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