Audit Articles

Auditing Financial Internal Controls

Posted by S Bhatnagar 20 January 2021 4308 Views

Detailed analysis of provisions regarding Sarbanes Oxley Act(SOX) , Corporate Responsibility for Financial Reports and the Internal Controls to be reviewed by the IT systems auditors while conducting an audit

Internal Audit/Supervision - Why is it so Important?

Posted by CA Raj Doshi 16 January 2021 3088 Views

Internal Audit has benefits like monthly Visits for analysis of data, guidance to accounts team and informal training, and many more.

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

Posted by Tikaram Chaudhary 24 December 2020 5144 Views

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 ?

Revised Code of Ethics by ICAI

Posted by Venkat Raj 15 December 2020 10098 Views

ICAI, being the regulator, certifier, and educator of the accountancy profession since 1949 in India has brought up a new code of ethics in 2019. The same was to be made effective from 1st April 2020 however made applicable from 1st July 2020 due to COVID 19.

Companies (Auditors Report) Order, 2020 (CARO 2020) - Additions, Omissions and Alterations

Posted by Rashish Gangadharani 14 December 2020 4664 Views

MCA has announced that CARO 2020 will apply for financial years commencing from 1st April 2020 instead of financial years commencing on or after 1st April 2019....

Data analysis in internal audit of retail sector

Posted by CA Amrita Chattopadhyay 01 December 2020 4644 Views

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.

Auditor: A bloodhound without teeth or a watchdog without eyes

Posted by sourav 30 November 2020 100145 Views

Auditing refers to inspection and examination of financial books of an organization in a systematic manner to ascertain whether the financial statements present a true and fair view of the concern.In observing the above the auditor is required to mak

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

Posted by Prateek Mankad 23 November 2020 3228 Views

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

Posted by Ramaswami Kalidas 17 November 2020 10671 Views

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