Audit Articles

"Going Concern Concept" during Pandemic times and Auditors Responsibility

Seetharaman K C 08 July 2020 at 10:20

Going Concern is a concept where the continuity of a business organisation is assessed. Up until now, we were least bothered by this concept as this was taken f..

Requirement Actuarial Valuation for Accounting of Gratuity Benefits in IndAS 19 & AS 15 ?

Tikaram Chaudhary 27 June 2020 at 10:32

Why of Actuarial Valuation is required for Accounting of Gratuity Benefits in compliance of IndAS19 & AS 15 (Revised 2005) by Indian Public, Private and Multinational Companies ?

Auditor Certificate Format for DPT-3

CS Lalit Rajput 29 May 2020 at 10:23

Every company other than Government company shall file an onetime return of outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to 31st March, 2019, as specified in Form DPT-3 within "ninety days from 31st March, 2019

CARO 2020 - Enlarging Auditor's Responsibility

Jigar Rajendrabhai Mansatta 28 May 2020 at 10:01

Recently Ministry of Corporate Affairs has come out with Companies (Auditor's Report) Order, 2020; along with the increase in the scope of many clauses and insertion of new clauses, there is also deletion of an existing clause.

Audit checklist for F.Y 2019-20 - Direct tax

Parth Shah 23 May 2020 at 09:32

The Finance Minister while giving the details of the Economic Package announced the extension in the Tax Audit date and the due date to file the Income Tax Return. However, with the deferment one should not forget the Tax Audit Checklist for FY 19-20.

Appointment of Auditor- Sec 139 of Companies Act

Sanchit Aggarwal 21 May 2020 at 14:57

Sec 139 of the Companies Act 2013 provides that every company shall appoint an individual or firm as an auditor of the company. Appointment of an auditor is subject to the Board of directors and members of the company at AGM or EGM

Key Considerations for Assessing Going Concern Assumption

Vijayta Kamble 18 May 2020 at 10:41

Assessment of Going Concern is one of the key areas which require the attention of Auditors and Management for the audit of financial statements for the year ended 31st March 2020. However, it is the general assumption of people that assessment of going concern is only the responsibility of auditors and not that of management.