Audit Articles

Measurement of Debt Instruments under Ind AS

P.R. Sethuraman 06 January 2016 at 11:05

Financial Instruments are valued either at amortised cost or at fair value. Fair value valuation could be either by fair value through Profit and Loss or Fair value Through Other Comprehensive Income; the latter could be transferred on de-recognition

Some relief to auditors, from hanging penalty sword of Rs 25,00,000

CA Ravi Taori 30 December 2015 at 16:51

26th March 14- Sec 143(12) of Company Act 2013 was notified, which created obligation on auditors to report certain frauds to Central Government (Secretary MCA)As it is a law, materiality limit is not applicable unless specified. So auditor has to re

Auditor's role in handling big data

CA Amrita Chattopadhyay 10 December 2015 at 10:24

BIG DATA � ROLE OF AUDITOREXECUTIVE SUMMARYThe audit profession has gone through many changes from time to time from review of the financial figures to shifting the focus to risk assessment and internal control, and consideration of fraud in th

Registration of an LLP

CA yesha sutaria 08 December 2015 at 10:30

Executive Summary: In India, The Limited Liability Partnership Act, 2008 was published in the official Gazette of India on January 9, 2009 and has been notified with effect from 31 March 2009. AS per MCA Report, d

Government Audit

Tapan 07 December 2015 at 17:39

Issue Key Points to Remember C&AG Appointed by President of India Remuneration equivalent to Supreme Court Judge Removal by House of Parliament; majority of at least 2/3rd of the members To hold o

Joint Auditors (SA 299)

ibrahim 04 December 2015 at 10:22

SA 299 - Responsibilities of Joint AuditorsEffective from April 1, 1996.Joint Auditors: Practice of appointing more than one auditor to conduct the audit of large entities. Such auditors, known as Joint Auditors. Joint Auditors conduct audit jointly

Disclosure norms - Living Figures vs. Book Figures

P.R. Sethuraman 01 December 2015 at 12:23

The word �close� has dynamically two different meanings depending upon the usage either as a verb or otherwise. If one says he is close to you, it means he is nearer to you either by distance or conception. If the same is used as �v

Ind AS on Investments Vis a Vis AS- 13 on Accounting for Investments

P.R. Sethuraman 26 November 2015 at 11:45

At the outset, it is ideal to invest some time to study the different approach unleashed by Ind. AS- on accounting of investments as compared to AS.13 on �Accounting for Investments�. Before we understand the distinct approach of Ind.AS

Kernel of Tax Audit

Prajjwal Kaushik 03 November 2015 at 10:53

When we write �Audit� or �Tax Audit� in Google it gives about 3,05,00,000 results in 0.33 seconds all the same defining audit as �Systematic and independent examination of data, statements, records, op

Cash and cash equivalents

P.R. Sethuraman 14 October 2015 at 10:39

As per Para 54 of Ind. AS 1 on �Presentation of Financial Statements�, the statement of financial position shall include a minimum line items mentioned therein. One such point as per the line item (i) is �cash and cash equivalents&r