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...
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.
As per The IIA: Internal auditors support management’s efforts to establish a culture that embraces ethics, honesty, and integrity. They assist management with the evaluation of internal controls used to detect or mitigate fraud, evaluate the organization’s assessment of fraud risk, and are involved in any fraud investigations.
The first ray of sunrise of the Ist April 2015 is not as usual to the auditing industry. With the dusk of first financial year under companies act 2013 , we are subject to the uncountable penalties and prosecutions . The Government moved to tightening of the grip on the auditors after satyam scam has taken its final step of implementation.
Certain accountants not to give reports/certificates The Act contains several provisions (e.g. section 44AB, section 80-IA, section 92E, section 115JB, etc.) which mandate the taxpayers to furnish audit reports and certificates issued by an ‘accountant’ for ensuring correct reporting/computation of taxable income by the tax payers. Explanation below section 288(2) of the Act defines an […]
We all know that in addition to the Management, companies also need a governance framework primarily with a view to preserving the shareholder value. There are some major landmarks that defined the role of Audit Committees in augmenting the Governance aspects in companies.
Ministry of Corporate Affairs has amended Rules for Chapter 10 (Audit and Auditors) of the Companies Act, 2013 and Reporting on Internal Financial Control u/s 143 (3) (i) of the Companies Act, 2013 has been deferred for one year i.e., up to 31.03.2015. The auditor shall report on the existence of adequate internal financial control and its operational effectiveness for the financial years on or after 01.04.2015.The auditor may voluntarily report for the year from 01.04.2014 to 31.03.2015.
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.
