Audit Articles

Role of Internal Audit in Corporate Environment

Posted by Dr. Rashid Mehmood, CPA, Ph.D 12 February 2013 19411 Views

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

Posted by Sonia Jaspal 06 February 2013 9686 Views

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

Posted by ashish sharma 28 January 2013 55231 Views

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!

Posted by Vijay Kalia 17 January 2013 8119 Views

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

Master Circular on Audit System issued by Government

Posted by gokul rathi 27 December 2012 54504 Views

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

Posted by Sonia Jaspal 05 December 2012 9987 Views

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

Posted by CMA Navneet Kr Jain 23 November 2012 48960 Views

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

Posted by Pankaj Gandhi Jaiswal 22 November 2012 81629 Views

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?

Posted by Pankaj Gandhi Jaiswal 19 November 2012 409592 Views

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

All about CAG

Posted by CA Pooja Agarwal 30 October 2012 19343 Views

CAGs Cannot Be Cheer Leaders Very recently, Indias national auditor has said the government should not expect it to be a cheerleader for all of its actions. Comptroller & Auditor General Vinod Rai took the opportunity of addressing his se