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Auditor Certificate Format for DPT-3

Every company other than Government company shall file an onetime return of outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to 31st March, 2019, as specified in Form DPT-3 within "ninety days from 31st March, 2019..

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CARO 2020 - Enlarging Auditor's Responsibility

Recently Ministry of Corporate Affairs has come out with Companies (Auditor's Report) Order, 2020; along with the increase in the scope of many clauses and insertion of new clauses, there is also deletion of an existing clause. ..

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ICAI establishes the Center for Audit Quality

The profession of accountancy and auditing throughout the world is regulated and licenses are granted by the Regulator/Sovereign to the auditors to ensure probity in financial statements. The Institute of Chartered Accountants of India (ICAI) is a statutory body set up in 1949 by an Act of Parliament to regulate the Profession of Chartered Accountancy in India. In India, ICAI over the years has reinforced the role that the accountancy profession plays in providing high quality financial information, facilitating market discipline, and foster..

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Audit under GST

Audit under GST..

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Audit checklist for F.Y 2019-20 - Direct tax

The Finance Minister while giving the details of the Economic Package announced the extension in the Tax Audit date and the due date to file the Income Tax Return. However, with the deferment one should not forget the Tax Audit Checklist for FY 19-20...

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Appointment of Auditor- Sec 139 of Companies Act

Sec 139 of the Companies Act 2013 provides that every company shall appoint an individual or firm as an auditor of the company. Appointment of an auditor is subject to the Board of directors and members of the company at AGM or EGM..

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Key Considerations for Assessing Going Concern Assumption

Assessment of Going Concern is one of the key areas which require the attention of Auditors and Management for the audit of financial statements for the year ended 31st March 2020. However, it is the general assumption of people that assessment of going concern is only the responsibility of auditors and not that of management. ..

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Are practicing Chartered Accountants ready for Virtual Audit?

It seems that the current year's audit will be a virtual one and from our own offices presently scattered at different locations as most of us are working from home...

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Due date to file Income Tax Return and Tax Audit extended for FY 2019-20

The FM announced the economic relief package on the 13th of May 2020 to fight the COVID-19 crisis. In her announcement dated 13/05/2020, the Finance Minister announced various Direct Tax Changes. The objective of the relief measures is to form an "Aatma Nirbhar Bharat". To fulfill the objective the FM announced various relief measures to be given to the MSMEs. In her speech, the FM announced the extension of the due date to file the Income Tax Return and Tax Audit for the Financial Ye..

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Draft Format of Engagement letter & Management representation on Tax Audit

The purpose of the Management Representation Letter on various matters is to focus the management’s attention on those matters so that the management can specifically address those matters in more detail than would otherwise be the case...

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Tax Audit under Income Tax Act after the amendments by Finance Act 2020

Section 44AB, contains provisions of the "TAX AUDIT" under the Income Tax Act 1961. "TAX AUDIT" is an examination of books of accounts of the assessee. The examination is conducted to ensure that the assessee has properly maintained the books of accounts and other records and the tax liability has been computed properly...

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ICAI issues clarification on Audit fees to be received from client

Announcement Sub. : Clarification on Fees from a single client As the members are aware, the revised Code of Ethics will come into effect w.e.f 1st July, 2020. Some members have expressed their concern on one of the provisions contained in Paragraph R410.4 of the Volume-I of revised Code of Ethics on measures for addressing self-interest threats resulting from dependence of Fees from a single client. It may be clarified that there is NOT a bar in the revised Code of Ethics on acceptance of more than 15% fees fr..

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