Audit Articles

RBI set parameters for appointing Bank Auditor for FY 2021-22 and onwards

Manish Mehra 01 May 2021 at 09:52

RBI on 27.04.2021 has issued guidelines for the appointment of Statutory Central Auditors of commercial banks (excluding RRB), Urban cooperative banks (UCBs) and NBFCs including Housing Finance Companies.

Identification and Calculation of Funds Diversion for Bank Audit

kotte murali krishna 01 April 2021 at 09:57

Whenever an Auditor finds any new investments of either long term or short term of unrelated assets on the face of company Balance Sheet during audit, there is a need to verify and confirm the source for the investment.

Understanding Cyber Security And Impact On Bank Audit

CA Amrita Chattopadhyay 31 March 2021 at 10:19

Cyber security risks and controls are within the scope of the auditor's concern only to the extent that it could impact the financial statement. For this purpose, the auditor needs to have an understanding of the impact of IT on the financial statement.

Review Of Internal Financial Control For Bank Branch Audit

CA Amrita Chattopadhyay 30 March 2021 at 15:50

The branches that are required to be covered for reporting on Internal Financial Control will be determined and scoped in by the Statutory Central Auditors.

Audit Trail in Accounting Software

SANJAN DE 30 March 2021 at 09:54

Audit trails are records (manual or electronic) that chronologically catalogue events to provide supporting documentation used to establish authentication and integrity of a transaction.

Role Of Audit Committee In Internal Financial Control

CA Amrita Chattopadhyay 13 March 2021 at 12:15

Let us review the role of an audit committee and the applicability of the audit committee as per the Companies Act, 2013 to understand its importance in Corporate Governance & role in Internal Financial Control.

SA 570 - Going Concern

Neethi V. Kannanth 10 March 2021 at 09:47

The general purpose financial statements of an entity are prepared using the going concern basis of accounting unless the management intends to liquidate or to cease the operations or there is no realistic alternative to do so.

All you need to know about Audit Risks

Namrata 26 February 2021 at 10:01

Audit risk is a risk that an auditor will not detect errors or fraud while examining the information collected and a material misstatement may go undetected.

Note on Management Representation Letter (MRL)

CA Satish Badve 24 February 2021 at 09:51

An MRL is issued by the client (Auditee) to the auditor in writing as a part of Audit Evidence. This document during the audit clarifies the separation of responsibilities of the auditor and auditee (management).

Data Analysis In Internal Audit - Payroll

CA Amrita Chattopadhyay 02 February 2021 at 09:12

It is very important to establish adequate controls in the payroll process. Further, it is also important to know that the controls established are working adequately.