Audit Articles

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

Positioning of internal audit in corporate framework

CA. Atul Khurana 15 June 2015 at 11:44

CONTENTS: Introduction Scope Internal Audit in corporate framework Principles of Internal Audit ICAI�s Standards on internal audit Internal Audit process Benefits ConclusionIntroduction: Int

Rephasement of repayment schedule vs. area of fraud

Rahul Gupta 02 June 2015 at 10:32

All of us are known to Concurrent Audit of Banks. The one of the key area of Concurrent Audit is to verify the correctness and to report the matters relating to Loans & Advances. Every Bank Official and Higher Authorities are interested to know a

Types of Internal Audit

CA.Mathew Jacob 01 June 2015 at 10:59

Types of Internal AuditWe all are quiet familiar with Internal Audits. Let me now brief you about the different types of internal audits.Information Systems Audit: Information Systems Audit is conducted to ensure proper functioning of the information