The rising trend in Bank frauds has been a cause of concern at all levels. In view of the alarming rise in Bank frauds, the Central Vigilance Commission has undertaken a review and analysis of top 100 Banks Frauds, as on 31.03.2017.
This Standard on Internal Audit (SIA) 220, Conducting Overall Internal Audit Planning, issued by the Council of the Institute of Chartered Accountants of India should be read in conjunction with the Preface to the Standards on Internal Audit, Framework Governing Internal Audits and Basic Principles of Internal Audit issued by the Institute.
The Internal Audit Function, generally, comprises of the Chief Internal Auditor and a team of individuals performing internal audits in an organisation. 1.2 The Internal Audit Function performs a number of activities to achieve its objectives as outlined in its Charter (or Terms of Engagement). A few of the critical activities are as follows:
Standard on Internal Audit (SIA) 2, Basic Principles Governing Internal Audit was, originally, issued by the Board in August, 2007 which was recommendatory in nature. The revised Basic Principles of Internal Audit is being issued as overarching document for all the Standards on Internal Audit, and shall become mandatory from such date as notified by […]
Framework for Standards on Internal Audit was, originally, issued by the Board in August 2007, which was recommendatory in nature. The revised Framework Governing Internal Audits shall become mandatory from such date as notified by the Council. 1. Introduction and Scope 1.1. The Framework Governing Internal Audits lays down the underlying principles and boundaries for […]
Preface to the Standards on Internal Audit was, originally, issued in November, 2004, revised in July, 2007, and was recommendatory in nature. The revised Preface to the Framework and Standards on Internal Audit shall become mandatory from such date as notified by the Council. 1. Introduction This Preface to the Framework, Basic Principles and Standards […]
In view of disturbances caused to daily life by Cyclone Tali in district of Srikakulam, Andhra Pradesh, and by Cyclone Gaza in eleven districts of Tamil Nadu the competent authority has decided to extend due dates for filing various GST returns
ICAI has issued 3 Exposure Draft of the Guidance Note on Audit of Banks 2019 which includes Guidance on Statutory Central Audit of Banks, Guidance on Foreign Exchange Transactions and Integrated Treasury and Guidance on Bank Branch Audit other than Foreign Exchange Transactions. Exposure Draft of the Guidance Note on Audit of Banks 2019 edition – […]
As per the Companies (Registered valuers and Valuation) Rules, 2017 issued by the Ministry of Corporate Affairs in October, 2017 , a Chartered Accountant having three years of Post-qualification experience and qualified as a Graduate was allowed to become a Registered Valuer.
The Government of the Republic of India and the Government of the People’s Republic of China have amended the Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income, by signing a Protocol on 26/11/2018.
