Audit Articles

MOC - Memorandum of Changes

Posted by Rahul ojha 30 May 2023 113434 Views

MOC- MEMORANDUM OF CHANGES, more often referred to as MOC is an important document enclosed with the Bank Audit Report whenever the Auditor observes significant issues affecting the Financial Statements of the Bank.

Penalty of Rs. 2 lakh on Secretarial Auditor

Posted by CS Divesh Goyal 29 May 2023 3399 Views

While conducting the secretarial audit, each secretarial auditor must adhere to the requirements of the 2013 Companies Act. Inspecting is done by the Ministry in accordance with section 206(5) of the 2013 Companies Act.

Stock audit basics & checklist of documents required

Posted by Niket Agarwal 06 May 2023 196238 Views

What is a Stock Audit?It is the physical verification of the inventory. However at times it may also include valuation of the inventory, this would depend upon the terms of referrence or the engagement letter of the assignment. Important thing to rem

Audit Trail and Importance of Access Control

Posted by CA Amrita Chattopadhyay 04 May 2023 8772 Views

The Ministry of Corporate Affairs vide notification dated March 24, 2021 issued the Companies (Audit and Auditors) Amendment Rules, 2021 which made various changes in Rule 11 of the Companies (Audit and Auditors) Rules, 2014.

Corporate Litigation: The Crucial Role of Board Oversight and Auditor's Responsibility

Posted by CA Sanat Pyne 02 May 2023 2721 Views

Corporate litigation refers to the legal disputes that arise between a company and another party, such as customers, shareholders, employees, suppliers, or regulators.

Everything about Audit Trail

Posted by CS Divesh Goyal 27 April 2023 11343 Views

In this article, the author shall discuss everything about the Audit Trail.

Lessons for auditors on professional conduct

Posted by Rashmi 25 April 2023 3183 Views

The National Financial Reporting Authority (NFRA) in India has imposed a penalty of ₹300,000 on the statutory auditor of now-de-listed company SRS Ltd, along with a three-year ban on taking up statutory or internal audits of any company, for alleged professional misconduct and lapses in the FY18 audit of the company.

A Comprehensive Guide to Auditing Property, Plant and Equipment (PPE) in India

Posted by CA Sanat Pyne 21 April 2023 22950 Views

Auditing Property, Plant, and Equipment (PPE) is an important task for any auditor. PPE is a significant asset for most companies and represents a substantial portion of their total assets.

An In-Depth Look at the Audit of Accounts Receivable and its Impairment Assessment

Posted by CA Sanat Pyne 19 April 2023 3018 Views

Accounts receivable refers to the money owed by customers to a business for the goods or services they have purchased on credit. It is an important part of a business's working capital and represents the amount of cash that the business can expect to receive in the near future.