CA, CS, CMA : Discover the distinctions between due diligence and statutory audit. Learn their essence, components, and how they impact decision...
CA, CS, CMA : Discover essential steps for an effective bank branch statutory audit, from initial preparation to finalization of reports. Explor...
CA, CS, CMA : Unlock your auditing potential with our practical guide for first-time statutory branch auditors in the banking sector, covering R...
Company Law : The Order No. 002/2024 Date: 05.01.2024, centered around CA Anil Chauhan, the Engagement Partner (EP) of Anil Chauhan & Associates...
Company Law : Supreme Court's recent decision in Deloitte Haskins and Sells LLP to uphold Section 140(5) of Companies Act 2013 & its impact on a...
CA, CS, CMA : Invitation for CA firms to audit XBRL India. Requirements, eligibility criteria, application process, and terms. Apply by 09/08/20...
CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...
CA, CS, CMA : Get expert help with bank branch audit queries for 2023-24. AASB, ICAI's online panel resolves challenges faced by auditors. Email...
Company Law : Explore NFRA's audit inspection report on Price Waterhouse Chartered Accountants LLP. Detailed analysis of audit compliance, key o...
Company Law : Explore detailed NFRA Inspection Report 2022 on SRBC & Co. LLP. Key findings include audit documentation, leadership structure, an...
CA, CS, CMA : Read the full NCLT judgment/order on Union of India Vs CA. Ramaiah Nataraja. Bengaluru CA barred from statutory auditor role for c...
Income Tax : Read the full text of Madras High Court's judgment on condoning the delay in income tax return filing by Kalvadangam Primary Agric...
Company Law : Challenge to constitutional validity of section 140(5) of Companies Act, 2013 fails and it is observed and held that section 140(5...
Company Law : The company has stated in its application that the auditor was not able to conduct the audit in timely manner also the auditor was...
Company Law : Various acts of IL&FS like over borrowing were prejudicial to the public interest which had cascading impact on various sectors ...
Corporate Law : Explore NFRA Order No. 018/2024 on CA Yogesh Mahipal for audit misconduct findings and penalties under Companies Act 2013. Detaile...
Company Law : NFRA issues Order against Krishna Neeraj & Associates and CA Krishna Kr Neeraj for professional misconduct in CMIL's audit, imposi...
Company Law : National Financial Reporting Authority's order penalizes M/s Dhiraj & Dheeraj and auditors for misconduct in the audit of Relianc...
Company Law : Explore NFRA's order penalizing PCN & Associates and CA Gopala Krishna Kandula for non-cooperation in statutory audit investigatio...
Corporate Law : The NFRA issues an order against CA Ratan Laxminarayan Rathi for professional misconduct in the audit of Bilcare Limited. Discover...
Draft Statutory Audit Report Format for F.Y. 2018-19 for Public Limited Companies. Note : The items shown with Red Font are possible alternative reporting based on client circumstances. Kindly apply your judgement and professional skepticism in using the appropriate reporting. INDEPENDENT AUDITORS’ REPORT To The Members of ________________ Limited Report on the audit of the […]
Draft Statutory Audit Report Format for F.Y. 2018-19 for Private Limited Companies. Note : The items shown with Red Font are possible alternative reporting based on client circumstances. Kindly apply your judgement and professional skepticism in using the appropriate reporting. INDEPENDENT AUDITORS’ REPORT To The Members of ________________ Private Limited Report on the audit of […]
On account of the lapses identified in a statutory audit assignment carried out by M/s S.R. Batliboi & Co. LLP, Chartered Accountants , it has been decided that RBI will not approve the said firm for carrying out statutory audit assignments in commercial banks for one year starting from April 1, 2019. Reserve Bank of […]
Statutory audits of banks and their branches are under process. Various issues relating to these audits are under discussion amongst the (auditors ) Chartered Accountants . One of such issues in bank branch audit is regarding reversal of unrealized interest on loans / advances which have became NPA in the year under audit. In this article an attempt has been made to discuss various aspects, prevailing practices and difficulties being faced relating to the reversal of interest on NPA accounts.
Where there is a delay in completion of statutory audit, there exist a reasonable cause for the delay in completion of tax audit and issuance of tax audit report.
The resignation of an auditor can be a critical and highly exposed event with serious implications for the company and the auditors themselves. Resignation, particularly in debatable circumstances, can expose auditors to various risks, including the risk of litigation from creditors, investors and the company. Although auditors’ resignations have attracted substantial regulators attention in recent […]
In the interest of improving audit quality and with a view to instituting a transparent mechanism to examine accountability of SAs in a consistent manner, it has been decided to put in place a graded enforcement action framework to enable appropriate action by the RBI in respect of the banks’ SAs for any lapses observed in conducting a bank’s statutory audit.
To clarify the implementation issues, the Auditing and Assurance Standards Board of ICAI, hereby issues the following FAQs on SA 570(Revised) based on the queries received from the members:
In order to ensure independency of auditors, I suggest overall change in the auditor’s appointment procedure so that no one should be able to influence auditors. In today’s modern technological environment, this can be achieved by creating Automated Auditor Appointment Agency (4A).
Auditor independence refers to the independence of the internal auditor or of the external auditor from parties that may have a financial interest in the business being audited.
