Audit Articles

Concept & Meaning of Turnover in Tax Audit

CA.R.S.KALRA 15 September 2021 at 17:35

'Turnover', 'Gross Receipts' and 'Sales' are the buzzwords during this Tax Audit season. Incidentally, they are the very starting point of a Tax Audit. They form the qualifying criteria, determine whether a taxpayer is liable to tax audit during a given year.

Beneish M Model - A Tool Detection Of Fraud in Financial Statements

Poojitha Raam Vinay 04 September 2021 at 15:26

Beneish Model is a statistical model created by Professor Messod D. It is a model that studies the trend of the organisation through various ratios. This model is based on eight financial ratios.

Tax Audit in case of a Person Carrying on both Business and Profession

CA.R.S.KALRA 04 September 2021 at 12:41

A person who is a specified professional cannot opt for Section 44AD of the Income Tax Act, but there is no bar for such persons to opt for Section 44ADA on their professional income.

Adopting Artificial Intelligence By Auditors - Need Of The Hour

CA Amrita Chattopadhyay 02 September 2021 at 13:04

It's time for the auditing fraternity to get out of their comfort zone of using Excel & MS office and adopt and experiment with newer technologies and scale up their business.

Audit Quality Maturity Model V 1.0 - Requirements For Human Resource Management

CA Amrita Chattopadhyay 20 August 2021 at 13:23

Audit Quality Maturity Model (AQMM) is a tool for self-evaluation of audit firms & sole proprietor towards technological driven mechanism to increase the operational efficiency.

ICSI - Auditing Standards

CS Divesh Goyal 06 August 2021 at 14:47

The aim of the Auditing Standards is to support a CS in developing auditing acumen, techniques and tools, to inculcate best auditing practices, and to promote standardization and uniformity.

Audit Quality Maturity Model Version 1.0 - Practice Management

CA Amrita Chattopadhyay 04 August 2021 at 14:09

Audit Quality Maturity Model (AQMM) is a tool for self-evaluation of audit firms & sole proprietor towards technological driven mechanism to increase the operational efficiency.

PAS-6: Reconciliation of Share Capital - Audit Report

CS Divesh Goyal 30 July 2021 at 09:51

Every unlisted public company shall submit Form PAS-6 to the Registrar with such fee as provided in Companies (Registration Offices and Fees) Rules, 2014 within 60 days from the conclusion of each half-year.

Is Auditor Certificate mandatory for DPT-3?

CS Divesh Goyal 28 July 2021 at 09:35

Nowhere in Section 73 or Rule 16, it has been mentioned about the Certificate of Auditor, but in many cases, ROC's ask for a certificate from the Statutory Auditor of the Company.

How can an Auditor report a disqualification of a director in the Audit Report?

CS Divesh Goyal 28 July 2021 at 09:35

It shall be the duty of the statutory auditor of the appointing company as well as the disqualifying company to report to the members of the company whether any director is disqualified from being appointed as a director.