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.
The requirement to report exceptions in the consolidated financial statements requires careful planning. Auditors should factor this when finalizing the group audit instructions.
Summary of key findings and recommendations in the CAG’s performance audit report on income tax search and seizure assessments (Report no.14 of 2020)
The Companies Act 2013 has caused a paradigm shift in the manner of appointment and the tenure of appointment of Statutory Auditors for companies belonging to a particular genre. However, does the Appointment of Auditors to fill up vacancy, form a part of tenure allowed u/s 139(2)?
The word 'Fraud” means wrongful or criminal deception intended to result in financial or personal gain. In this article, we have summarised four fraud risks and their corresponding audit procedures.
Tax Audit is a reporting of transactions keeping in mind different sections of Income Tax Act (ITA). The provision of tax audit is reported in Form 3CD which is prescribed under Rule 6G of the Income Tax Rules, 1962.
The remuneration of the auditor of a company shall be fixed in its general meeting or in such manner as may be determined therein.
The International Accounting and Auditing Standards Board (IAASB) and The Institute of Chartered Accountants of India (ICAI) have issued guidance ongoing concern assessment amid COVID-19 for companies and considerations for an auditor while evaluating the management's assessment.
Due to restrictions caused by the COVID 19 pandemic and the related lockdown, several restrictions are faced by the auditors in terms of visiting the client location, meeting with the client, obtaining of audit evidence
Internal Audit has benefits like monthly Visits for analysis of data, guidance to accounts team and informal training, and many more.