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 : Discover how internal auditors use financial management concepts like inventory, cash, and capital management to assess efficiency...
CA, CS, CMA : A practical guide to integrating AI into internal auditing, covering its applications in risk assessment, fieldwork, reporting, an...
CA, CS, CMA : Explore how cost accounting methods enhance internal audit through variance analysis, marginal costing, CVP, and risk-based auditi...
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 : 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...
Company Law : The appeal was dismissed as no documentary evidence of internal auditor appointment was produced. The key takeaway is that statuto...
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.
The circular states that audit envisaged under Regulation 22 of the SEBI (Credit Rating Agencies) Regulations, 1999 shall include an internal audit to be conducted on a half yearly basis by Chartered Accountants, Company Secretaries or Cost and Management Accountants who are in practice and who do not have any conflict of interest with the CRA.
In terms of the decision taken by the Council of the Institute at its 260th meeting held in June 2006, the following Standard onInternal Audit shall be re-commendatory in nature in the initial period. The Standard shall become mandatory from such date as may be notified by the Council in this regard.
Explore the concept of internal audit and its evolving social accountability. Understand the World Banks definition of accountability and how internal audit, with its societal power, can contribute to effective risk management, control, and governance processes. Recent developments in regulations and guidelines reflect an increasing expectation for internal audit, emphasizing the need to recognize it as a distinct profession for improved enterprise governance in India.
The internal audit to be conducted on a half-yearly basis by chartered accountants, company secretaries or cost accountants, and will cover all aspects of CRA operations and procedures, including investor grievance redressal mechanism, the regulator said in its circular. The report will have to state the methodology adopted, deficiencies observed and consideration of response of the management on the deficiencies. Besides a summary of operations and of the audit, covering the size of operations, number of transactions audited and the number of instances where violations were observed will also have to be stated.
It is clarified that for the half-year October 2009 – March 2010, the CRA shall receive the report of the internal audit by May 31, 2010. Its Board of Directors shall consider the report and take appropriate measures to rectify the deficiencies and the CRA shall send the Action Taken Report to SEBI by July 31, 2010.
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.”
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.
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.
