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...
To be successful in the business world one has to control its operations efficiently so that there is minimum wastage of available resources. Generally, Companies follow different techniques or methods for controlling their business operations efficiently.
The external auditor has sole responsibility for the audit opinion expressed, and that responsibility is not reduced by the external auditor’s use of the work of the internal audit function or internal auditors to provide direct assistance on the engagement.
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 Independent Auditor’s Report.
INVITATION FOR EXPRESSION OF INTEREST (EOI) FOR APPOINTMENT OF INTERNAL AUDITORS
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 auditor. This SA is effective for audits of financial statements for periods beginning on or after 01st April, 2016.
Indirect taxes compliance has posed problems to assessees over the years and more so since the introduction of service tax and negative list based taxation from 2012. A parallel development has been the introduction of new Companies Act 2013 along with changes in reporting requirements for auditors thereunder.
Clause (e) of Sub-section 5 of Section 134 explains the meaning of the term, internal financial controls as the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.
Banking sector: The IT saga in Indian banking commenced from the mid-eighties of the twentieth century when the RESERVE BANK took itself the task of promoting automation in banking to improve customer service, book keeping, MIS and productivity.
There is always debate in the minds of practicing Chartered Accountants over the size of the firms and their role in innovation. Some argue for their importance of large size having the top slab of the categories of firms, while some others argue for small size firms. In fact, the size of a firm is not clear in our minds that are correlated with the innovatory advantage.
The scope of internal auditing within an organization involves topics such as an organization’s governance, risk management and management controls. Internal auditing may also involve conducting proactive fraud audits to identify potentially fraudulent acts; participating in fraud investigations under the direction of fraud investigation professionals, and conducting post investigation fraud audits to identify control breakdowns and establish financial loss.
