Audit Articles

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)?

Audit Procedures For Fraud Risks Identification In Internal Audit

CA Amrita Chattopadhyay 13 October 2020 at 15:42

The word 'Fraud” means wrongful or criminal deception intended to result in financial or personal gain. In this article, we have summarised four fraud risks and their corresponding audit procedures.

Dont Fear Tax Audit, Know the Benefits Instead!

CA Chanchal Jain 14 September 2020 at 10:05

Tax Audit is a reporting of transactions keeping in mind different sections of Income Tax Act (ITA). The provision of tax audit is reported in Form 3CD which is prescribed under Rule 6G of the Income Tax Rules, 1962.

Remuneration, Powers and Duties of Auditors

DEEPAK SETH 25 August 2020 at 10:18

The remuneration of the auditor of a company shall be fixed in its general meeting or in such manner as may be determined therein.

Going Concern | Key Considerations for Auditor amid COVID-19

CA Sanya Kapoor 20 August 2020 at 17:24

The International Accounting and Auditing Standards Board (IAASB) and The Institute of Chartered Accountants of India (ICAI) have issued guidance ongoing concern assessment amid COVID-19 for companies and considerations for an auditor while evaluating the management's assessment.