Audit News

Clarification on prohibition of simultaneously undertaking Concurrent Audit and Quarterly Review of the same Bank

03 April 2014 at 10:53

Since queries are being received from members at large on the issue, it is accordingly hereby clarified that concurrent audit and the assignment of quarterly review of the same Bank cannot be undertaken simultaneously as the concurrent audit being a

Posted in Audit | 2 comments | 15678 Views

ICAI prohibits sharing of firms details for ranking

31 March 2014 at 11:20

It has been brought to the notice of some members that certain entities are seeking details of the Chartered Accountants firms, for the purpose of making ranking of the various Firms through comparison of different parameters. In this regard, Members

Posted in Audit | 9 comments | 25089 Views

Auditing and Assurance Standards Board- EXPERT PANEL for Addressing Bank Branch Audit Queries FY 2013-14

24 March 2014 at 11:21

AUDITING & ASSURANCE STANDARDS BOARDCONSTITUTES EXPERT PANEL FOR ADDRESSING BANK BRANCH AUDITRELATED QUERIES FOR THE FINANCIAL YEAR 2013-14 Dear Members,The bank audit season is around the corner. Given the fact that the banking industry is typic

Posted in Audit | 2 comments | 22092 Views

ICAI helps political party to establish sound accounting principles

11 March 2014 at 13:33

Workshop on election expenditure monitoring andAuditing and Accounts of Political Parties 1. A workshop on “Election Expenditure Monitoring and Auditing and Accounts of Political Parties” was organised by Election Commission of India (ECI

Posted in Audit | 11 comments | 26343 Views

2014 Guidance Note on Audit of Banks released by Auditing and Assurance Standards Board

03 March 2014 at 15:58

The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued Guidance Note on Audit of Banks 2014 edition. For the benefit of members, complete text of the Guidance Note along with the accompanying ap

Posted in Audit | 2 comments | 33264 Views

Coming soon from the Auditing and Assurance Standards Board: 2014 Guidance Note on Audit of Banks

25 February 2014 at 16:20

COMING SOONNEW PUBLICATION FROM THE AUDITING & ASSURANCE STANDARDS BOARD2014 GUIDANCE NOTE ON AUDIT OF BANKS The Auditing and Assurance Standards Board of ICAI will soon bring out the 2014 edition of the Guidance Note on Audit of Banks. The 2014

Posted in Audit | 28551 Views

Information regarding Audited/Unaudited Components - Manner of Disclosure in Principal Auditor's Report

13 February 2014 at 13:36

Information regarding Audited/Unaudited Components - Manner of Disclosure in Principal Auditor's Report. For more information, find the attachment enclosed herewith.

Posted in Audit | 1 comments | 23544 Views

Tax Audit limit increased from 45 to 60 for audits conducted during the financial year 2014-15 and onwards

11 February 2014 at 17:05

In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the "speci

Posted in Audit | 21 comments | 46596 Views

Important Amendments to Auditor's Report Format

10 February 2014 at 12:34

Announcement 1 : Manner of Reporting on Section 227(3)(bb) of the Companies Act, 1956. Announcement 2 : Reference to the Accounting Standards Applicable to the Companies in the Auditor’s Report and Limited Review Reports and various Engagement

Posted in Audit | 4 comments | 39678 Views

Empanelment of Practising Company Secretary/ Firm of Company Secretaries for three years for carrying out Secretarial Audit of REC from Financial Year 2013-14 onwards

18 January 2014 at 12:52

Rural Electrification Corporation Limited intends to empanel reputed Practicing Company Secretary (PCS) / Firm of Company Secretaries (Firm) initially for a period of three financial years, to conduct Secretarial Audit of the Company starting from Fi

Posted in Audit | 1 comments | 24960 Views