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 ..

Posted in Audit |   1879 Views

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..

Posted in Audit  4 comments |   1104 Views

How Audit will change in next 5 years?

  Pawan    26 December 2018 at 11:52

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..

Posted in Audit |   1444 Views

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..

Posted in Audit |   968 Views

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..

Posted in Audit  1 comments |   1486 Views

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..

Posted in Audit  8 comments |   4708 Views

Changes in Schedule III

  CA Akhil Rastogi    23 October 2018 at 11:12

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..

Posted in Audit  5 comments |   2930 Views

Forensic Audit: Field to Explore

  Shobhit Jain    21 September 2018 at 15:37

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..

Posted in Audit  8 comments |   2307 Views

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..

Posted in Audit  9 comments |   4541 Views

Latest Changes in Form 3CD

  Vasundhara    25 July 2018 at 11:59

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..

Posted in Audit  1 comments |   3467 Views

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