Audit Articles

Standards on Auditing - Not a choice but a compulsion

Posted by Vivek Agarwal 26 April 2016 18736 Views

What are Auditing Standards?The Standards on Auditing is an area which requires greater focus of CA in practice as well as our administrative bodies who are updating our members. The Companies Act 2013 has discussed it in detail which was absent in e

Transparency required in allotment of PSU and Bank Audit

Posted by CA Gopal Rathi 23 April 2016 11863 Views

Dear CA friends, Arbitrary criteria exist for the allotment of audit of public sector units. Every department made their own different rules and conditions for appointment though there is existence of ICAI Multipurpose empanelment form(MEF). There is

Ind AS12 on income taxes

Posted by P.R. Sethuraman 20 April 2016 76469 Views

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

Posted by Shubham Gupta 21 March 2016 22686 Views

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

Posted by CA Darshan 04 March 2016 78636 Views

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

Posted by Arpit verma 20 January 2016 17737 Views

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

Posted by Hemang Doshi 19 January 2016 8529 Views

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

Posted by Tony John 18 January 2016 6789 Views

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

Posted by Akshay 18 January 2016 32986 Views

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

Posted by P.R. Sethuraman 06 January 2016 43990 Views

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