Audit Articles

Data analysis in internal audit of retail sector

CA Amrita Chattopadhyay 01 December 2020 at 11:34

The auditors have been using client data to form opinions and to understand financial transactions. In this article, we will discuss the data analysis of the retail sector.

CARO 2020- Only borrow money when it’s going to make you money!

Prateek Mankad 23 November 2020 at 09:59

CARO 2020 sharpens the reporting requirements with respect to utilization and end-use of funds, including bringing back certain requirements around the use of short term funds for long term purposes

Can the Audit Committee comprise of executive directors as its members - A study

Ramaswami Kalidas 17 November 2020 at 11:54

An Audit Committee shall function independently, and should comprise majorly of independent directors with a balance of non-executive and non-independent directors.

Analysis of Form 3CA, 3CB and 3CD - Part 1: Form 3CA

Vivek Agarwal FCA, CS, LLB 05 November 2020 at 15:46

Tax Audit Report in Form No. 3CA is applicable, where a person having business/profession, is required to get its accounts audited under any law.

Tax Audit Report and Forms 3CA, 3CB, 3CD, and 3CE - A Comprehensive Analysis

Shweta 05 November 2020 at 12:11

All about the Tax Audit Report and Forms 3CA, 3CB, 3CD, and 3CE including its particulars, objectives, due date, and penalty, etc.

Data analysis in accounts payable and accounts receivable - Audit perspective

CA Amrita Chattopadhyay 02 November 2020 at 16:51

For auditors, the main driver of using data analytics is to improve the quality of an audit. In this article, we discuss two important areas where the auditors need to concentrate.

CARO 2020 - The devil is in the detail!

Prateek Mankad 30 October 2020 at 13:27

In this article, we deal with the reporting requirements related to assets. CARO 2020 largely retains the principles and reporting requirements of property, plant, and equipment.

CARO 2020 - A Stitch in Time Saves Nine

Prateek Mankad 28 October 2020 at 17:34

The requirement to report exceptions in the consolidated financial statements requires careful planning. Auditors should factor this when finalizing the group audit instructions.

Key observations of the Performance Audit report on Income Tax Search and Seizure Assessments

CA.Mohit Gupta 27 October 2020 at 09:59

Summary of key findings and recommendations in the CAG’s performance audit report on income tax search and seizure assessments (Report no.14 of 2020)

Does Appointment of Auditors to fill up vacancy, form a part of tenure allowed u/s 139(2) of the Companies Act, 2013?

Ramaswami Kalidas 20 October 2020 at 18:08

The Companies Act 2013 has caused a paradigm shift in the manner of appointment and the tenure of appointment of Statutory Auditors for companies belonging to a particular genre. However, does the Appointment of Auditors to fill up vacancy, form a part of tenure allowed u/s 139(2)?