Audit Articles

Tax Audit u/s 44AB limit increased upto 5 Cr. w.e.f. AY 20-21- Is it applicable to all businesses?

Soumya Laha 20 February 2020 at 10:34

Tax Audit U/s 44AB limit has been proposed to increase up to Rs. 5Cr. from AY 2020-2021 for MSME sector in Union Budget 2020 but several conditions apply.

Compliance of Ind AS 19 by Indian Listed Companies

Tikaram Chaudhary 02 November 2019 at 13:54

In Indian context, Companies needs to comply with Accounting Standards notified under Section 133 of Companies Act 2013 to prepare the Financial Statements at the end each Financial Year.

SEBI circular on the resignation of statutory auditors (with Format of Information)

Amitav Ganguly 21 October 2019 at 12:05

SEBI circular on the resignation of statutory auditors

Integrity Of Auditor - PMC Bank Crisis

Tejas Kasar 21 October 2019 at 10:57

Few days ago some of you may have heard news saying that RBI has imposed restrictions of withdrawal on PMC bank holders. The RBI restricted to withdraw only Rs. 1,000 for whole 6 months. All the monies of account holders is at stake.

GST Testing under Internal Audit

Mandli Ravi Tej 27 September 2019 at 11:02

We are almost at the end of statutory audit season and many of us will be working in internal audits from now. Statutory compliance will be the compulsory component in the scope. We will be covering basic reconciliations as a part of GST testing.

CBDT extends the due date to submit the Tax Audit Report to 31st October, 2019

Vaishali Dhek 17 September 2019 at 13:50

After the extension of the due date to file the Income Tax Return, the Chartered Accountants are now requesting the Income Tax Department to extend the due date to submit the Tax Audit Report as soon as possible to reduce their workload.

SAT order - quashing the ban on PWC from auditing listed companies

Vishal Jain 11 September 2019 at 13:21

SAT order - quashing the SEBI order debarring PW from auditing listed companies: Auditor's duty is verification and not detection

True and Fair view of accounts - An opinion by Statutory Auditor

Dilip K Raina 11 September 2019 at 11:23

Lot of investment decisions in the present-day world are based on the reports generated by financial analysists. One of the trusted and important sources of financial information comes from audited published financials.

Additional FAQs on UDIN for Other Audit & Assurance Functions

Guest 03 September 2019 at 11:33

Additional FAQs on UDIN for Other Audit & Assurance Functions

Complete guide on internal audit

Kranthi 29 August 2019 at 10:42

Internal audit is an independent management function, which involves a continuous and critical appraisal of the functioning of an entity with a view to suggest improvements thereto.