Audit Articles

The Dominance of Top Audit Firms in India's Corporate Landscape: Insights from Recent Data

Posted by Rashmi 12 June 2023 7119 Views

The audit landscape in India is dominated by the top five professional services firms: EY, Deloitte, KPMG, PwC, and Walker Chandiok & Co. These firms oversee a significant number of audit assignments for Nifty-500 companies, accounting for 310 out of 498 assignments as of March 31, 2023.

Empowering Auditors: A Game-Changing Common Balance Confirmation Portal for Enhanced Financial Auditing

Posted by Rashmi 09 June 2023 14194 Views

In a significant development for the auditing industry, a revolutionary mechanism is set to transform the process of obtaining balance confirmations. A common balance confirmation portal is being introduced to provide statutory auditors with reliable "external confirmation of balances" for effectively auditing financial statements.

Standards on Auditing: List of All Standards along with Practical Approach and examples

Posted by Rashmi 01 June 2023 52177 Views

This article aims to emphasize the critical role of SAs in the audit process, highlighting Practical approach with example as a shield against potential storms of investigation and scrutiny.

NFRA Order Reveals Major Lapses in Audit Conducted by CA Rakesh Puri

Posted by Rashmi 31 May 2023 4541 Views

The National Financial Reporting Authority (NFRA) recently issued an order highlighting significant deficiencies in the audit conducted by CA Rakesh Puri, who served as the Engagement Partner (EP) for the statutory audit of Sun and Shine Worldwide Limited (SSWL).

Penalty of Rs. 2 lakh on Secretarial Auditor

Posted by CS Divesh Goyal 29 May 2023 3392 Views

While conducting the secretarial audit, each secretarial auditor must adhere to the requirements of the 2013 Companies Act. Inspecting is done by the Ministry in accordance with section 206(5) of the 2013 Companies Act.

Audit Trail and Importance of Access Control

Posted by CA Amrita Chattopadhyay 04 May 2023 8767 Views

The Ministry of Corporate Affairs vide notification dated March 24, 2021 issued the Companies (Audit and Auditors) Amendment Rules, 2021 which made various changes in Rule 11 of the Companies (Audit and Auditors) Rules, 2014.

Corporate Litigation: The Crucial Role of Board Oversight and Auditor's Responsibility

Posted by CA Sanat Pyne 02 May 2023 2719 Views

Corporate litigation refers to the legal disputes that arise between a company and another party, such as customers, shareholders, employees, suppliers, or regulators.

Everything about Audit Trail

Posted by CS Divesh Goyal 27 April 2023 11333 Views

In this article, the author shall discuss everything about the Audit Trail.

Lessons for auditors on professional conduct

Posted by Rashmi 24 April 2023 3181 Views

The National Financial Reporting Authority (NFRA) in India has imposed a penalty of ₹300,000 on the statutory auditor of now-de-listed company SRS Ltd, along with a three-year ban on taking up statutory or internal audits of any company, for alleged professional misconduct and lapses in the FY18 audit of the company.

A Comprehensive Guide to Auditing Property, Plant and Equipment (PPE) in India

Posted by CA Sanat Pyne 21 April 2023 22937 Views

Auditing Property, Plant, and Equipment (PPE) is an important task for any auditor. PPE is a significant asset for most companies and represents a substantial portion of their total assets.