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Audit Articles


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.

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Posted in Audit |   1203 Views


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.

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Posted in Audit |   1002 Views


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.

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Posted in Audit |   2118 Views


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.

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Posted in Audit  1 comments |   14637 Views


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.

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Posted in Audit  2 comments |   1938 Views


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.

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Posted in Audit |   2184 Views


All you need to know about Audit Risks

  Namrata    26 February 2021 at 10:01

Audit risk is a risk that an auditor will not detect errors or fraud while examining the information collected and a material misstatement may go undetected.

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Posted in Audit  1 comments |   1029 Views


Role of technology in audit

  Mrudula M,Co-founder-KaizenEdu    25 February 2021 at 09:45

The role of an auditor needs to be viewed from the fact that technology has helped businesses grow and transactions are now done online with almost no paper trail.

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Posted in Audit  1 comments |   1137 Views


Note on Management Representation Letter (MRL)

  CA Satish Badve    24 February 2021 at 09:51

An MRL is issued by the client (Auditee) to the auditor in writing as a part of Audit Evidence. This document during the audit clarifies the separation of responsibilities of the auditor and auditee (management).

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Posted in Audit  1 comments |   1299 Views


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.

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Posted in Audit |   1539 Views