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..
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..
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..
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'..
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..
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..
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..
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 ..
Artificial Intelligence is exposing Employees Reimbursement Frauds
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..
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..