ICAI (Institute of chartered Accountants) is a statutory body constituted under Chartered Accountants Act 1949 governed by Ministry of corporate affairs. The head office is in Delhi , 5 regional offices 164 branches and 34 foreign chapters as on date.
Members of ICAI are governed by the CA Act 1..
In the wake of the present financial crisis, the role of the auditor has been questioned by many stakeholders. One of the concern of the stakeholder was that the auditor's report was not very informative and was not very transparent. It was a requirement for the auditor to share more information..
Below are some of the important points for Bank Audit while auditing MSME borrowers :
90 days delinquency norm is a condition for classification of majority of loans into NPA, loans to MSME sector is an exception to it, subject to certain conditions
90 days delinquency extended to..
The following are the FAQs in relation to UDIN for Bank Audit:
1. Whether UDIN is mandatory for Statutory Bank Audit?
For Statutory Bank Audit, UDIN is not mandatory. However, for all Certificates to be signed while conducting Bank Audit, generation of UDIN is mandatory as UDIN is already mand..
Before understanding the Norms for Agriculture Advance first should know about the Which type of Loans cover under Agriculture Advances:
Types of Agricultural Loans in India
One can avail a loan for the following activities related to agriculture:
Running day to day operations
1. Whether a working capital account will become an NPA if the stock statements are not submitted regularly? What should be the period for which the stock statements can be in arrears before the account is treated as an NPA?
Banks should ensure that drawings in the working capital accounts are co..
Many of you may have been allotted bank branch audits. I congratulate them heartily. Today, I am sharing with you few things to keep in mind while going for bank branch audit this time. It will be very much relevant for the members performing statutory audits:
1. In view of RBI circulars dated 07..
What is Internal Audit?
Internal Audit is an independent & objective assurance and consulting activity that is guided by a philosophy of adding value to improve the operations of the organization. It assists organization in accomplishing its objectives by bringing a systematic & disc..
For the first time, audit reports of listed companies for Financial year 2018-19 will contain a section called Key Audit Matters (KAM). This section aims to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed. Communicati..
Present formats of Audit Report:
The present formats of the audit reports are primarily guided by the relevant SAs:
SA 700 (Revised), 'Forming an Opinion and Reporting on Financial Statements'
SA 701, 'Communicating Key Audit Matters in the Independent Auditor's Report'..