Audit Articles

Some relief to auditors, from hanging penalty sword of Rs 25,00,000

Posted by CA Ravi Taori 30 December 2015 31722 Views

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

Posted by CA Amrita Chattopadhyay 10 December 2015 9616 Views

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

Joint Auditors (SA 299)

Posted by ibrahim 04 December 2015 76552 Views

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

Posted by P.R. Sethuraman 01 December 2015 5701 Views

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

Ind AS on Investments Vis a Vis AS- 13 on Accounting for Investments

Posted by P.R. Sethuraman 26 November 2015 119866 Views

At the outset, it is ideal to invest some time to study the different approach unleashed by Ind. AS- on accounting of investments as compared to AS.13 on �Accounting for Investments�. Before we understand the distinct approach of Ind.AS

Kernel of Tax Audit

Posted by Prajjwal Kaushik 03 November 2015 9307 Views

When we write �Audit� or �Tax Audit� in Google it gives about 3,05,00,000 results in 0.33 seconds all the same defining audit as �Systematic and independent examination of data, statements, records, op

Cash and cash equivalents

Posted by P.R. Sethuraman 14 October 2015 29646 Views

As per Para 54 of Ind. AS 1 on �Presentation of Financial Statements�, the statement of financial position shall include a minimum line items mentioned therein. One such point as per the line item (i) is �cash and cash equivalents&r

Unconventional Internal Audits - HR Processes

Posted by Tulasi S Sastri 06 October 2015 14356 Views

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

Judgment 'Given' in a court of law vs. 'Taken' in an audit report

Posted by P.R. Sethuraman 05 October 2015 11045 Views

'To Judge', it means forming an opinion or taking a view about something or some one after a careful thought, study and examination. Everybody has to take a judgment on every issue one confronts at various points of time. A person makes a judgment as

Should statutory auditors' report be always read at AGM?

Posted by Amitav Ganguly 25 September 2015 31878 Views

BackgroundThe corporate 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 interests of the sharehold