Audit Articles

Notices for non-appointment of Cost Auditors for 2017-18 being issued by Cost Audit Branch of MCA

CMA Navneet Kr Jain 17 May 2022 at 15:46

Though Companies Act mandated the maintenance of Cost Records and Cost Audit for companies fulfilling certain criteria, however, the companies used to ignore the mandate by simply mentioning in the Director's Report and CARO report that Section 148 is not applicable.

Posted in Audit | 3 comments | 3330 Views

Detailed Audit Programme On Important Areas Of Insurance Business

FCS Deepak Pratap Singh 14 May 2022 at 11:50

As you are aware that an Insurance Company is a company incorporated under provisions of the Companies Act, 1956/2013, licensed under the Insurance Act, 1938 and IRDAI Act,1999.

Posted in Audit | 1 comments | 1479 Views

Discussion on Notice from Cost Audit Department

CS Divesh Goyal 12 May 2022 at 17:29

In this editorial, author shall discuss the provision, applicability of Cost Audit and Cost Auditor on Companies along with reason of issuance of Notice from the Cost Department.

Posted in Audit | 2715 Views

Cost Audit and Cost Records Applicability 2022-23

CMA Navneet Kr Jain 02 May 2022 at 09:04

Through this article, we have tried to answer most of queries which a company can have with regard to cost records applicability or cost audit.

Posted in Audit | 3636 Views

Bank Stock and Receivable Audit: An Overview

CA Ramanujan Sharma 26 April 2022 at 13:02

In this article, the author has tried to throw some light on the procedure to be followed while conducting stock and receivable audits in a brief manner

Posted in Audit | 8367 Views

Accounting software must provide an audit trail feature by April 1, 2023

Akanksha Bhargava 13 April 2022 at 17:32

Companies have been granted a year to implement the Ministry of Corporate Affairs' latest change in accounting software to use the audit trail (edit log) feature. The audit trail will be mandatory for private limited firms starting April 1, 2022, according to a decision made this year.

Posted in Audit | 3744 Views

Important amendments to IRAC norms for Bank Branch Auditors 2022

CA Mahesh Bansal 05 April 2022 at 14:48

The RBI had issued certain clarifications vide its notification dated 12th Nov 2021 with a purpose to more accurately interpret the extant IRAC norms which we must keep in mind while conducting branch audits this time.

Posted in Audit | 1521 Views

Auditing Social Media

CA Amrita Chattopadhyay 04 April 2022 at 16:54

The social media has emerged as a strong interactive platform and it has started to make a huge positive impact on the society. Almost everyone today has a Face..

Posted in Audit | 2292 Views

Bank audit of working capital loan limits

kotte murali krishna 25 March 2022 at 14:17

The SBA should verify the details of stock statement dated 31st March of 2021 submitted to the bank and the values of drawing power claimed therein with the values reported in audited balance sheet of 31-03-2021

Posted in Audit | 4491 Views

Why is it important to consider cyber risk in risk assessment procedure during audit

CA Amrita Chattopadhyay 05 March 2022 at 11:16

The importance of cyber risk assessment has increased manifold due to the pandemic. Some of the cyber threats which has developed over the last two years during the pandemic were the ransomware where the attack has increased by 150% due to the "Work from home" culture.

Posted in Audit | 8 comments | 1935 Views