If you have been following the series of these articles, we have discussed till Clause 20 of Form 3CD. Without further delay, let us discuss Clause 21 to 25 in this article.
In continuity with the series of articles on tax audit, let us discuss clause 15 to clause 20 of Form 3CD in detail with this article.
In this article, the author discusses about Form 3CD from Clause 1 to 14 in detail.
There are various kinds of audits being conducted under different laws such as company audit /statutory audit conducted under company law provisions, cost audit, stock audit etc. Similarly, income tax law also mandates an audit called 'Tax Audit'.
The virtual audit is becoming popular amongst organizations due to fast advances in information technology. Businesses already include high-tech strategies that permit the audit teams to receive and share data, conduct interviews, and also make observations with entities all over the world.
An audit refer to a systematic and independent examination of books, accounts, statutory records, documents and vouchers of an organization to ascertain that how far the financial and non-financial statements and disclosures present a true and fair view of the company.
All internal audit projects should begin with the team clearly understanding why the project was put on the audit plan.
Statutory Audit is a type of audit which is mandated by a Law or a Statute to ensure the books of accounts presented to the regulators and public are true and fair.
It is important to note that the non-compliance is identified at the earliest by the management itself and appoint the cost auditors before the they receive the notice from the MCA.
Audit Quality Maturity Model (AQMM) is a tool for self-evaluation of audit firms & sole proprietors towards a technologically driven mechanism to increase operational efficiency.
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