Audit News

Last date for MEF submission extended to 5th Sep due to Kerala floods

20 August 2018 at 12:53

As our Members are aware that Kerala is facing its worst flood in 100 years, with 80 dams opened and all rivers in spate. A body blow has been dealt to the scenic state, with its infrastructure, standing crops and tourism facilities severely hit. Apa

Posted in Audit | 2475 Views

RBI to issue guidelines for Audit of Banks

08 August 2018 at 11:09

With regard to Statutory Audit, Reserve Bank of India (RBI) has informed that it has issued Guidelines for appointment of Statutory Central Auditors (SCAs) and Statutory Branch Auditors in Public Sector Banks (PSBs), which covers the norms on eligibi

Posted in Audit | 5511 Views

Report on Audit Quality Review (2017-18) of the Quality Review Board

01 August 2018 at 11:42

Government of India has, in exercise of the powers conferred under Section 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board (the ‘Board’) to perform the following functions u/s 28B of the Chartered Accountant

Posted in Audit | 2076 Views

Empanelment as a Technical Reviewer with Taxation Audits Quality Review Board of ICAI

25 July 2018 at 12:27

It is a pleasure to inform you that the Council of the Institute has constituted the Taxation Audits Quality Review Board in the year 2018 with an objective to review any report prescribed under the Income-tax Act, 1961 and Rules framed thereunder an

Posted in Audit | 2931 Views

FAQ on SA 570 Going Concern : For FY 2017-18 Audit

22 May 2018 at 16:40

Frequently Asked Questions on SA 570 (Revised), 'Going Concern' (Applicable for audits of financial year 2017-18)BackgroundAs the members are aware that ICAI has issued SA 570 (Revised),

Posted in Audit | 6231 Views

Stats Audit of units of ICAI : CA firms application invited

04 May 2018 at 10:43

Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Statutory Audit of various units of the Institute of Chartered Accountants of India (ICAI) [Announcement No. EOI/SA/2018-19 Dated 01/05/2018]====================

Posted in Audit | 4626 Views

Application invited by CA firms for Internal Audit of ICAI units

04 May 2018 at 10:43

Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Internal Audit of various units of the Institute of Chartered Accountants of India (ICAI) [Announcement No. EOI/IA/2018-19 Dated 01/05/2018] ====================

Posted in Audit | 3180 Views

Implementation Guide on SA 700,705 and 706 reporting standards

03 May 2018 at 10:58

Chapter 1 Introduction 1.1 The Standards on Auditing and Quality Control are divided into two groups: Standards on Quality Control (which apply to quality control at the firm level) and the Standards on Auditing (SAs) which apply to audits of histori

Posted in Audit | 5241 Views

Expert panel formed for addressing Bank audit queries

02 April 2018 at 11:47

AUDITING AND ASSURANCE STANDARDS BOARDCONSTITUTES EXPERT PANEL FOR ADDRESSING BANK BRANCH AUDITRELATED QUERIES FOR THE FINANCIAL YEAR 2017-18Dear Members,The bank audit season is around the corner. Given the fact that the banking industry is typical

Posted in Audit | 1 comments | 3432 Views

Revised standard on Joint Audit of Financial statements

30 March 2018 at 12:20

IntroductionScope of this SA1. The practice of appointing more than one auditor to conduct the audit of large entities has been in vogue for a longtime, sometimes voluntarily by the shareholders or sometimes due to the requirements of laws or regulat

Posted in Audit | 4188 Views