Corporate Law : AI is reshaping internal audit by replacing manual testing with continuous risk monitoring and automated analysis. The key takeawa...
Company Law : Private limited companies with turnover above ₹200 crore or borrowings exceeding ₹100 crore must appoint an internal auditor u...
CA, CS, CMA : This article explains how risk-based internal audit prioritises high-impact business areas over routine verification. It highlight...
CA, CS, CMA : This explains how internal audit focuses on ongoing risk prevention while forensic accounting investigates suspected fraud. The ke...
Company Law : Learn which companies must appoint internal auditors under Section 138, the eligibility criteria, and the statutory compliance ste...
CA, CS, CMA : A public sector bank has invited quotations to appoint external auditors for reviewing its internal audit and compliance functions...
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...
Company Law : ROC Delhi imposed penalties under Section 450 after a company failed to appoint an internal auditor despite crossing prescribed fi...
Company Law : The issue involved non-compliance with mandatory internal auditor appointment requirements. The authority imposed penalties as the...
Company Law : ROC Mumbai held that once delay in appointing an Internal Auditor was compounded by the Regional Director and default rectified, n...
Company Law : ROC Chennai held that listed companies must appoint an internal auditor under Section 138. Non-compliance over multiple years resu...
Company Law : The adjudicating authority held that non-appointment of an internal auditor despite crossing the statutory turnover threshold viol...
Fixed assets, in an organization represent the long-term tangible assets which are used, -to produce and deliver its products or services, and -to manage its operations. They are assets held for the purpose of providing or producing goods or services and are not meant for sale in the normal course of business. Therefore, an asset […]
Risk-based internal audit is an internal methodology which is primarily focused on the inherent risks involved in the activities or system and provide assurance that risk is being managed by the management within the defined risk appetite level. Risk is defined as ‘the possibility of an event occurring that will have an impact on the […]
Dear readers, in the era of this competitive market, the key to success and to stay live in market is to provide best customer service/product at reasonable price. To achieve this success mantra, internal audit of organization can play a vital role. In laymen language Audit means verification/ authentication of our records, processes, goals etc […]
The Internal Audit prescribed under Section 138 of Companies Act 2013 has become an apple of discord between the Chartered Accountants and Cost Accountants simply because of defective law governing it. However nobody is addressing the issue for correcting the law to the govt. and CAs are being accused of prevailing over the prerogative to […]
WEBINAR on the Opinion of the Council of Institute of Cost Accountants of India on Statutory Audit and eligibility for appointment as Internal Auditors in Public Companies under section 138 of the Companies Act, 2013 CMA B. B. GOYAL Former Addl. Chief Adviser Cost Ministry of Finance, Government of India What is Internal Audit? Internal […]
1. Section 138(1) of Companies Act, 2013 The following class of companies shall be required to appoint an internal auditor- An internal Auditor can be an Individual or a Partnership firm or a body corporate. a. Every listed company; b. Every unlisted public company having- i. paid up share capital 50 Cr. or more during […]
Background Lets talk about a very general reality between a Client and their Statutory Auditors 1. Statutory Auditor would meet you personally Once in a year and have a look at your Accounts Quarterly if you are interested in paying Advance Tax 2. The Client would be sending the data for GST return filing on […]
It is necessary for every taxpayer to have a standard operating procedure to be followed regarding processes which have repercussions in terms of GST law. Some of the examples that readily come to mind are classification, valuation, determination of eligibility of ITC on inwards supplies of input goods, input services, and capital goods, Identification of […]
Introduction The Engineering, Procurement, Construction [EPC] sector, India’s second largest economic segment is a prominent form of contracting agreement in the construction industry. Under this, the contractor will carry out the detailed engineering design of the project, procure all the equipment and materials necessary, and then construct the whole structure and deliver a functioning facility […]
Manpower is the one of the most important factor to run any industry. Every sector whether it is manufacturing or servicing needs manpower for its smooth functioning. The Organisation hires contractual workers for its different functions like security services, construction work etc. In this article, we will discuss how an auditor should review an entity’s contracts with vendors related to manpower supply.
