Audit Articles

Accounting and Auditing in Ancient India

Sonia Jaspal 26 February 2013 at 11:26

Professionals want to know the origin of their profession, the work done in olden times and the level of knowledge. I thought of sharing with you the history of Indian accounting and auditing profession. I discovered in Kautilyas Arthshastr

How to detect fraud during the Audit - A tool for auditors

Dr. Rashid Mehmood, CPA, Ph.D 22 February 2013 at 11:21

I felt a need to write about this important topic after experiencing that often times a fraud is detected by chance during the audit either by external or the internal auditors. The new auditors in profession and the auditors under training may sk

Risk Based Internal Audit Plan - A Practical Approach

Dr. Rashid Mehmood, CPA, Ph.D 18 February 2013 at 11:41

The internal auditors role has become more important ever since before and the legislators, regulators and top business executives realize the importance of auditors in the governance and performance equation. Therefore, the auditors in a

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