Audit Articles

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

Wake up call! 30th September 2015!

Kunal R. Sarpal 11 September 2015 at 12:02

Wake up call! 30th September 2015!File Foreign Assets and Liabilities Return (FLA Return) with RBIWhat is it?An Annual return on the Foreign Assets and Liabilities of the Company, notified under FEMA 1999. Return to be filed under A.P. (DIR series) a

Can we visualise an Indian Multinational Firm of Chartered Accountants?

Mahavir Kapshe 07 September 2015 at 19:01

Whether needed ?It is need of the society to have �ONE STOP SOLUTIONS� with expert level, quality services equipped with international exposure and technology to help businesses, add to ease of doing business, provide inputs to the Busine

Unconventional internal audits - Admin processes

Tulasi S Sastri 07 September 2015 at 19:00

Audit Report 2015 - is it a nightmare or a labor-pain?

P.R. Sethuraman 20 August 2015 at 10:21

The auditing community had really gone through a rough and tough time in the form of �labor pain� in drafting the audit report under section 143 (3) of the Companies Act 2013 for the financial year ended march 2015 due to last minute rush

The consolidated audit report under companies act 2013 (The Devil lies in Detail)

P.R. Sethuraman 07 August 2015 at 11:12

As per the Guidance Note of the ICAI, �The Council of the Institute of Chartered Accountants of India has issued Accounting Standard (AS) 21 'Consolidated Financial Statements' which lays down principles and procedures for preparation a

Difference between audit procedure & audit technique

ASHWIN 31 July 2015 at 10:47

Audit Procedure is something an auditor does or should do in order to do audit.Audit Technique means how the Audit procedure is conducted.Audit procedure for audit of Receivables may be as follows Vouch the Credit Sales Transaction; Vouch for payment