Audit Articles

Long Form Audit Report - LFAR

Posted by Anish Lakshman S 31 August 2010 66930 Views

Long Form Audit Report - LFAR Documents required to be kept in Audit file for Peer Review purpose 1. Cash Retention Limit duly certified by the Branch Manager; 2. A certificate from the Branch Manager stating that the excess cash holding is being re

Report on Satyam Fiasco

Posted by Vijay Kalia 30 August 2010 12016 Views

ICAI‘S SATYAM REPORT OF LITTLE USE – MCA DISMISSES- NEED WE BE COMPLACENTThe news is most disturbing and most of us seem to have taken it in their stride but being a senior member of the chartered accountant community, the news has shaken

Bank Branch Audit - at a Glance

Posted by Raghavendra Bhat 21 August 2010 21739 Views

The rapid advancement in information technology has revolutionised the Indian banking sector—perhaps one of the largest in the world as far as its extensive branch network is concerned. Not a day passes without a new ATM being opened or a new

Points to be considered while acquiring a company

Posted by Manikanta Raju CA,CWA,(CS) 16 June 2010 31985 Views

Now a day’s cross border transactions, mergers and acquisitions became quite common in a regular business phenomenon. In this article I will discuss a few points as a course of initial observations to be considered while acquiring company- 1)

EOU and its difference with SEZ

Posted by Manikanta Raju CA,CWA,(CS) 14 June 2010 130984 Views

Exported Oriented Units: Units undertaking to export their entire production of good & services may be set up under the EOU scheme Procedural Aspects: Application for setting up, to be made to- ü ‘Board of approval ‘ (BOA) for

Peer Review documentation-Auditees prespective

Posted by CA Umesh Sharma 04 June 2010 42527 Views

Documentation by PU for peer review process The Peer Review Statement does not lay down any requirement for maintaining documents by the practicing unit. However, Standard on Auditing (SA) -230 “Documentation” which is mandatory from 1s

Concept of SEZ

Posted by Manikanta Raju CA,CWA,(CS) 02 June 2010 18007 Views

Query-1: What is the concept of SEZ??? Clarification: SEZ is a “Specifically delineated duty free enclave”……. Let me explain this with an example ------ “Think of sitting in a library and studying and that the libr

Role of Due Diligence in the Upcoming Scenario

Posted by Prasanth Nair V 20 March 2010 12156 Views

Role of Due Diligence in the Upcoming Scenario We are aware of the term Due Diligence, as we are frequently coming across during our audits. But how many of us, really know what it pertains to. If u want to know its exact meaning and implications,

Stock Audit of Bank Borrowers

Posted by CA Pranjal Joshi 25 January 2010 345268 Views

Stock Audit of Bank BorrowersCA Pranjal Joshi Introduction – Working capital finance in the form of cash credit against the security of hypothecation of stock and debtors is one of the most common modes of finance frequently adopted by various

ANALYTICAL REVIEW

Posted by CA.Parsun Garg 12 December 2009 30639 Views

ANALYTICAL REVIEW The two main functions of analytical review are: To provide the client with supplementary useful information in addition to the annual accountsØ To identify critical audit areas in audit planningFor the purpose of a fundament