Articles by CA Amrita Chattopadhyay

Applicability Of Code Of Ethics For Practicing Firms

CA Amrita Chattopadhyay 07 June 2021 at 11:47

ICAI has issued a revised Code of Ethics 2019 which is applicable from 1st April 2020. The purpose of the Code is to promote an ethical culture in auditing.

Posted in Audit | 1128 Views

Concept Of Small Shareholder Director

CA Amrita Chattopadhyay 17 May 2021 at 09:40

The term Small Shareholders have been defined as persons holding shares of a nominal value of not more than INR 20,000 or such other sum as may be prescribed.

Posted in Corporate Law | 2 comments | 894 Views

Integration Of Fraud Risk Factor In IFC Framework

CA Amrita Chattopadhyay 01 May 2021 at 11:54

The management needs to have a certain benchmark to assess the adequacy of controls for the mitigation of risks. Without these benchmarks, the risk assessment will be subjective without any guiding post.

Posted in Corporate Law | 1224 Views

Registration u/s 12A: New Procedure under Income Tax Act

CA Amrita Chattopadhyay 24 April 2021 at 13:03

The new provisions have removed the concept of perpetuity and have provided that the registration of even existing organizations registered u/s 12A and 12AA would be renewable after 5 years.

Posted in Income Tax | 3 comments | 6390 Views

Recent amendments in Schedule III of Companies Act 2013

CA Amrita Chattopadhyay 17 April 2021 at 09:40

The Ministry of Corporate Affairs vide Notification dated 24 March 2021 has amended Schedule III to the Companies Act, 2013, which shall be effective from the 1st day of April 2021.

Posted in Corporate Law | 6705 Views

Understanding Cyber Security And Impact On Bank Audit

CA Amrita Chattopadhyay 31 March 2021 at 10:19

Cyber security risks and controls are within the scope of the auditor's concern only to the extent that it could impact the financial statement. For this purpose, the auditor needs to have an understanding of the impact of IT on the financial statement.

Posted in Audit | 1 comments | 1257 Views

Review Of Internal Financial Control For Bank Branch Audit

CA Amrita Chattopadhyay 30 March 2021 at 15:50

The branches that are required to be covered for reporting on Internal Financial Control will be determined and scoped in by the Statutory Central Auditors.

Posted in Audit | 3804 Views

Role Of Audit Committee In Internal Financial Control

CA Amrita Chattopadhyay 13 March 2021 at 12:15

Let us review the role of an audit committee and the applicability of the audit committee as per the Companies Act, 2013 to understand its importance in Corporate Governance & role in Internal Financial Control.

Posted in Audit | 2 comments | 2316 Views

Data Analysis In Internal Audit - Payroll

CA Amrita Chattopadhyay 02 February 2021 at 09:12

It is very important to establish adequate controls in the payroll process. Further, it is also important to know that the controls established are working adequately.

Posted in Audit | 1734 Views

Data analysis to review inventory

CA Amrita Chattopadhyay 08 January 2021 at 16:36

Proper inventory control enables successful cost control of operations. In this article, we discuss some of the potential risks, data analysis and exception tests that an organisation can implement, for effective inventory management.

Posted in Others | 858 Views