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Elements And Process Of Forensic Audit For Corporate

What is forensic Audit: Forensic audit is the process used to examine an individual's or a company's financial information for use as evidence in court. It helps to detect diversion of funds, wilful defaults and window dressing of financial statements. Financial forensic is the application of financial principles and theories to facts or hypotheses at issue in a legal dispute and consist of two primary functions: 1. Litigation Advisory Services which recognizes t..

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Grant Thornton to be appointed as forensic auditors in the Sushant Singh Rajput Case

Late actor Sushant Singh Rajput died under mysterious circumstances on the 14th of June 2020. The Mumbai Police said that that it was a case of suicide. However, fans of the late actor have been demanding a CBI inquiry suspecting a foul play. The case was initially being investigated by the Mumbai Police. But it took a new turn after the father of the late actor filed an FIR against Rhea Chakroborty and six others to the Bihar Police. The government of Bihar was recommending a CBI p..

Posted in news |   3 comments |   2734 Views

Audit documentation requirement under COVID 19

COVID 19 pandemic has caused a great deal of uncertainty in the global trade & economy. This has resulted in impact in the financial market as well. The uncertainty arises primarily due to interruption in the production, disruption of supply chain, closure of office facilities, unavailability of personnel and communication between them. Due to restrictions caused by the COVID 19 pandemic and the related lockdown, several restrictions are faced by the auditors in terms of visitin..

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PAS-6 | Reconciliation of Share Capital Audit Report

GENERAL UNDERSTANDING & BACKGROUND: Reconciliation of Share Capital is understood as to tally the records of dematerialized and physically held securities with all the securities, on regular basis. In other words, it is reconciliation of total Share Capital held in DMAT form with NSDL & CDSL and in physical form by the shareholders with the total Capital admitted, issued and listed capital, if any. "Reconciliation of Share Capital Audit Report" is under..

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Internal Audit/Supervision - Why is it so Important?

Background Let's talk about a very general reality between a Client and their Statutory Auditors Statutory Auditor would meet you personally Once in a year and have a look at your Accounts Quarterly if you are interested in paying Advance Tax The Client would be sending the data for GST return filing on a Monthly basis, but that’s really Mechanical after a few initial months and done by the Junior Staff without any Holistic look at the Transa..

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Punjab & Sind Bank invites application for Concurrent Audit for CA Firms

APPLICATION FOR ASSIGNMENT OF CONCURRENT AUDIT FOR CHARTERED ACCOUNTANT FIRM IN PUNJAB & SIND BANK Click here to apply  The following criteria should be adopted while selecting a firm for concurrent audit assignments: The Chartered Accountants firm should preferably be a partnership firm with at least one FCA partner. The Sole Proprietorship Chartered Accountant firms should be..

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"Going Concern Concept" during Pandemic times and Auditors Responsibility

Going Concern is a concept where the continuity of a business organisation is assessed. Up until now, we were least bothered by this concept as this was taken for granted. With the present Covid19 crisis, the basic fundamentals of business existence itself has changed and standards relating to going concern are becoming suddenly relevant and important. The going concern assumption is a fundamental principle in the preparation of financial statements. Under the going concern assumpti..

Posted in articles |   2 comments |   1705 Views

Requirement Actuarial Valuation for Accounting of Gratuity Benefits in IndAS 19 & AS 15 ?

Background Indian Public Sector, Private Sector and Multinational Companies needs to prepare the Financial Statement such as Balance Sheet & Profit/Loss Accounts at the closure of each financial year as per provisions of Section 129 of the Companies Act 2013. As per provisions of Section 133 of the Companies Act 2013, Financial Statements should be prepared in compliance of Accounting Standards as stipulated by the Ministry of Corporate Affairs so that they can give a true and..

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Note on form NFRA-2: Auditor's return

(Annual Return to Be Filed By Auditor With The National Financial Reporting Authority) Key Highlights: 1. NFRA-2 e-Form live since 9th December 2019. 2. Due date of Filing form NFRA -2: within 210 days from the deployment of this form. Applicable Law(s) • Section 132 of the Companies Act, 2013 and • Rule 5 of the National Financial Reporting Authority Rules, 2018 • "auditor" means an individual or a f..

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Request for inclusion of services of cost accountants in Desk Review system of GST Audit

Subject: Request for inclusion of services of cost accountants in Desk Review system of GST Audit Respected Sir, Greetings from The Institute of Cost Accountants of India, Tax Research Department…. The Institute of Cost Accountants of India is a Statutory Body set up under an Act of Parliament in the year 1959 and is headquartered in Kolkata. The Institute has an extensive reach all across the country comprising of, 4 Regional Councils, 106 Chapters , 10..

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Measures taken in GST Audit while finalizing Books of accounts & preparation of Balance sheet

Every business organization is engaged in finalizing books of accounts and preparation of Balance Sheet for each financial year. It becomes important to understand the legal provisions under GST law while finalizing books of accounts and preparation of Balance Sheet. In order to safeguard the interest of the business organizations and provide some ideas regarding GST audit preparation, we have outlined the following significant GST points that must be kept in mind before finalizing ..

Posted in articles |   3 comments |   863 Views

Empanelment of CA Firms with BOI for Concurrent and Revenue Audit

Bank of India invites online applications from eligible CA firms as Concurrent and Revenue Auditors for empanelment. Notice for CA firms applying for empanelment as Concurrent/Revenue Auditor - Bank of India invites application from eligible Chartered Accountant firms, desirous to undertake Concurrent Audit assignment for empanelment. - The Application should be submitted on-line in the prescribed format given in Bank&rsquo;s website</p..

Posted in news |   1550 Views

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