auditing In Information Technologies Environment

Company Law - Every organization in pursuit of its Objectives encounters Risks & Perils that hamper growth & sustainability, which have to be contained to meet desired goals. Business, Technological, Operational & Other Risks are its components .Risk management, thus, is as important as the core operations....

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Exposure Draft of the proposed revised definition of internal audit

Company Law - 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

Company Law - 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

Company Law - 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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EOI for appointment of Internal Auditors with BSNL Ltd.

Company Law - INVITATION FOR EXPRESSION OF INTEREST (EOI) FOR APPOINTMENT OF INTERNAL AUDITORS...

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Standard on Auditing 610- Using Internal Auditors work – wef 01.04.2016

Company Law - This Standard on Auditing (SA) deals with the external auditor’s responsibilities if using the work of internal auditors. This includes (a) using the work of the internal audit function in obtaining audit evidence and (b) using internal auditors to provide direct assistance under the direction, supervision and review of the external aud...

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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"

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’. ...

Read More
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 |

Risk Based Auditing In Information Technologies Environment

Every organization in pursuit of its Objectives encounters Risks & Perils that hamper growth & sustainability, which have to be contained to meet desired goals. Business, Technological, Operational & Other Risks are its components .Risk management, thus, is as important as the core operations....

Read More
Posted Under: CA, CS, CMA |

A shift from Conventional Internal Audit to Risk Based Internal Audit

Current Internal Audit across mid-sized and smaller organisation involves a dry review of Purchase, Sales, Operations, Finance and Payroll functions with results or outcome more likely to reveal inefficiencies in the process, authorisation and non adherence to documented policies....

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Posted Under: CA, CS, CMA |

Quality Internal Audit Reports

Internal auditor should try to draft a high quality report presenting his audit findings and recommendations in the best presentable form, so that timely and relevant information is delivered to key stakeholders....

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Posted Under: CA, CS, CMA |

INTERNAL AUDITING “The Journey so far”

The evolution of auditing is a complicated history that has always changed through historical events. Since the beginning of human civilization, auditing has been around.It has its genesis in the era of Maurya dynasty where Kautilya, a 4th century B.C.E. economist, recognized the importance of accounting methods in economic enterprises...

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Posted Under: CA, CS, CMA |
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