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Audit Articles


SA 700 Audit Reporting: Forming an Opinion and Reporting on Financial Statements

  Tanuj Chandra Saxenaa    19 May 2021 at 09:46

SA 700 deals with the responsibility of auditors in forming their opinion on financial statements. This standard also deals with the content and form of the auditor's report that is issued as an outcome of the audit of the financial statements.



Surprise Checks under Audit

  ABINAYA SURESHBABU    14 May 2021 at 09:42

The main focus of Surprise Checks under Audit is on internal control; they check whether the system of internal control is operating effectively or not.



Routine Audit Checks - Greater Task Verification of Bank Reconciliation

  CA Satish Badve    05 May 2021 at 15:06

The verification of a Bank Reconciliation Statement is to be done in all types of audit and is considered a basic task to be carried out by the auditors.



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 Chattopadhyaypro badge    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 Chattopadhyaypro badge    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 Chattopadhyaypro badge    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.