Audit Articles

Going concern & importance of continuity management

CA Amrita Chattopadhyay 15 May 2015 at 10:54

Introduction The financial statements of an organization are prepared based on certain fundamental accounting assumptions. These assumptions may not be specifically stated, but their use and acce

Exemptions for CARO

CA Sripriya K 25 April 2015 at 11:43

The previous and the present CARO is placed side by side for easy reference. Please note that CARO will not be applicable for certain categories of Companies as stated in the order. Companies (Auditor's Report) Order, 2003 Compan

Game changer tips for audit paper

CA Ravi Taori 23 April 2015 at 14:43

GAME CHANGER TIPS FOR AUDIT PAPER(Improve marks by 20-30%) How you approach audit paper is very important, follow these to excel in exams. 1. First thing is to select questions & do ranking (determining solving sequence), it may be 3rd and then 6

What is Internal Audit?

CA Tanmay srivastava 22 April 2015 at 17:23

Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organizations operations. It helps an organization accomplish its objectives by bringing systematic , disciplined approach

CARO 2015

Aditya Maheshwari 13 April 2015 at 11:01

The MCA has issued Companies (Auditors Report) Order, 2015 vide order dated 10th April, 2015. It shall come into force on the date of its publication in the Official Gazette. The matters which on which reporing are required under CARO 2015 Aud

Auditors report for 2014-15- FAQ

CA Sripriya K 10 April 2015 at 10:32

There have been several mails and calls seeking clarifications on the Auditors Report to be issued for the period ended March 31, 2015. I summarise the issues as under in the form of an FAQ. What is the present ( as at April 9, 2015 ) position on Aud

Penalties: Cost records and cost audit non-compliance

CMA Navneet Kr Jain 06 April 2015 at 10:11

Penalties For Non Compliance With Cost Records And Cost Audit Provisions For 2014-15 OnwardsCMA Navneet Kumar JainFCMA, MBA, LL.B., M.COM, PGDTL, LIII, AIIISLA Normally, the companies have casual approach towards compliance with regard to the Cost

How to conduct octroi audit?

Pranjul Mittal 01 April 2015 at 10:49

Octroi audit is basically conducted to check whether the amt of audit paid by the payer or claimed by the customer/retailer/distributor from the com

Bank audit 2015 - Deposits - The peripheral aspects

Amresh 01 April 2015 at 10:49

When we go to audit the banking industry, we came to know which of the Banks must be treated with respect and which are in low water ,it simply add our responsibility to take cognizance of peripheral area of DEPOSITS. Deposits are peripheral areas o

Ready referencer on bank audit- 2015

CA Amresh Vashisht 26 March 2015 at 10:38

The Institute of Chartered Accountants has already issued 660 Page Guidance Note Bank Statutory Audit 2015.The publication is a regular annual publication with the foreword note of new President in Office. This is the Tenth Edition. The first Edition