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...
Small business dealers dealing in unorganized markets has always faced the problem of revenue leakage due to lack of availability of Man Power Resources as well as too much dependence and trust on existing employees.
The term audit is derived from the Latin term audire which means to hear. In early days an auditor used to listen to the accounts read over by an accountant in order to check them.
EXPOSURE DRAFT – PROPOSED REVISED DEFINITION OF INTERNAL AUDIT (Last date for comments -November 25, 2017) The Internal Audit Standards Board of The Institute of Chartered Accountants of India (ICAI) invites comments on proposed revised definition of internal audit. An explanation has also been included as part of the revised definition to provide additional clarity […]
Traditionally, the internal audit function focused on providing core assurance around business process risk and controls. But, with increasing market volatility and complexity, internal audit is being asked to deliver deeper insights and value beyond assurance, particularly in the areas of strategy execution, emerging risk, and increasing the use of analytics.
In the commercial world, generally what we see is transactions occurring between two unrelated entities. Though, sometime transactions may occur between units of one legal entity (what has been referred to as ‘inter-unit / intercompany transactions’ in commercial sense).
An Auditor has evolved from traditional practices of checking the accuracy of the numbers, finding faults or detecting frauds to a wider concept called ‘Value addition to their Clients’.
Appointment of internal auditor under Gujarat Horticulture Mission Download Full Text
Every organization in pursuit of its Objectives encounters Risks & Perils that hamper growth & sustainability, which have to be contained to meet desired goals. Business, Technological, Operational & Other Risks are its components .Risk management, thus, is as important as the core operations.
Current Internal Audit across mid-sized and smaller organisation involves a dry review of Purchase, Sales, Operations, Finance and Payroll functions with results or outcome more likely to reveal inefficiencies in the process, authorisation and non adherence to documented policies.
Internal auditor should try to draft a high quality report presenting his audit findings and recommendations in the best presentable form, so that timely and relevant information is delivered to key stakeholders.
