Audit Articles

Audit Materiality Explained: Planning Materiality, Tolerable Error and Summary of Audit Difference

Arpitha Kanchi 11 October 2025 at 06:43

Learn how auditors use Planning Materiality, Tolerable Error, and Summary of Audit Difference to assess financial misstatements and ensure fair presentation.

Key Changes in MSME Reporting for Tax Audits

CA Umesh Sharma 05 August 2025 at 08:34

Understand the latest updates in Clause 22 of Form 3CD for FY 2024-25. Learn how MSME payments must be reported under the MSMED Act and Section 43B(h) with insights from a fictional Arjuna-Krishna dialogue.

Key Statutory Compliance Areas to Cover in a Statutory Audit

Abhishek Musaddi 25 July 2025 at 08:30

Explore a comprehensive statutory audit checklist for India covering key laws, rules, and sector-specific regulations including Companies Act, GST, Income Tax & more.

Red Flags in Forensic Audits: A Practical Insight

CA Shiwali Dagar 02 June 2025 at 08:48

Forensic audits go beyond routine financial reviews - they uncover fraud, misconduct, and financial irregularities. Recognizing "red flags" early is crucial for forensic auditors, corporates, and regulatory bodies alike.

Smarter Audits: How AI is Transforming Cost Efficiency Detection

Affluence Advisory 28 April 2025 at 08:29

Cost Auditing is crucial for businesses to uphold financial discipline, adhere to regulations, and enhance their cost management practices.

Audit Verification of Revenue: Aligning with Ind AS 115 for Accurate Reporting

CA Jaydeep Babubhai Vadher 26 April 2025 at 08:26

Understanding the Verification of Revenue and the Role of Ind AS 115 in Revenue Recognition

Show Cause Notices Issued by MCA for Non-Compliance with Cost Audit Provisions & Handling of Such Notices

CMA Navneet Kr Jain 02 April 2025 at 08:37

The Ministry of Corporate Affairs has recently issued a number of notices to various companies for not complying with the various provision under section 148 of the Companies Act 2013 primarily for non filing of cost audit reports

Will AI Replace Chartered Accountants?

May 13 February 2025 at 08:42

Will AI replace CAs? The answer is nuanced, requiring us to delve into the multifaceted responsibilities of CAs and the capabilities of AI.

How NFRA is Increasing the Responsibility of Audit Committees in Corporate Governance?

CA Tushar Makkar 30 January 2025 at 10:04

NFRA has been constituted as a quasi-judicial body with a larger remit than NACAS (National Advisory Committee on Accounting Standards).

Legal Duties of an Auditor in Company Audits

Ishita Ramani 29 January 2025 at 08:49

This article highlights the responsibilities of an auditor in company audits, the challenges faced by using auditors in India, and the significance of their role in ensuring compliance.