Audit Articles

.style1 { font-weight: bold; text-align: left; } Section 44AB vs 44AD When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961. At student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says ab..

Posted in Audit  19 comments |   1217 Views

Inventory Management is the process of ordering, storing, handling, retrieving, dispatching and accounting stock. Maintaining inventories is necessary for any company dealing with physical products. Inventories are in various forms: Raw Material Work-in-Progress (WIP) Consumables and spa..

Posted in Audit  1 comments |   953 Views

Developments in business, regulation, corporate governance and user expectations drive change in auditing standards and methodologies, as do changes to the content of financial statements. Auditing standards have developed in two ways to tackle uncertainty attaching to financial statements and the r..

Posted in Audit  1 comments |   604 Views

PLANNING & REQUIREMENTS Documents to gather Information / Guidelines before Audit Go through Master circulars, RBI Circulars,Advances Manual and other important circulars related to advances department such as discretionary powers,service charges, Interest Ratesetc., which are now avai..

Posted in Audit  2 comments |   1101 Views

All about professional ethics

  Venkat Raj    25 May 2019 at 10:26

ICAI (Institute of chartered Accountants) is a statutory body constituted under Chartered Accountants Act 1949 governed by Ministry of corporate affairs. The head office is in Delhi , 5 regional offices 164 branches and 34 foreign chapters as on date. Members of ICAI are governed by the CA Act 1..

Posted in Audit  1 comments |   964 Views

In the wake of the present financial crisis, the role of the auditor has been questioned by many stakeholders. One of the concern of the stakeholder was that the auditor's report was not very informative and was not very transparent. It was a requirement for the auditor to share more information..

Posted in Audit  9 comments |   1199 Views

Below are some of the important points for Bank Audit while auditing MSME borrowers :  90 days delinquency norm is a condition for classification of majority of loans into NPA, loans to MSME sector is an exception to it, subject to certain conditions 90 days delinquency extended to..

Posted in Audit  2 comments |   1369 Views

FAQ in relation to UDIN for Bank Audit

  Guest    01 April 2019 at 12:21

The following are the FAQs in relation to UDIN for Bank Audit: 1. Whether UDIN is mandatory for Statutory Bank Audit? For Statutory Bank Audit, UDIN is not mandatory. However, for all Certificates to be signed while conducting Bank Audit, generation of UDIN is mandatory as UDIN is already mand..

Posted in Audit |   1433 Views

Before understanding the Norms for Agriculture Advance first should know about the Which type of Loans cover under Agriculture Advances: Types of Agricultural Loans in India One can avail a loan for the following activities related to agriculture: Running day to day operations Buying f..

Posted in Audit  1 comments |   1596 Views

1. Whether a working capital account will become an NPA if the stock statements are not submitted regularly? What should be the period for which the stock statements can be in arrears before the account is treated as an NPA? Banks should ensure that drawings in the working capital accounts are co..

Posted in Audit |   1076 Views

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