Audit Articles

Key points for Bank Audit 2019

  Mahesh Bansal    25 March 2019 at 10:57

Many of you may have been allotted bank branch audits. I congratulate them heartily. Today, I am sharing with you few things to keep in mind while going for bank branch audit this time. It will be very much relevant for the members performing statutory audits: 1. In view of RBI circulars dated 07..

Posted in Audit |   28 Views

What is Internal Audit? Internal Audit is an independent & objective assurance and consulting activity that is guided by a philosophy of adding value to improve the operations of the organization. It assists organization in accomplishing its objectives by bringing a systematic & disc..

Posted in Audit |   613 Views

For the first time, audit reports of listed companies for Financial year 2018-19 will contain a section called Key Audit Matters (KAM). This section aims to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed. Communicati..

Posted in Audit  1 comments |   1585 Views

Present formats of Audit Report: The present formats of the audit reports are primarily guided by the relevant SAs: SA 700 (Revised), 'Forming an Opinion and Reporting on Financial Statements' SA 701, 'Communicating Key Audit Matters in the Independent Auditor's Report'..

Posted in Audit |   1573 Views

All about Forensic Audit

  MEENAL BANSAL    02 March 2019 at 11:26

I have been hearing and reading about Forensic Audit lately, so decided to write this article. As the name suggests Forensic Audit means independent and comprehensive process of reviewing company's financial statements to maintain reliability over the truthfulness of reported financial statem..

Posted in Audit  6 comments |   1326 Views

.style2 { text-decoration: none; } The Internal Audit Standard Board of the ICAI has, with other pronouncements, issued five Standards on Internal Audit (SIAs) in November 2018. The SIAs are a set of minimum requirements that apply to all members of the ICAI while performing intern..

Posted in Audit |   911 Views

Introduction: Ind. AS 116 on Leases which is primarily to bring in line with IFRS 16 is presently in Exposure Draft Stage waiting for feedback in the form of comments on any aspect of the proposed Standard that is planned to be operative from annual periods beginning on or after 1st April..

Posted in Audit  2 comments |   638 Views

Introduction: A glance through of the Ind. AS- will highlight a hell of a difference of treatment of Equity share Capital from IGAPP as well the definitions in The Companies Act 2013. Notes to the General Instructions for Preparation of Balance Sheet require a company to disclose in the Notes ..

Posted in Audit |   2155 Views

Artificial Intelligence is exposing Employees Reimbursement Frauds Introduction AI abbreviation of Artificial Intelligence is widening its base in the Audit as well. The Speed at which it is spreading its limits is unimaginable. It is big surprise to know that we have an Artificial Intelligenc..

Posted in Audit  4 comments |   1183 Views

How Audit will change in next 5 years?

  Pawan    26 December 2018 at 11:52

Transparency in Audits - How audit is conducted vs How it is presented to the Stake Holders A gap exists between how an audit is conducted and how the data is presented to the stakeholders of the Organisation. Audit is Trust which boosts the Investor’s confidence. A Reporting window will..

Posted in Audit |   1660 Views

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