Audit Articles

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

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

Unconventional Internal Audits - HR Processes

Tulasi S Sastri 06 October 2015 at 10:51

Internal Audit has been gaining importance over the years. This has been due to:a. Statutory requirements including recent ones through the Companies Act 2013, like mandatory appointment of an Internal Auditor in certain cases, importance for Interna

Judgment 'Given' in a court of law vs. 'Taken' in an audit report

P.R. Sethuraman 05 October 2015 at 10:35

'To Judge', it means forming an opinion or taking a view about something or some one after a careful thought, study and examination. Everybody has to take a judgment on every issue one confronts at various points of time. A person makes a judgment as

Stock audit basics & checklist of documents required

Niket Agarwal 29 September 2015 at 10:37

What is a Stock Audit?It is the physical verification of the inventory. However at times it may also include valuation of the inventory, this would depend upon the terms of referrence or the engagement letter of the assignment. Important thing to rem

Should statutory auditors' report be always read at AGM?

Amitav Ganguly 25 September 2015 at 10:57

BackgroundThe corporate jurisprudence in India enshrines statutory auditors who audit the accounts of a company as representatives of the shareholders who appoint them at every Annual General meeting {AGM} to look after the interests of the sharehold