Audit Articles

Role of Internal Audit in Corporate Environment

Dr. Rashid Mehmood, CPA, Ph.D 12 February 2013 at 11:36

With increasing attention to financial reporting - by legislators, regulators, security analysts, institutional investors, and others the role of internal auditors has become more important and increasing day by day. Internal Audit is an i

Auditors Criticise Without Value Addition

Sonia Jaspal 06 February 2013 at 11:43

I thought of dealing with a difficult and sensitive topic for auditors. The corporate world views auditors with jaundiced eyes and auditorville has a bad reputation. Scott Adams in his book Thriving on Stupidity in the 21st Century

A Brief Note on Scope of Auditing

ashish sharma 28 January 2013 at 17:26

There has been a tremendous increase in the scope of audit during the last 50 years. During this period several new concepts of audit have been introduced, namely Cost Audit, Management Audit, Tax Audit, Social Audit and Operations Audit.The scope of

Our Role is circumscribed: Salute NFRA!

Vijay Kalia 17 January 2013 at 13:40

I had the occasion to write sometimes back on this website in my articles Repot on Satyam Fiasco about the fact that we lost an opportunity in Satyam Computers fraud case as our re

5 Things CFOs Should Do In Planning Process

Sonia Jaspal 03 January 2013 at 12:41

In December, senior management focuses on formulating strategies. Department heads prepare business plans and budgets. Risk management departments define the next years agenda and plans. Everyone works hard at planning and preparing for the

Master Circular on Audit System issued by Government

gokul rathi 27 December 2012 at 11:32

We are aware that every year, on 1st July, the Reserve Bank of India comes out with Master Circulars on various subjects which consolidate all the instructions on the subject issued throughout the year. 102 such Master Circulars have been issued b

Risk Managers Leadership Challenge

Sonia Jaspal 05 December 2012 at 12:25

British Petroleum was recently fined US $ 4.5 billion for the Deep-water Horizon disaster in April 2010. The highest ever fine till date. The verdict implicated two employees for negligence. Similar news is coming of regulators charging huge fines

Difference: Cost Compliance Report and Cost Audit Report

CMA Navneet Kr Jain 23 November 2012 at 11:20

Difference in applicability of Cost Compliance Report and Cost Audit Report New Cost Audit Orders and its Comparision with earlier orders By CMA Navneet Kumar Jain FCMA, MBA, LL.B., M.COM., PGDTL, LIII., AIIISLA With issue of various circulars, c

Petty Cash Guidelines

Pankaj Gandhi Jaiswal 22 November 2012 at 11:29

Record Management Cash book maintenance & closing of daily balances. Signature of PCA on daily closing balance at the end of day Daily Cash Report to be sent to SM Accounts/CFO/MD by Mail Hard Copy Filing of Daily

What is Statutory Audit?

Pankaj Gandhi Jaiswal 19 November 2012 at 11:44

What is Statutory Audit : By the meaning of word the statutory audit in India is the audit which is prescribed by statute. There is many audit in India which is prescribed by the different statute like Income Tax Act require audit as per him simi