Audit Articles
Ind AS12 on income taxes
What is tax expense?Tax expense (income) is the aggregate amount included for determination of profit and loss in respect of current tax and deferred Tax. Income tax relating to items charged or credited to other comprehensive income/equity is charge
Scope in Internal Audit
Internal AuditAudit technique underlying internal auditing is derived from management consulting and public accounting professions, the theory of internal auditing was conceived primarily by Lawrence Sawyer (1911-2002), often referred to as "the
Procedure for bank branch audit
SOME IMPORTANT FACTS � CONCEPTS � AUDIT PROCEDURE IN BANKINGExecutive Summary: - Banking sector is the backbone of the economy. But now a days it is a major weak sector. What would be the probable reason for the same, i wanted to highligh
Companies (Auditor's Report) Order, 2015.- applicability
Introduction Means Companies (Auditor's Report) Order, 2015. It describes the matter on which statutory auditors has to report in their Audit Report. Applicable From 10th April 2015.Audit Report Practically � (1st part) Main Audit Repor
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
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