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Expanding Limits of Internal Audit - IA in Corporate Governance

Corporate Governance means the credibility, accountability of an entity to its stakeholders. An entity is comprised ofPromoters, board of directors, Audit Committee. The Stakeholders are investors, creditors, customers, employees, Government,society and environment. The performance results of an entity impact the lives of all the stakeholders. Essentially corporate governance is to ensure All is well for the stakeholders. Corporate Governance as defined by CadburyCommittee, UK- The system by whi..

Posted in articles |   1131 Views


Auditing Financial Internal Controls

In response to the large corporate financial scandals like energy firm Enron Corp, telecommunications giant WorldCom and Tyco International, Sarbanes-Oxley Act (SOX) was introduced, in the USA, in year 2002. Purpose of the Act was to improve accuracy of financial reporting by establishing formalized system of checks and balances and protect shareholders/ general public from fraudulent practices in the companies. The SOX is mandatory and applies to all US-based public companies. These compa..

Posted in articles |   1 comments |   1485 Views


No Further Extensions in the Due Date for Filing Income Tax Returns and Tax Audit Reports, says CBDT

CBDT passes order u/s 119 of the Income Tax Act, 1961 in F No. 370153/39/2020-TPL dt 11th January 2021, disposing off the representations for extension of due date for filing of Audit Report u/s 44AB, in compliance with the order of hon'ble Gujarat High Court dt 8th January 2021. Read the official order below: F.NO. 370153/39/2020-TPL GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) (TAX POLICY AND LEGISLATION DIVISION) ..

Posted in news |   17157 Views


ICAI releases Handbook on Audit of CSR Activities

  ICAI releases Handbook on Audit of CSR Activities Click here to download the copy of the handbook ..

Posted in news |   1278 Views


Further Extension of Income Tax Returns, Tax Audit Reports, GST Returns and Other Compliances requested by 24 GST and Trade Associations

ALL INDIA JOINT REPRESENTATION COMMITTEE FOR GST An alliance of 24 GST and Trade Associations for partnering Government in GST issues resolution Sunday, 10 January 2021 To, The Hon’ble Finance Minister of India Rajpath Marg, E Block, Central Secretariat, New Delhi, Delhi-110011 Email: fmo@nic.in; appointment.fm@gov.in Sub: Extension request – 1. GST Audits under GST Act 2017 for FY 1819   2. Income Tax Returns for non-audit cases -FY 1920; 3. Tax Audit..

Posted in news |   2 comments |   39027 Views


GST Audit - Applicability and Procedure

GST is a trust based taxation regime wherein, the registered person has to compute and declare the turnover, tax liability, ITC available and refund that can be claimed, on his own. In such a process, a robust mechanism is required to oversee the compliance by the registered persons with the provisions of the law. This gave rise to various types of assessments and audits under the GST Act. S.2(13) of CGST Act, 2017 defines the term "Audit". 1. What is Audit? Audit means examin..

Posted in articles |   8952 Views


Further Extension of Income Tax Returns and Tax Audit Reports requested by ICAI

6th January 2021 To Chairman, Central Board of Direct Taxes, Ministry of Finance, Government of India, North Block, New Delhi–110 001. Sir, Re: Request to consider further extension(s) of various due dates under Income-tax Act, 1961 especially Tax Audit Reports and related returns and Income Tax Return Forms for AY 2020-21 We refer to our earlier representation (ICAI/DTC/2020-21/Rep – 26 dated 13.12.2020) submitted to your good office detailing therein issues/concer..

Posted in news |   9 comments |   47766 Views


ICAI gives Clarification on Statutory Auditor of a Company giving feedback to Credit Rating Agencies about Auditee Client

Ethical Standards Board The Institute of Chartered Accountants of India 5th January, 2021 ANNOUNCEMENT   Clarification on Statutory Auditor of a Company giving feedback to Credit Rating Agencies about Auditee Client The Institute has been receiving queries from the members as to whether Statutory Auditor of a Company can give feedback of the said Company to the Credit Rating Agencies (CRAs). It is hereby clarified that under the provisions of Chartered Accountants Act,1949 ..

Posted in news |   1 comments |   1062 Views


New Due Dates for Income Tax Returns, Tax Audit Reports and GST Compliances

The Finance Ministry via an announcement dated 30th December 2020, has extended the due dates for Income Tax Returns, Tax Audit Reports, and GST Compliances. The extended due dates are mentioned below: Particulars Extended Due Date              INCOME TAX RETURN (For taxpayers who are required to get their accounts audited) 15th February 2021 INCOME TAX RETURN (As per the provisions of Section 139(1)) 15th Febr..

Posted in news |   11 comments |   30201 Views


Quality Review Board releases Report on Audit Quality Review

Report on Audit Quality Review (2019-20)    Click here to download the copy of the audit quality view ..

Posted in news |   564 Views


Extension of Due Dates of Income Tax Returns, Tax Audit Reports, and GST Compliances requested by Sr. Adv. P.P. Chaudhary - Member of Lok Sabha

  Extension of Due Dates of Income Tax Returns, Tax Audit Reports, and GST Compliances requested by Sr. Adv. P.P. Chaudhary - Member of Lok Sabha ..

Posted in news |   18 comments |   35697 Views


Extension of Income Tax Returns and Tax Audit Reports requested by ICAI

The Direct Taxes Committee of the Institute of Chartered Accountants of India has made a request to the Ministry of Finance regarding the extension of various due dates under the Income Tax Act, 1961 especially Tax Audit Reports and related returns and Income Tax Return Forms for AY 2020-21. Read the official representation letter below: ICAI/DTC/2020-21/Rep-29 Dated: 26th December 2020 To Chairman, Central Board of Direct Taxes, Ministry of Finance, Government of India, Nor..

Posted in news |   10 comments |   38274 Views


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