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Internal Audit

Latest Articles


Control Area Checklist for Valuation of Inventories in Oracle Fusion

CA, CS, CMA : Key controls for inventory valuation in Oracle Fusion: compliance, quality testing, and accurate reporting to avoid discrepancies ...

February 7, 2025 216 Views 0 comment Print

Internal Audit Applicability Under Companies Act 2013

Company Law : Learn about internal audit obligations under Section 138 of the Companies Act, 2013, including criteria, auditors, and penalties f...

January 7, 2025 2559 Views 0 comment Print

Internal Audit Role & Importance in Corporate Governance

CA, CS, CMA : Understand the importance and role of internal audit in strengthening corporate governance, risk management, and internal controls...

December 8, 2024 1062 Views 0 comment Print

Relying upon work of Internal Auditor: Standard on Auditing (SA) Revised 610

CA, CS, CMA : Understand the guidelines for statutory auditors using internal audit work under SA 610, covering responsibilities, coordination, ...

November 18, 2024 843 Views 0 comment Print

What is COSO framework for Internal Controls?

CA, CS, CMA : The COSO Framework helps organizations design and assess internal controls, enhancing risk management and compliance through five ...

September 22, 2024 2046 Views 0 comment Print


Latest News


CA Firms Engagement in PSBs: Recent Changes and Trends

CA, CS, CMA : Discover the latest developments in the engagement of CA firms by PSBs. Explore changes in concurrent audit policies, RBI directiv...

December 5, 2023 1413 Views 0 comment Print

Allow company Secretaries to do Internal Audit of Companies under Section 138: ICSI

CA, CS, CMA : Proposed amendments to Section 138 of Companies Act, 2013 by ICSI. Understand why Company Secretaries are equipped to conduct inte...

September 8, 2023 34620 Views 1 comment Print

FAQs: Professional ethics of members pertaining to Bank Assignments

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 ...

April 10, 2023 10404 Views 0 comment Print

ICAI clarifies on LFAR & Certification by Concurrent/Internal Auditor

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...

April 10, 2023 8022 Views 0 comment Print

PFRDA to Appoint CA/CMA firm as Internal Auditor

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...

September 27, 2021 1398 Views 0 comment Print


Latest Notifications


MCA Imposes Penalty for Section 138 Violation: Internal Auditor not Appointed

Company Law : Tanman Jewels Private Limited penalized for not appointing an internal auditor. Know the penalty details and implications....

May 27, 2024 1179 Views 0 comment Print

Non-appointment of Internal Auditor: MCA imposes ₹2.5 Lakh Penalty

Company Law : Government imposes a penalty of ₹2.5 lakh on Systematix Securities Ltd for not appointing an internal auditor during FY 2022-23,...

April 4, 2024 1215 Views 0 comment Print

Company Failed to Appoint Internal Auditor: MCA imposes Penalty of Rs. 4.50 Lakh

Company Law : Read the adjudication order on Kudos Finance & Investments Private Limited as MCA imposes a penalty of Rs. 4.50 lakh for violating...

February 9, 2024 501 Views 0 comment Print

Non-appointment of Internal Auditor (Section 138(1): MCA Imposes Penalty

Company Law : MCA imposed penalties on Muthootu Mini Nidhi Limited for non-compliance with provisions of Section 138 of Companies Act, 2013. Pen...

November 9, 2023 22971 Views 0 comment Print

MCA Levies ₹3.75 Lakh Penalty for 2708-Day Delay in Internal Auditor Appointment

Company Law : ROC Hyderabad penalizes Thrissur Expressway Limited and its officers Rs. 3.75 Lakhs for not appointing an internal auditor, violat...

May 17, 2023 237 Views 0 comment Print


RBI guideline on Internal assignments in banks by statutory auditors

January 5, 2010 2920 Views 1 comment Print

The issue relating to the internal assignments allotted to the audit firms at the time of their appointment as statutory auditors has been examined afresh and it has been decided as under: “Audit firms should not undertake statutory audit assignment while they are associated with internal assignments in the bank during the same year. In case the firms are associated with internal assignment it should be ensured that they relinquish the internal assignment before accepting the statutory audit assignment during the year.”

ICAI revised internal audit standards to strengthen internal audit practices

December 22, 2009 1253 Views 0 comment Print

The Institute of Chartered Accountants of India (ICAI) has revised its internal audit standards to strengthen internal audit practices in the country. The current revision, approved by the ICAI council last week, addresses issues such as effects of laws and regulations in conducting internal audit, responsibility of management for compliance with laws and regulations, responsibility of internal auditor and internal audit procedures.

Internal Audit of treasury

November 29, 2009 59617 Views 0 comment Print

A treasury can be : the part of a government which manages all money and revenue.the funds of a government or institution or individual.the government department responsible for collecting and managing and spending public revenues . depository (a room or building) where wealth and precious objects can be kept.he center of financial operations within a company.

Deloitte will treble its India headcount

November 28, 2009 834 Views 0 comment Print

International accounting and consulting firm Deloitte will treble its India headcount from the current 11,000 and shift more of its top talent to the country over the next four years, a company official said. James Brady, CEO of Deloitte’s assurance and risk assessment services, said the company has identified India as a ‘high priority market’ after the economic downturn. The 165-year-old group employs around 1.77 lakh people in 140 countries across the globe and is part of the ‘big four’ audit firms, along with PricewaterhouseCoop ers, Ernst & Young and KPMG.

CBI arrested Satyam's Internal Auditor

November 24, 2009 714 Views 0 comment Print

The Central Bureau of Investigation (CBI) today arrested Satyam’s Internal Auditor V S Prabhakar Gupta for his alleged role in fudging of books of accounts of the software major for several years. The CBI, which had filed its charge sheet within 90 days of taking over the case, arrested him after his role came to light, CBI sources said.

World’s biggest accounting scandals (Other then Satyam)

October 30, 2009 1781 Views 0 comment Print

WorldCom was one of the big success stories of the 1990s. It was a symbol aggressive capitalism. Founded by Bernie Ebbers, one of the most aggressive acquirer during the US mergers and acquisitions boom of the 1990s. WorldCom’s asset value had soared to $180bn before the US capital market started witnessing a downtrend.

ICAI found two former auditors of Satyam Computer ‘guilty

September 29, 2009 351 Views 0 comment Print

A HIGH-POWERED panel of the Institute of Chartered Accountants of India (ICAI) — the nodal body in India for auditors — has prima facie found two former auditors of Satyam Computer and members of the software company’s internal audit cell guilty of professional misconduct and failure in carrying out their duties.

Listed companies may soon have to get done Quarterly cost audit

September 23, 2009 789 Views 0 comment Print

Quarterly cost audit by internal auditors in the listed companies should be explored in consultation with the market regulator SEBI to improve corporate governance, an expert group appointed by Corporate Affairs Ministry has suggested. “The possibility of introducing quarterly limited review of cost details, in case of listed companies, may be examined in consultation with SEBI,” […]

Discussion paper on proposals relating to amendments to listing Agreement

September 16, 2009 634 Views 0 comment Print

1. Background SEBI Committee on Disclosures and Accounting Standards (SCODA) is the standing Committee of SEBI that advises on matters relating to disclosures and accounting standards. As part of a review of the extant norms relating to disclosure requirements and accounting standards for listed entities, the Committee has deliberated on certain issues, the details of […]

Audit of Co-Operative Housing & Credit Societies in Maharashtra

June 7, 2009 126216 Views 288 comments Print

Various Laws Applicable to Co-op. Societies 1) The Maharashtra Co-op. Societies Act, 1960 (MCS Act) – having 167 sections effective from 26/1/1962 and The Maharashtra Co-op. Societies Rules, 1961 – having 110 rules effective from 23/12/1963. or The Co-operative Societies Act and Rules of the respective state in which the society is registered (Bihar-1935, Orissa-1935, […]

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