CA, CS, CMA : Learn how to apply the 5W1H method in internal audits to improve accuracy, identify issues, and streamline processes. Enhance your...
CA, CS, CMA : Explore the evolving landscape of internal audit with trends like privacy compliance, third-party risk management, company culture...
CA, CS, CMA : Strengthen your financial planning and analysis with internal controls. Ensure accuracy, reliability, and strategic decision-makin...
CA, CS, CMA : Discover how internal audits play a crucial role in identifying and managing disruptions within organizations, ensuring smooth and...
Company Law : Understand the mandate of appointing internal auditors as per Section 138 of the Companies Act 2013. Explore the criteria for mand...
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...
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...
Company Law : Tanman Jewels Private Limited penalized for not appointing an internal auditor. Know the penalty details and implications....
Company Law : Government imposes a penalty of ₹2.5 lakh on Systematix Securities Ltd for not appointing an internal auditor during FY 2022-23,...
Company Law : Read the adjudication order on Kudos Finance & Investments Private Limited as MCA imposes a penalty of Rs. 4.50 lakh for violating...
Company Law : MCA imposed penalties on Muthootu Mini Nidhi Limited for non-compliance with provisions of Section 138 of Companies Act, 2013. Pen...
Fema / RBI : An independent and effective internal audit function in a financial entity provides vital assurance to the Board and its senior ma...
Internal auditing is an independent, objective assurance and consulting activity designed to add value to and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal auditing achieves this by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing […]
Fixed assets, in an organization represent the long-term tangible assets which are used, -to produce and deliver its products or services, and -to manage its operations. They are assets held for the purpose of providing or producing goods or services and are not meant for sale in the normal course of business. Therefore, an asset […]
Risk-based internal audit is an internal methodology which is primarily focused on the inherent risks involved in the activities or system and provide assurance that risk is being managed by the management within the defined risk appetite level. Risk is defined as ‘the possibility of an event occurring that will have an impact on the […]
Dear readers, in the era of this competitive market, the key to success and to stay live in market is to provide best customer service/product at reasonable price. To achieve this success mantra, internal audit of organization can play a vital role. In laymen language Audit means verification/ authentication of our records, processes, goals etc […]
The Internal Audit prescribed under Section 138 of Companies Act 2013 has become an apple of discord between the Chartered Accountants and Cost Accountants simply because of defective law governing it. However nobody is addressing the issue for correcting the law to the govt. and CAs are being accused of prevailing over the prerogative to […]
WEBINAR on the Opinion of the Council of Institute of Cost Accountants of India on Statutory Audit and eligibility for appointment as Internal Auditors in Public Companies under section 138 of the Companies Act, 2013 CMA B. B. GOYAL Former Addl. Chief Adviser Cost Ministry of Finance, Government of India What is Internal Audit? Internal […]
1. Section 138(1) of Companies Act, 2013 The following class of companies shall be required to appoint an internal auditor- An internal Auditor can be an Individual or a Partnership firm or a body corporate. a. Every listed company; b. Every unlisted public company having- i. paid up share capital 50 Cr. or more during […]
Background Lets talk about a very general reality between a Client and their Statutory Auditors 1. Statutory Auditor would meet you personally Once in a year and have a look at your Accounts Quarterly if you are interested in paying Advance Tax 2. The Client would be sending the data for GST return filing on […]
It is necessary for every taxpayer to have a standard operating procedure to be followed regarding processes which have repercussions in terms of GST law. Some of the examples that readily come to mind are classification, valuation, determination of eligibility of ITC on inwards supplies of input goods, input services, and capital goods, Identification of […]
Introduction The Engineering, Procurement, Construction [EPC] sector, India’s second largest economic segment is a prominent form of contracting agreement in the construction industry. Under this, the contractor will carry out the detailed engineering design of the project, procure all the equipment and materials necessary, and then construct the whole structure and deliver a functioning facility […]
