Audit Articles

Audit documentation requirement under COVID 19

Posted by CA Amrita Chattopadhyay 23 July 2020 13515 Views

Due to restrictions caused by the COVID 19 pandemic and the related lockdown, several restrictions are faced by the auditors in terms of visiting the client location, meeting with the client, obtaining of audit evidence

"Going Concern Concept" during Pandemic times and Auditors Responsibility

Posted by Seetharaman K C 09 July 2020 7156 Views

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...

Audit Documentations

Posted by Ravikumar.G 30 June 2020 25715 Views

"The skill of an accountant can always be ascertained by an inspection of his working papers." Robert H. Montgomery, Montgomery's Auditing, 1912. During the performance of an audit, it is obvious that the auditor may have come across issues which we

Auditor Certificate Format for DPT-3

Posted by CS Lalit Rajput 25 June 2020 19199 Views

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

Indian Banks Give Customer Service for Money Laundering

Posted by Sonia Jaspal 10 June 2020 18402 Views

Indian Banks Give Customer Service for Money Laundering

CARO 2020 - Enlarging Auditor's Responsibility

Posted by Jigar Rajendrabhai Mansatta 28 May 2020 6440 Views

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

Posted by Parth Shah 23 May 2020 56247 Views

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

Posted by Sanchit Aggarwal 22 May 2020 42257 Views

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

Posted by Vijayta Kamble 18 May 2020 2528 Views

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.

Are practicing Chartered Accountants ready for Virtual Audit?

Posted by Dilip K Raina 15 May 2020 6031 Views

It seems that the current year's audit will be a virtual one and from our own offices presently scattered at different locations as most of us are working from home.