Audit Articles

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

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