Audit Articles
Audit of Banks: Statutory Audit of Banks & LFAR
Statutory Audit is a type of audit which is mandated by a Law or a Statute to ensure the books of accounts presented to the regulators and public are true and fair.
Preliminary Notices for non-appointment of Cost auditors being issued by MCA
It is important to note that the non-compliance is identified at the earliest by the management itself and appoint the cost auditors before the they receive the notice from the MCA.
Artificial Intelligence in Quality Control Maturity Model
Audit Quality Maturity Model (AQMM) is a tool for self-evaluation of audit firms & sole proprietors towards a technologically driven mechanism to increase operational efficiency.
Internal Audit Evidence
Information collected from underlying entity records and processes, as well as information from the performance of various audit activities and testing procedures forms part of "Internal Audit Evidence" based on which auditor forms his opinion.
Resignation of Auditor under Companies Act 2013
Auditors work in various capacities within different industries. Auditor appointment and resignation all are to be served to Registrar of Companies.
Tax Audit under sec 44AB of the Income Tax Act
Tax Audit limit of Rs 1 crore has been increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20) if the taxpayer's cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer's cash payments are limited to 5% of the aggregate payments.
Pros and Cons of NFRAs Consultation Paper on Statutory Audit
13 October 2021
4987 Views
Removal of Statutory audits on MSMCs might facilitate frauds and misstatements since GST and Tax audits have been scaled down. Moreover, minority interest in companies will be affected.
Comments on NFRAs Consultation Paper On Statutory Audit And Auditing Standards for MSMCs
In case, NFRA takes any drastic decision to exempt the need for statutory audit of MSME companies for any reason, the size of frauds would go up and the Indian economy will be in the doldrums.
Open Letter To NFRA Chairman Opposing Consultation Paper On Abolishing Statutory Audit
If Statutory Audit is exempted then there will be no check on business transactions and such exemption will lead to an emergence of spurious companies within MSMCs.
Identification and Calculation of Funds Diversion for Bank Audit
Whenever an Auditor finds any new investments of either long term or short term of unrelated assets on the face of company Balance Sheet during audit, there is a need to verify and confirm the source for the investment.
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