Audit Articles

Outsourcing the Audit Function-Key Considerations

Posted by Anurag 14 February 2014 19966 Views

Introduction Offshoring of business processes has gained wide currency in recent times. From its simple beginning in the 1970’s with the movement of payroll and repetitive transaction processing, off-shoring has grown to a $65 billion market. A

Audit By Dept. Officers- CAG- Are they legal?

Posted by Madhukar N Hiregange 13 February 2014 10923 Views

The Central Excise as well as Service Tax have been amended post liberalization to follow the self assessment scheme. It means that the return is accepted as correct. However as a check against filing incomplete, incorrect, faulty returns there are p

Is audit and internal control a must

Posted by Bharath Rao 31 January 2014 10428 Views

Implementation and continuous review of effectiveness of Internal Controls has always been a challenge for enterprises. Internal Controls can be compared to the chassis of a vehicle - without the chassis, the engine is rendered useless. Internal Cont

How to do concurrent audit of banks?

Posted by Umesh Rijal 27 January 2014 298052 Views

The word concurrent itself defines its meaning, concurrent means happening at the time. Concurrent Audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. Most of the new articl

Audit of Banks with the help of Finacle

Posted by Pranav Vijay Pandya 16 January 2014 321404 Views

Audit of Banks with the help of FinacleThe banking sector in India has developed tremendously after it adopted the Core Banking Solution (CBS). Finacle is also one of such CBS softwares developed by Infosys. Many nationalized banks such as Bank of B

How To Start An Audit For Beginners

Posted by Ankit Aryal 15 January 2014 124978 Views

HOW TO START AN AUDIT AND TAKE IT TO A CONCLUSION Ankit Aryal

Importance of Internal Audit Report for the Statutory Auditor

Posted by Ca Jai Prakash Agarwal 12 December 2013 56342 Views

Internal Audit report is a very crucial document and if internal audit is carried our fairly, it contains lot of insights and information about the entitys operations. The statutor

Does an Internal Auditor require Industry Specialization?

Posted by Ca Jai Prakash Agarwal 03 December 2013 25544 Views

Internal Audit is a very important function and it is very important for an internal auditor to understand the basic functions of an organisation so as to conclude the internal audit assignment effectively. In case of in-house internal audit departm

MVAT Audit 2013 - Approach & Important Issues

Posted by Guest 27 November 2013 88940 Views

Applicability of audit under MVAT Act, 2002 To whom audit is applicable? As per Section 61(1) of the MVAT Act, 2002, audit is applicable to: A dealer who is liable to pay tax and his turnover, either of sales or purchases, exceeds Rs. 6

Internal Audit and Risk Management

Posted by Ca Jai Prakash Agarwal 23 November 2013 25195 Views

Internal Audit and Risk Management Whether Synonyms or something else. By CA Jai Prakash Agarwal M.Com, LL.B, ACMA, ACA, ACS, DISA (ICAI), DIRM (ICAI), UGC NET What is Risk Management? Risk management once a jargon has become a much kno