Audit Articles
Basics of Risk Assessment
RISK ASSESSMENT - Basic Concepts Million Dollar Question: What is RISK? The reason why I refer it as a million dollar question lies indefinition(s) of term �RISK�. The term �RISK� has been defined in multiple ways and it can b
CARO 2015: A Student's Guide
Section 143(11) of the Companies Act, 2013 states that the Central Government may order for the inclusion of a statement on specified matters in the Auditor�s Report for specified class or description of companies. Hence CARO 2015 has been issu
Internal Audit - A brief introduction
INTERNAL AUDITDefinition - • "Preface to the Standards on Internal Audit" issued by ICAI defines "Internal Audit" as follows: 'An independent management function, which involves a continuous and critical appraisal of the functioning of an entity with
Measurement of Debt Instruments under Ind AS
Financial Instruments are valued either at amortised cost or at fair value. Fair value valuation could be either by fair value through Profit and Loss or Fair value Through Other Comprehensive Income; the latter could be transferred on de-recognition
Some relief to auditors, from hanging penalty sword of Rs 25,00,000
26th March 14- Sec 143(12) of Company Act 2013 was notified, which created obligation on auditors to report certain frauds to Central Government (Secretary MCA)As it is a law, materiality limit is not applicable unless specified. So auditor has to re
Auditor's role in handling big data
BIG DATA � ROLE OF AUDITOREXECUTIVE SUMMARYThe audit profession has gone through many changes from time to time from review of the financial figures to shifting the focus to risk assessment and internal control, and consideration of fraud in th
Registration of an LLP
Executive Summary: In India, The Limited Liability Partnership Act, 2008 was published in the official Gazette of India on January 9, 2009 and has been notified with effect from 31 March 2009. AS per MCA Report, d
Government Audit
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
Joint Auditors (SA 299)
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
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
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