Articles by CA Amrita Chattopadhyay

Recent amendments in Schedule III of Companies Act 2013

CA Amrita Chattopadhyay 17 April 2021 at 09:40

The Ministry of Corporate Affairs vide Notification dated 24 March 2021 has amended Schedule III to the Companies Act, 2013, which shall be effective from the 1st day of April 2021.

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.

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.

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.

Data analysis to review inventory

CA Amrita Chattopadhyay 08 January 2021 at 16:36

Proper inventory control enables successful cost control of operations. In this article, we discuss some of the potential risks, data analysis and exception tests that an organisation can implement, for effective inventory management.

Data analysis in internal audit of retail sector

CA Amrita Chattopadhyay 01 December 2020 at 11:34

The auditors have been using client data to form opinions and to understand financial transactions. In this article, we will discuss the data analysis of the retail sector.

Data analysis in accounts payable and accounts receivable - Audit perspective

CA Amrita Chattopadhyay 02 November 2020 at 16:51

For auditors, the main driver of using data analytics is to improve the quality of an audit. In this article, we discuss two important areas where the auditors need to concentrate.

Audit Procedures For Fraud Risks Identification In Internal Audit

CA Amrita Chattopadhyay 13 October 2020 at 15:42

The word 'Fraud” means wrongful or criminal deception intended to result in financial or personal gain. In this article, we have summarised four fraud risks and their corresponding audit procedures.

Restructuring of advances for MSME - Measure to overcome crisis due to pandemic

CA Amrita Chattopadhyay 07 September 2020 at 13:15

In a developing country like India, the role of MSME cannot be ignored if India wants to become a Self-Reliant India. It plays a vital role in employment generation in India