Audit Articles

Auditing Financial Internal Controls

S Bhatnagar 19 January 2021 at 09:54

This article gives a detailed analysis of provisions regarding Sarbanes Oxley Act(SOX) , Corporate Responsibility for Financial Reports and the Internal Controls to reviewed by the IT systems auditors while conducting an audit.

Posted in Audit | 150 Views

Revised Code of Ethics by ICAI

Venkat Raj 15 December 2020 at 09:51

ICAI, being the regulator, certifier, and educator of the accountancy profession since 1949 in India has brought up a new code of ethics in 2019. The same was to be made effective from 1st April 2020 however made applicable from 1st July 2020 due to COVID 19.

Posted in Audit | 1764 Views

Companies (Auditors Report) Order, 2020 (CARO 2020) - Additions, Omissions and Alterations

Rashish Gangadharani 14 December 2020 at 09:52

MCA has announced that CARO 2020 will apply for financial years commencing from 1st April 2020 instead of financial years commencing on or after 1st April 2019...

Posted in Audit | 1947 Views

Data analysis in internal audit of retail sector

CA Amrita Chattopadhyay 01 December 2020 at 11:34

The auditors have been using client data to form opinions and to understand financial transactions. In this article, we will discuss the data analysis of the retail sector.

Posted in Audit | 1473 Views

CARO 2020- Only borrow money when it’s going to make you money!

Prateek Mankad 23 November 2020 at 09:59

CARO 2020 sharpens the reporting requirements with respect to utilization and end-use of funds, including bringing back certain requirements around the use of short term funds for long term purposes

Posted in Audit | 1374 Views

Can the Audit Committee comprise of executive directors as its members - A study

Ramaswami Kalidas 17 November 2020 at 11:54

An Audit Committee shall function independently, and should comprise majorly of independent directors with a balance of non-executive and non-independent directors.

Posted in Audit | 1 comments | 1428 Views

Analysis of Form 3CA, 3CB and 3CD - Part 1: Form 3CA

Vivek Agarwal FCA, CS, LLB 05 November 2020 at 15:46

Tax Audit Report in Form No. 3CA is applicable, where a person having business/profession, is required to get its accounts audited under any law.

Posted in Audit | 10089 Views

Tax Audit Report and Forms 3CA, 3CB, 3CD, and 3CE - A Comprehensive Analysis

Shweta 05 November 2020 at 12:11

All about the Tax Audit Report and Forms 3CA, 3CB, 3CD, and 3CE including its particulars, objectives, due date, and penalty, etc.

Posted in Audit | 5 comments | 13689 Views

Data analysis in accounts payable and accounts receivable - Audit perspective

CA Amrita Chattopadhyay 02 November 2020 at 16:51

For auditors, the main driver of using data analytics is to improve the quality of an audit. In this article, we discuss two important areas where the auditors need to concentrate.

Posted in Audit | 2997 Views

CARO 2020 - The devil is in the detail!

Prateek Mankad 30 October 2020 at 13:27

In this article, we deal with the reporting requirements related to assets. CARO 2020 largely retains the principles and reporting requirements of property, plant, and equipment.

Posted in Audit | 3243 Views