Audit Articles
Tax Audit for Individual Tax payers
Article on Tax Audit for Individual Tax payers – for Beginners September month is a Tax audit month. Tax audit is popularly known 44AB audit. This article is intended to give insight on 44AB & help individual Tax payers (other than professi
Be aware your November exam is approaching..
Dear friends and members How you can success the forthcoming exam? Please borne in mind that better be late than never. This means even if you not did your studies well till this moment and start studies even today have also the chance of success.
Audit and fraud
WHAT IS FRAUD: In simple terms fraud is a mistake with a reason. To explain more Fraud is an activity by a person who does his duty in a wrong way or refrains from doing his duty for some favors i.e. financial, tangible, or anythin
Report on Satyam Fiasco
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
Long Form Audit Report - LFAR
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
Bank Branch Audit - at a Glance
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
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
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
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
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
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