Audit Articles

SAT order - quashing the SEBI order debarring PW from auditing listed companies: Auditor's duty is verification and not detection "Justice will not be served until those who are unaffected are as outraged as those who are." - Benjamin Franklin Time has probably passed long ti..

Posted in Audit |   2013 Views

Desire to know the truth about the financial health of a country, a business house or about an individual family has remained a continuous desire of the international community, investors and neighbours. Lot of investment decisions in the present-day world are based on the reports generated by finan..

Posted in Audit |   856 Views

1. If UDIN could not be generated at the time of signing the Audit Reports/Certificates, what steps should I follow? It is mandatory to generate UDIN while signing the Audit Reports / Certificates / Document. However, if any member is unable to generate UDIN as desired above, it has to generated..

Posted in Audit |   1086 Views

Complete guide on internal audit

  Kranthi    29 August 2019 at 10:42

What is Internal Audit? The Institute of Chartered Accountants of India defines 'Internal Audit' as follows: 'Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvement..

Posted in Audit |   4297 Views

1. Gratuity Benefit is payable by Schools to its employees. Furthermore, with amendment of 'Payment of Gratuity Act' in 2009, Gratuity is payable to teachers also. The amended act can be accessed from the gazette vide Notification SO1080 by Ministry of Labour and Employment . 2. How Schoo..

Posted in Audit |   722 Views

In last couple of years, the audit profession has received the attention which no other profession has received due to corporate frauds which has surfaced, the kind of economic and regulatory changes taken place (which has not taken place for couple of decades). We have witness complete overhauling ..

Posted in Audit |   422 Views

Deregulation and liberalization of Indian financial sector call for effective and crucial risk management and internal control system in the conduct of banking business especially after the recent unsavory incidents of fraud and cheatings by some of the prominent borrowers causing a grave crisis in ..

Posted in Audit  2 comments |   1010 Views

There have been a significant number of instances of abrupt resignation of Statutory Auditors from listed entities in recent times. In most of the cases, the statutory auditors have suddenly resigned without completing their assignments for the year, generally citing ‘pre-occupation' as th..

Posted in Audit |   425 Views

The audit profession has been in news in the recent times due to various frauds reported in the corporate world. Various questions have been raised on the professional work done by Chartered Accountants. Generally Chartered Accountants work in most ethical manner in environment of constraints ..

Posted in Audit |   705 Views

This chapter holds paramount importance in today ‘s Corporate World .With the advent of Companies Act 2013, all companies are forced to follow good corporate governance practices, Corporate social responsibility, best ethical practices. The Role of Company Secretary,CFO(CFO as Chartered accoun..

Posted in Audit |   388 Views

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