CA, CS, CMA : Key controls for inventory valuation in Oracle Fusion: compliance, quality testing, and accurate reporting to avoid discrepancies ...
Company Law : Learn about internal audit obligations under Section 138 of the Companies Act, 2013, including criteria, auditors, and penalties f...
CA, CS, CMA : Understand the importance and role of internal audit in strengthening corporate governance, risk management, and internal controls...
CA, CS, CMA : Understand the guidelines for statutory auditors using internal audit work under SA 610, covering responsibilities, coordination, ...
CA, CS, CMA : The COSO Framework helps organizations design and assess internal controls, enhancing risk management and compliance through five ...
CA, CS, CMA : Discover the latest developments in the engagement of CA firms by PSBs. Explore changes in concurrent audit policies, RBI directiv...
CA, CS, CMA : Proposed amendments to Section 138 of Companies Act, 2013 by ICSI. Understand why Company Secretaries are equipped to conduct inte...
CA, CS, CMA : Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners has taken the loan from any branch of ...
CA, CS, CMA : The concurrent Auditor of a Branch can undertake the assignment of LFAR only with respect to Branches which are not subject to Sta...
CA, CS, CMA : Request for Proposal for Appointment of Chartered Accountant/Cost Accountants Firm as Internal Auditor of PFRDA for the F.Y.2021-2...
Company Law : Tanman Jewels Private Limited penalized for not appointing an internal auditor. Know the penalty details and implications....
Company Law : Government imposes a penalty of ₹2.5 lakh on Systematix Securities Ltd for not appointing an internal auditor during FY 2022-23,...
Company Law : Read the adjudication order on Kudos Finance & Investments Private Limited as MCA imposes a penalty of Rs. 4.50 lakh for violating...
Company Law : MCA imposed penalties on Muthootu Mini Nidhi Limited for non-compliance with provisions of Section 138 of Companies Act, 2013. Pen...
Company Law : ROC Hyderabad penalizes Thrissur Expressway Limited and its officers Rs. 3.75 Lakhs for not appointing an internal auditor, violat...
With the world witnessing numerous banking scams and corporate failures, a shake- up and meaningful reform of auditors’ role and responsibilities is definitely on the cards. Auditors can no longer seek refuge in the 19th century statement by Justice Lopes that “he is a watchdog not bloodhound”. In fact, this single statement has done much […]
This article covers the following areas √ Scope of Internal Audit √ Applicable Provisions for appointment √ Applicability of Internal audit √ Procedure √ Engagement Letter for Internal audit √ Penalty for non-compliance √ Draft Resolution for appointment-Annexure I √ Draft Engagement Letter for Internal Audit- Annexure II 1. Scope of Internal Audit Internal […]
Background: Quality control is applied to achieve company’s vision to be a distinguished company. By maintaining a standard quality of packing bags often termed as PP Bags, the company can increase its brand in the market. Further, certain industries such as Cement industries are regulated by BIS (Bureau of Indian Standards) norms. The company has […]
Internal auditors strive to identify audit issues and report them to the Governing bodies/Audit Committees, however, many times such issues are placed on the back burner by the Governing authorities as time elapses and new priorities emerge.
Inventory is one of the important area for any business where chances of fraud are more as it’s a department where thefts and damages occur. Having strong controls, proper processes, checklist and regular stock audit is essential for this function. In this article we would learn the basic check points which needs to be checked […]
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.
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.
Definition:- Internal audit provides independent assurance on the effectiveness of internal controls and risk management processes to enhance governance and achieve organisational objectives What is key terms/features of Internal Audit Independence: Internal audit shall be an independent function, achieved through the position, organization structure and reporting of the internal auditor. An internal auditor is expected […]
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.
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.
