Follow Us :

Internal Audit

Latest Articles


Mandatory Appointment of Internal Auditor: Section 138 Companies Act 2013

Company Law : Understand the mandate of appointing internal auditors as per Section 138 of the Companies Act 2013. Explore the criteria for mand...

May 17, 2024 861 Views 0 comment Print

Case Study on Internal Audit Case of NSEL

CA, CS, CMA : Explore the NSEL internal audit case, uncovering gaps in compliance, fraudulent practices, and the crucial lessons learned for cor...

April 3, 2024 981 Views 1 comment Print

Evolving Role of Internal Auditors (IA) in NBFC Risk Management

CA, CS, CMA : Explore the changing landscape of internal audit roles in Non-Banking Financial Companies (NBFCs), regulatory shifts, and their im...

March 13, 2024 555 Views 0 comment Print

Tips for Internal Audit for scrap metal and other materials from different sections of manufacturing unit

CA, CS, CMA : Learn how to conduct an internal audit on scrap metal and materials, ensuring compliance, efficiency, and accuracy with a comprehe...

February 13, 2024 1011 Views 0 comment Print

How to Check Purchase/Procurement Expenses & Process Simplification

CA, CS, CMA : In this comprehensive article, the author unveils a strategic checklist tailored for navigating the intricate landscape of purchas...

January 27, 2024 2148 Views 0 comment Print


Latest News


CA Firms Engagement in PSBs: Recent Changes and Trends

CA, CS, CMA : Discover the latest developments in the engagement of CA firms by PSBs. Explore changes in concurrent audit policies, RBI directiv...

December 5, 2023 1239 Views 0 comment Print

Allow company Secretaries to do Internal Audit of Companies under Section 138: ICSI

CA, CS, CMA : Proposed amendments to Section 138 of Companies Act, 2013 by ICSI. Understand why Company Secretaries are equipped to conduct inte...

September 8, 2023 33501 Views 1 comment Print

FAQs: Professional ethics of members pertaining to Bank Assignments

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 ...

April 10, 2023 9153 Views 0 comment Print

ICAI clarifies on LFAR & Certification by Concurrent/Internal Auditor

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...

April 10, 2023 7614 Views 0 comment Print

PFRDA to Appoint CA/CMA firm as Internal Auditor

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...

September 27, 2021 1326 Views 0 comment Print


Latest Notifications


Non-appointment of Internal Auditor: MCA imposes ₹2.5 Lakh Penalty

Company Law : Government imposes a penalty of ₹2.5 lakh on Systematix Securities Ltd for not appointing an internal auditor during FY 2022-23,...

April 4, 2024 1041 Views 0 comment Print

Company Failed to Appoint Internal Auditor: MCA imposes Penalty of Rs. 4.50 Lakh

Company Law : Read the adjudication order on Kudos Finance & Investments Private Limited as MCA imposes a penalty of Rs. 4.50 lakh for violating...

February 9, 2024 339 Views 0 comment Print

Non-appointment of Internal Auditor (Section 138(1): MCA Imposes Penalty

Company Law : MCA imposed penalties on Muthootu Mini Nidhi Limited for non-compliance with provisions of Section 138 of Companies Act, 2013. Pen...

November 9, 2023 21972 Views 0 comment Print

Risk Based Internal Audit (RBIA) in NBFCs/UCBs

Fema / RBI : An independent and effective internal audit function in a financial entity provides vital assurance to the Board and its senior ma...

February 3, 2021 5817 Views 0 comment Print

Internal Audit Procedure of Registration Process of Charitable Trusts

Income Tax : It has been recommended by the Hon'ble Public Accounts Committee that the process of the Registration Process of Charitable Trusts...

December 14, 2018 3339 Views 0 comment Print


Exposure Draft of SIA 530, Third Party Service Provider

January 15, 2020 1032 Views 0 comment Print

Exposure Draft of Standard on Internal Audit (SIA) 530, Third Party Service Provider (Comments to be received by February 05, 2020) EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 530 THIRD PARTY SERVICE PROVIDER The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) […]

RFP for Internal Audit of New York Branch of Bank of India

November 30, 2019 1821 Views 0 comment Print

Bank of India Relationship beyond banking REQUEST FOR PROPOSAL FOR OUTSOURCING OF INTERNAL AUDIT OF NEW YORK BRANCH Ref: BOI:NY:AUDIT:2019-20:125 Dated: 11/27/2019 Contents Description Page No Invitation to Bid 3 Requirements, Terms and Conditions (ANNEXURE- A) 7 Broad Scope of Work (ANNEXURE – B) 18 Technical Bid Proposal Form (Form T1) 21 Company Profile (Form […]

Internal Audit – It’s Time To Change

October 6, 2019 2130 Views 0 comment Print

Internal Audit – It’s time to change from Watchdog to become Policy maker. If you see the current scenario you will all agree to my above statement. It is not a one line statement it’s a need of the hour. We all know that as an Internal Auditor we audit the areas which management wants […]

Procure to Pay – Internal audit

October 3, 2019 46038 Views 0 comment Print

The Procure to Pay process (P2P) remains one of the most complex business processes, often spanning across multiple systems and operations. Despite the level of automation, including enterprise resource planning (ERP) implementations, P2P remains an area prone to fraud, money leakage, and inefficiencies.

Internal Auditor Empanelment with NICSI

September 16, 2019 1234 Views 1 comment Print

NICSI invites online bids against Open tender no NICSI/ INTERNAL AUDITOR /2019/06 for Proposal for Hiring of CA firm for empanelment as Internal Auditor. Tender Document is available on https://etenders.gov.in/eprocure/app

Comments on Exposure Draft of Standards on Internal Audit-SIA 350 and 390

September 13, 2019 750 Views 0 comment Print

A review of all the audit workpapers shall be carried out, to ensure these are sufficient and appropriate to allow the reviewer to arrive at the same conclusions, and formulate similar observations, as done by the audit staff. The documentation shall record the evidence of the supervision and review conducted, including the performance of any audit procedures subsequent to the review.

Exposure Draft of SIA 350, Review and Supervision of Audit Assignments

August 19, 2019 852 Views 0 comment Print

Exposure Draft of Standard on Internal Audit (SIA) 350, Review and Supervision of Audit Assignments (Comments to be received by September 14, 2019) EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 350 REVIEW AND SUPERVISION OF AUDIT ASSIGNMENTS The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments on Standard […]

Exposure Draft of SIA 390, Monitoring and Reporting of Prior Audit Issues

August 19, 2019 1263 Views 0 comment Print

Exposure Draft of Standard on Internal Audit (SIA) 390, Monitoring and Reporting of Prior Audit Issues (Comments to be received by September 14, 2019) EXPOSURE DRAFT STANDARD ON INTERNAL AUDIT (SIA) 390 MONITORING AND REPORTING OF PRIOR AUDIT ISSUES The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments […]

Exposure Draft of Standard on Internal Audit (SIA) 120, Internal Controls

August 19, 2019 2448 Views 0 comment Print

Exposure Draft of Standard on Internal Audit (SIA) 120, Internal Controls (Comments to be received by September 14, 2019) Exposure Draft of Standard on Internal Audit (SIA) 120, Internal Controls* The Internal Audit Standards Board of the Institute of Chartered Accountants of India (ICAI) invites comments on Standard on Internal Audit (SIA) 120, Internal Controls. […]

Importance of Risk Based Internal Audit in Banks

July 26, 2019 6105 Views 0 comment Print

Deregulation and liberalization of Indian financial sector call for effective and crucial risk management and internal control system in the conduct of banking business especially after the recent unsavory incidents of fraud and cheatings by some of the prominent borrowers causing a grave crisis in the financial market.

Search Post by Date
May 2024
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728293031