Audit Articles

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

Should statutory auditors attend AGM compulsorily?

Amitav Ganguly 24 July 2015 at 11:41

PREAMBLEThe Company 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 interest of the shareholders.I

Auditor: A bloodhound without teeth or a watchdog without eyes

sourav 20 July 2015 at 10:46

Auditing refers to inspection and examination of financial books of an organization in a systematic manner to ascertain whether the financial statements present a true and fair view of the concern.In observing the above the auditor is required to mak

Unconventional internal audits - Litigation process

Tulasi S Sastri 04 July 2015 at 13:32

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

Audit under banking environment

CA. Atul Khurana 23 June 2015 at 10:42

Banking sector: The IT saga in Indian banking commenced from the mid-eighties of the twentieth century when the RESERVE BANK took itself the task of promoting automation in banking to i

Importance of written representation in Audit

CA Amrita Chattopadhyay 19 June 2015 at 10:37

IMPORTANCE OF WRITTEN REPRESENTATION IN AN AUDIT IntroductionCompanies Act 2013 has increased the responsibility of the auditor to manifold. The auditor has to take into consideration many factors while issuing report to the members of the company.As

History of tax audit

CA Mayank Khatri 18 June 2015 at 10:48

Tax audit was introduced in the year 1984. The main purpose was to ensure the accuracy of books of accounts maintained, which forms the basis of computation of income of the assesse The onerous responsibility was casted on char

Reporting under cost audit aligned with eight digit central excise tariff code

CMA Navneet Kr Jain 16 June 2015 at 11:02

Reporting Under Cost Audit aligned with Eight Digit Central Excise Tariff Code for Manufacturing Sector From 2014-15India is a country which introduced the concept of Cost Audits for the corporates. Till 2011, the cost audit report formats were neve