Audit Articles

Risk based audit

Deepika Agarwal 20 August 2014 at 11:12

INTRODUCTION Many of us think that the job of an auditor is very fascinating and easy, but it is not so, the job of an auditor is very hectic and involves lot of hard work and commitment. It involves checking whether the financial statements of the en

Web Based Audit in Cloud computing era

pappachan 11 August 2014 at 11:04

Last decade saw an evolution of cloud computing in area pertaining to Customer Relationship Management, Accounting and Financial Planning & Analysis. With major emphasis towards data efficiency and accuracy, cloud computing has now become buzz in

Recent Changes in Tax Audit Report

manoj sethia 01 August 2014 at 12:14

Vide notification no. 33/2014 dated 25.07.2014, CBDT has made amendments in Form 3CD and the same have been made effective for Tax Audit for assessment year 2014-15. Broadly, the changes have been made making Tax Audit Report (TAR) more comprehensive

Procedure for Appointment of Cost Auditor: 2014-15 onward

CMA Navneet Kr Jain 25 July 2014 at 12:37

The enactment of new Companies Act 2013 has brought far reaching changes. On the one hand it has tried to fi

Non Fund Based Credit Facility by Banks

RAM KUMAR GUPTA 23 July 2014 at 12:43

IMPORTANT POINTS FOR LETTER OF CREDIT AND BANK GUARANTEEWHO IS? APPLICANT:The buyer /importer of goods: This person has to make payment of letter of credit to the issuing bank if the documents are in accordance with the terms and conditions of LC.1.

CMAs' Role in Tax Audit

CMA Arif Farooqui 14 July 2014 at 11:55

Finance Act, 1984 introduced Section 44AB under Income-tax Act, 1961 w.e.f Assessment Year 1985-86. Under this section, if the total sales / turnover or gross receipts for previous year exceed the prescribed limits then assessee is required to get hi

Open letter to Prime Minister

SANJAY KUMAR DEY 08 July 2014 at 12:23

Respected Prime Minister Sri Narendra Modi Ji, Im a mediocre salaried class always dream to own the things which I aspire or looks around.In the new age mass communica

Independent Auditor & Trustworthy Audit

Satvir Singh 25 June 2014 at 12:37

Independence is the bedrock of audit profession. Only an independent auditor can expected to be skeptical, objective & unbiased. To strengthen the independence of auditors, new Companies Act, 2013 contains provisions related to Auditor Rotation. Only

Basics of Audit, New Concepts

CA Satish Badve 02 June 2014 at 11:14

All type of audits like bank audit, company audit, internal audit,statutory audit requires to some extend applying of same principles of audits,and audit techniques. BEFORE AUDIT: As observed, 80% of the work of audit in a CA Firm has repetit

Secretarial Audit - An Overview

Guest 31 May 2014 at 11:53

Introduction: Secretarial Audit is a process to check compliance with the provisions of various laws and rules/regulations/procedures, maintenance of books, records etc., by an independent professional to ensure that the company has complied with th