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Income Tax : It has been recommended by the Hon'ble Public Accounts Committee that the process of the Registration Process of Charitable Trusts...
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CA Sameer Thakur INTRODUCTION :- 1. DEFINITION OF INTERNAL AUDIT :- Internal auditing is an independent objective assurance and consulting activity designed to add value and improve organizational operations. It helps an organisation to accomplish its objectives by bringing a systematic approach to evaluate and improve the risk management, control & compliance process. (Institute of […]
The word concurrent itself defines its meaning, concurrent means happening at the time. Concurrent Audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. Most of the new articles who have been assigned to do the concurrent audit become terrified when they have to go to […]
In past about a decade, if one gives a close look at the business environment, professional experience with clients and employer expectations, one could derive that the period has witnessed a theory of ‘Big change’. The drivers at macro level are altering the business environment radically and as a result transforming the accounting profession.
The recent global financial crises, intense regulatory requirements, extensive competitive pressures, voluminous data, have created a challenging environment for financial institutions to operate, make effective decisions, manage risk, thereby affecting financial reporting and regulatory compliance.
This has reference to emails being received by the Institute about the Finance Ministry’s latest circular dated 26th September, 2012 containing general guiding principles on Internal Audit, Information System, Concurrent and Branch Statutory Audit to be followed by all the PSBs suitably.
It has been observed that there is a multiplicity of overlapping audits in the Public Sector Banks (PSBs). While the audit is essential for the health of the PSBs, it has been observed that multiple overlapping audits throughout the year engage a lot of attention, resources and time of the PSBs. It has also been observed that there is a need to revamp the audit system in PSBs in the wake of increasing computerization and shifting of operations on I.T. based system. The present audit system is lagging behind the technological advancement achieved by PSBs.
Now, the world is in twenty first century, everywhere changes could be visualised but with respect to accounting, auditing etc, where is the change? Modern organisations have become more sophisticated and thus resulted in decentralisation of their activities and consequently the top management is remotely concerned with the day to day activities of the Organisation. With this backdrop the internal auditing has acquired a great deal of significance. The following are my opinion about modern Internal Audits. Let us see what it is……..
SEBI has modified the norms for appointment of its internal auditor, a move that enabled the capital market regulator to retain chartered accountants firm Chokshi & Chokshi for two more years. The decision to give a two-year extension to the firm was taken at the last Board meeting of the Securities and Exchange Board of India (SEBI).
Applicaions are invited from Partnership Firms only indicating details of the Firms as indicated below for appointment. The application shall contain the following details : (1) Year of establishment (2) Details of Partners (3) Photo copy of certificate of Institute of Chartered Accountants / Institute of Cost & Works Accountants of India, (4) Location of Registered Office & Branch of the Firm (5) Name of Qualified Assistants alongwith membership no. (6) Experience in Coal Industry specifying nature & year of audit and name of the Subsidiary (7) Audit experience in Public Sector Undertakings / Govt. / Scheduled Banks specifying nature & year of audit and name of the Company.
Effective use of technology for in-house audit processes could help prevent accounting fraud in a company, as it will be easier to monitor the flow of data online, says global consultant PricewaterhouseCoopers. A new PwC report, `2010 Internal Audit State of the Productivity of the Profession Survey’, said that about 48 per cent of Indian companies lack skill and knowledge of data tools used in internal audit softwares, while 18 per cent have no access to these tools.