Audit Articles

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 ..

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..

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..

Merited attention is invited to Para D 8 of Ind. AS 101 - on First Adoption of Indian Accounting Standards.  Clause (b) of Para D 8 of the above said Standard is quoted for your ready reference,  "A first-time adopter may have established a deemed cost in accordan..

Introduction: In exercise of the powers conferred by sub-section (1) of section 467 of theCompanies Act, 2013 (18 of 2013), the Central Government makes the following further amendments in Schedule III to the said Act with effect from the date of publication of this notification in the Offic..

1. As per the provisions of section 44AB/44ADof the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1 Cr./ 2 Cr. (as the case may be) or carrying a profession whose receipts exceeds Rs. 50 Lakhs in the financial year 2017-2018, must get his accounts audited befo..

The amendments are applicable to all financial statements authorised for issue on or after 11 October 2018, irrespective of the period to which these financial statements pertain. The companies will also need to re-group/ reclassify their comparative information in accordance with the new requiremen..

Everyone reading this article would have obviously heard of Forensic Audit. And there is nothing surprising to that, as this word 'Forensic Audit' has become so familiar now these days, and special credit for this goes to Mr.Nirav Modi and Mr.Vijay Mallya and a huge pile of NPA's build u..

As soon as due date of filing tax audit is coming near, assessee and tax auditor are making effort to comply with the tax audit provision. I have tried to prepare a complete analysis of tax audit for fy 17-18 (AY 18-19), so that the professional can easily complete all the task in time with a cle..

There are a number of changes proposed in Form 3CD relating to tax audit report. A summary of these key changes is given below. These changes are applicable to all TARs signed on or after 20th Aug 2018! Summary of key changes in the amended tax audit Form 3CD: 1. Disclosure regarding intere..