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Internal Audit

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Internal Audit’s role in managing disruption in an organization

CA, CS, CMA : Discover how internal audits play a crucial role in identifying and managing disruptions within organizations, ensuring smooth and...

May 21, 2024 498 Views 0 comment Print

Mandatory Appointment of Internal Auditor: Section 138 Companies Act 2013

Company Law : Understand the mandate of appointing internal auditors as per Section 138 of the Companies Act 2013. Explore the criteria for mand...

May 17, 2024 1296 Views 0 comment Print

Case Study on Internal Audit Case of NSEL

CA, CS, CMA : Explore the NSEL internal audit case, uncovering gaps in compliance, fraudulent practices, and the crucial lessons learned for cor...

April 3, 2024 1011 Views 1 comment Print

Evolving Role of Internal Auditors (IA) in NBFC Risk Management

CA, CS, CMA : Explore the changing landscape of internal audit roles in Non-Banking Financial Companies (NBFCs), regulatory shifts, and their im...

March 13, 2024 600 Views 0 comment Print

Tips for Internal Audit for scrap metal and other materials from different sections of manufacturing unit

CA, CS, CMA : Learn how to conduct an internal audit on scrap metal and materials, ensuring compliance, efficiency, and accuracy with a comprehe...

February 13, 2024 1050 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 1245 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 33522 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 9207 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 7620 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 1326 Views 0 comment Print


Latest Notifications


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 1077 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 348 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 21993 Views 0 comment Print

Risk Based Internal Audit (RBIA) in NBFCs/UCBs

Fema / RBI : An independent and effective internal audit function in a financial entity provides vital assurance to the Board and its senior ma...

February 3, 2021 5844 Views 0 comment Print

Internal Audit Procedure of Registration Process of Charitable Trusts

Income Tax : It has been recommended by the Hon'ble Public Accounts Committee that the process of the Registration Process of Charitable Trusts...

December 14, 2018 3351 Views 0 comment Print


FAQs: Professional ethics of members pertaining to Bank Assignments

April 10, 2023 9207 Views 0 comment Print

Firm of Chartered Accountants cannot accept branch Audit of the Bank if one of the partners has taken the loan from any branch of that bank. The members should not place themselves in position which would either compromise or jeopardize their independence.

ICAI clarifies on LFAR & Certification by Concurrent/Internal Auditor

April 10, 2023 7620 Views 0 comment Print

The concurrent Auditor of a Branch can undertake the assignment of LFAR only with respect to Branches which are not subject to Statutory Audit. With respect to Branches which are subject to Statutory Audit, the LFAR assignment shall be undertaken by the Statutory Auditor.

Global Trend in Internal Audit

February 21, 2023 2499 Views 0 comment Print

Nowadays, businesses around the world are transitioning to new and improved models. Learn more about the challenges & opportunities and explore global trend in internal audit positions.

Internal audit applicability as per Companies Act 2013

December 18, 2022 307989 Views 2 comments Print

Explore the significance of internal audit in day-to-day operations under the Companies Act, 2013. Learn about applicability, qualifications, types, and penalties for non-compliance with FAQs.

Incorporating Internal Financial Controls Over Financial Reporting Empirically- Series 7–Budget & MIS

December 12, 2022 2172 Views 0 comment Print

Explore the intricacies of Internal Financial Controls Over Financial Reporting (IFC) through an empirical lens, focusing on Series 7—Budget & MIS. Understand statutory sections u/s 134, 143, 177 of the Companies Act, 2013, delving into the essence of HR worker & staff processes. Unlock insights into planning, budgeting, and MIS, emphasizing their importance and effective implementation.

Costing Lens provide check functions on use of Poor Quality material in Manufacturing Concern

December 8, 2022 1350 Views 3 comments Print

Explore how Costing Lens in Internal Audit can prevent fraud related to the use of poor-quality material in the manufacturing sector. Discover key checks, including input-output ratios, wastage/scrap ratios, process time analysis, and machine efficiency impact. Learn how to identify and address quality-related challenges to optimize efficiency and reduce costs.

Internal control

November 13, 2022 2169 Views 0 comment Print

Discover the significance of Internal Control in managing risks and achieving organizational objectives. Learn about the proactive approach that balances risk and control, its features, and the benefits it provides. Explore the components of Internal Control, including administrative and financial controls. Uncover the importance of Internal Controls in preventing fraud, ensuring compliance, and improving operational efficiency.

Incorporating Internal Financial Controls Over Financial Reporting Empirically- Series 6 –Inventory & Scrap Process

November 2, 2022 3117 Views 0 comment Print

Understand the importance of internal financial controls over financial reporting, specifically focusing on inventory and scrap process in Series 6.

Internal Audit Applicability under Companies Act, 2013 & CARO Reporting

September 29, 2022 53802 Views 1 comment Print

Understand the applicability of internal audit under the Companies Act, 2013 & CARO reporting. Learn how it helps evaluate risk management, control, and governance processes.

Revenue Leakage Audit in Banks

September 5, 2022 31524 Views 1 comment Print

In this article author has tried to throw some light on the procedure to be followed while conducting  Revenue Leakage Audit in Banks

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