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Articles Category : Auditing
Death of the Independence of the auditor
Posted Date : 19-Apr-2016 , 01:25:07 pm | Posted By CA GOURAV MURARKA

Forwarded mail copy as received : Very serious allegations by Chartered Accountant on independence of Auditor. 15th April 2016 To The AGM Audit Patna Circle State Bank of India Sub:       Death of the Independence of the auditor Dear Sir, Our Tea...

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Category : Auditing | Comments : 0 | Hits : 1156

Basics of Risk Assessment
Posted Date : 18-Feb-2016 , 01:59:11 pm | Posted By Hemang Doshi

Basics of RISK ASSESSMENT Million Dollar Question: What is RISK? The reason why I refer it as a million dollar question lies in definition(s) of term ‘RISK’. The term ‘RISK’ has been defined in multiple ways and it can be accommodated anywhere anytime and in any situ...

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Category : Auditing | Comments : 0 | Hits : 307

Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2015-16
Posted Date : 15-Feb-2016 , 06:29:51 pm | Posted By CA.Khurana Vivek

Sr No Auditors appointed for 2015-16 1. Allahabad Bank, Kolkata 1 M/s N C Banerjee & Co., Kolkata 2 M/s Kansal Singla & Associates, Chandigarh 3 M/s Raju & Prasad, Hyderabad 4 M/s De & Bos...

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Category : Auditing | Comments : 0 | Hits : 4932

Corporate Social Responsibility
Posted Date : 08-Oct-2015 , 11:42:15 am | Posted By Mohit Garg

Corporate Social Responsibility - Introduced in Company Act 2013. Application of CSR: If any of the following conditions are satisfied CSR will be applicable: 1. Company having Net worth of Rs.500 Cr or more. 2. Turnover of Rs.1000 Cr or more. 3. Net profit of Rs.5 Cr or more...

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Category : Auditing | Comments : 0 | Hits : 394

Stock Audit Basics & Checklist of Documents Required.
Posted Date : 03-Oct-2015 , 11:48:58 am | Posted By CA. Niket Agarwal

What is a Stock Audit? It is the physical verification of the inventory. However at times it may also include valuation of the inventory, this would depend upon the terms of reference or the engagement letter of the assignment.  Important thing to remember in a stock audit is the purpose ...

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Category : Auditing | Comments : 0 | Hits : 4160

Applicability of CARO-2015
Posted Date : 30-Jun-2015 , 01:41:43 pm | Posted By MD TASLEEM AHMAD KARIMI

Introduction & Background In Exercise of the power Conferred by Sub section 11 of Section 143 of the Companies Act, 2013 and in Supersession of the Companies (Auditor’s report) order, 2003, the Central Govt. after consultation with the Institute of Chartered Accountant of India make Com...

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Category : Auditing | Comments : 2 | Hits : 7266

What is Internal Audit?
Posted Date : 24-Apr-2015 , 05:59:19 pm | Posted By Tanmay Srivastava

What is Internal Audit?   Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish  its objectives  by bringing systematic , disciplined approach to eval...

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Category : Auditing | Comments : 0 | Hits : 711

Peer Review benefits for Practicing CA Firms
Posted Date : 08-Mar-2015 , 08:07:45 pm | Posted By Vimmi

We, the Chartered Accountants Fraternity, are all aware of the peer review process undertaken by the Peer Review Board of ICAI for the practicing member. With recent development in the reporting requirement of the financial statements, the peer review exercise helps the members of the profession at ...

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Category : Auditing | Comments : 0 | Hits : 1058

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks
Posted Date : 24-Feb-2015 , 11:07:37 pm | Posted By CA.Khurana Vivek

Norms on eligibility, empanelment and selection of Statutory Central Auditors in Public Sector Banks   (i) The auditing firm shall have a minimum 7 full time chartered accountants, of which at least 5 should be full time partners exclusively associated with the firm. The remaining 2 coul...

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Category : Auditing | Comments : 0 | Hits : 861

Procedure for Appointment of Statutory Auditors in Public Sector Banks
Posted Date : 24-Feb-2015 , 11:00:03 pm | Posted By CA.Khurana Vivek

  PROCEDURE FOR APPOINTMENT OF STATUTORY AUDITORS IN PUBLIC SECTOR BANKS. Statutory Central Auditors (SCAs)   1. The number of SCAs to be appointed in PSB will be as under:   i) Category “A” Banks (Large Banks viz. Bank of Baroda, Bank of India, Canara...

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Procedure for Conducting Concurrent Audit of Banks
Posted Date : 08-Feb-2015 , 04:21:57 pm | Posted By Vimmi

Areas to be Covered Bank Concurrent Audit is a kind of internal audit/ where auditor responsibility is to review and correct assign bank branch internal control system. However compare to other internal auditing, concurrent audit is little different; in concurrent audit auditor seats in branch for...

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Category : Auditing | Comments : 1 | Hits : 1252

How to check Purchases
Posted Date : 22-Oct-2014 , 12:31:04 am | Posted By Ankur Dudani

How to check Purchases in any organisation during Audit:- Remember that during audit/auditing whatever document you take from client take his signature on the same basically its a approval from client side that we provided the document to auditor and the provided document discloses correct informat...

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Category : Auditing | Comments : 0 | Hits : 657

MAJOR CHANGES IN NEW 3CD
Posted Date : 29-Jul-2014 , 09:59:52 am | Posted By CA GOURAV MURARKA

1. Particulars of registration under excise, vat, iec, service tax etc to be given   2. Location(s) (address(s)) of keeping books of accounts to be given   3. Particulars of sale of Land/Building less than Stamp value to be given   4. Comparison of amount debited vis a vis amoun...

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Category : Auditing | Comments : 1 | Hits : 836

How to Conduct Concurrent Audit of Banks
Posted Date : 22-Jul-2014 , 07:59:24 pm | Posted By Vimmi

Areas to be Covered   Bank Concurrent Audit is a kind of internal audit where auditor responsibility is to review and correct assign bank branch internal control system.   However compare to other internal audit, concurrent audit is little different; in concurrent audit auditor seats i...

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Category : Auditing | Comments : 0 | Hits : 906

Types of Audit under Companies Act
Posted Date : 15-Jan-2014 , 11:55:35 am | Posted By Madhur Gupta

TYPES OF AUDIT UNDER COMPANIES ACT   Rajya Sabha recently passed the companies Bill 2012.The new legislation, which would replace the nearly 50-year old Companies Act, 1956 and would encourage companies to undertake social welfare voluntarily instead of imposing the social responsibility.Audi...

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Category : Auditing | Comments : 0 | Hits : 531

Revised Guidelines for Appointment of Statutory Auditors in Public Sector Banks with effect from the year 2013-14
Posted Date : 13-Jan-2014 , 09:42:07 pm | Posted By CA.Khurana Vivek

Based on the recommendations of a Working Group (WG) to review the norms for empanelment of statutory auditors for public sector banks and other related issues and after seeking the approval of GoI, it has been decided to revise the guidelines on appointment of statutory auditors in public sector ba...

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Impact of RBI Guidelines of Rs. 20 Crore for Statutory Branch Audit
Posted Date : 20-Oct-2013 , 08:33:58 pm | Posted By ANKIT AGGARWAL

Analysis of Audited/Unaudited Bank Branches was done for the year 2012-13 to find out the impact of RBI guidelines in which Only nationalised banks of India whose advances are above Rs. 20 Crores were made subject to Bank Branch Audit.     After detailed analysis and...

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Category : Auditing | Comments : 0 | Hits : 563

AUDIT REPORT FOR CA IPCC
Posted Date : 14-Oct-2013 , 07:10:27 pm | Posted By Anurag Singal

AUDIT /AUDITING REPORT  Draft an illustrative Audit Report u/s 227 of the Companies Act, 1956, with a few qualifications.  Annexure u/s 227(4A) is not required. In this situation, we depict a case where the auditor was unable to obtain sufficient appropriate audit evidence regarding ...

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Category : Auditing | Comments : 0 | Hits : 283

Audit Working Papers
Posted Date : 05-Oct-2013 , 08:07:12 am | Posted By Anurag Singal

Audit Working Papers (M’10, N’11, M’07, and N’12)   Theme If you haven’t documented, you haven’t performed SA 230 “Audit Documentation (N’08) Utility:  ·         Document the Natur...

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Category : Auditing | Comments : 0 | Hits : 588

Audit Trail in EDP Audit_CA IPCC
Posted Date : 05-Oct-2013 , 08:03:19 am | Posted By Anurag Singal

Audit Trail in EDP (N’04) Audit is doable if one can relate ‘one-to-one’ basis, the original input along with the final output a) In some situations, output is as complete and as detailed as in any manual system. E.g. Detailed calculations, casts, postings etc for Credit Notes ...

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Category : Auditing | Comments : 0 | Hits : 369

Preparation Strategies for Auditing & Assurance -CA IPCC Paper 6
Posted Date : 01-Oct-2013 , 11:50:03 am | Posted By Anurag Singal

Instead of giving you a blanket statement “Study hard” etc, I though would give you more strategic insights. There is no assurance that the strategy I enumerate would necessarily work for you in the Auditing paper. However given my past experience of coaching students and authoring Audit...

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Category : Auditing | Comments : 0 | Hits : 468

Appointment of Auditor Under New Companies Bill, 2013
Posted Date : 26-Aug-2013 , 04:22:15 pm | Posted By Keshav Kumar KC

Appointment of Auditor under new Companies Bill, 2013 (Companies Act) The appointment of auditor under new Companies Bill, 2013 has made major changes in appointment procedure and tenure of appointment in comparison to the Companies Act, 1956. Section 224 to 233 of the Companies Ac...

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Category : Auditing | Comments : 0 | Hits : 1982

Cost Accountant linking Internal Audit through Balanced Scorecard
Posted Date : 25-Aug-2013 , 06:33:42 pm | Posted By INDRANEEL SEN GUPTA

Four pillars of the balanced score card have been discussed many times through my pen. Balanced score card needs to be linked with the enterprise value of the organization. Enterprise valuation means in simple formula   Enterprise value = Equity value + market value of debt + minority interes...

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Category : Auditing | Comments : 1 | Hits : 555

Audit committee
Posted Date : 25-Jun-2013 , 02:49:21 pm | Posted By Vikash Kumar Jha

Audit committee The requirements for the execution of the clause 49 can be categorized into mandatory and non-mandatory requirements and the Audit Committee is one of the mandatory requirements. The audit committee should consist of minimum three directors. Out of which two thirds are indepen...

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Category : Auditing | Comments : 0 | Hits : 203

COMPANIES (AUDITOR’S REPORT) ORDER, 2003 - APPRAISAL NOTE
Posted Date : 31-May-2013 , 03:50:44 pm | Posted By Gaurav Dhamija

COMPANIES (AUDITOR’S REPORT) ORDER, 2003 APPRAISAL NOTE   Applicability (Any of the Following)   1.    Paid – up capital and reserves of more than 50 Lacs. 2.    Has accepted any public deposit. 3.    Turnover exceeding Rs....

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Category : Auditing | Comments : 0 | Hits : 479

Audit Procedure
Posted Date : 31-May-2013 , 03:46:40 pm | Posted By Gaurav Dhamija

GENERAL PROCEDURES:     1.    Study the previous year’s income tax file of the concern maintained by the Chartered Accountant.   Documents which we have to study in the file said above:   a.     General information about the clien...

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Category : Auditing | Comments : 4 | Hits : 1077

Checklist for HR Audit
Posted Date : 20-Apr-2013 , 06:33:33 pm | Posted By Chetan Nohvar

Following points needs to be considered while audit of personnel Department :‐   1. Under the Constitution of India, Labour is a subject in the Concurrent List where both the Central & State Governments are competent to enact legislation subject t...

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Category : Auditing | Comments : 2 | Hits : 1742

Audit Tips for Beginners
Posted Date : 20-Apr-2013 , 06:26:26 pm | Posted By Chetan Nohvar

Audit is a process or technique to verify the accuracy and reliability of the financial statement of  company/firm/proprietor/others.   It requires professional judgement to overcome certain dilemmas and take correct decisions while auditing. &...

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Category : Auditing | Comments : 2 | Hits : 1431

More than Just Auditing
Posted Date : 25-Mar-2013 , 04:32:32 pm | Posted By Tejas Rupani

What things make difference between normal auditor and valuable auditor? More particularly I am focusing on article called as “More than Just Auditing” because we are leaving in a country which is emerging as a developed country by latest 2020. Now the time has come to create a value a...

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Category : Auditing | Comments : 1 | Hits : 790

Difference between Management and Those Charged With Governance (TCWG).
Posted Date : 11-Mar-2013 , 01:07:13 pm | Posted By Vinay Sharma

Difference between Management and Those Charged With Governance (TCWG). For Accounting Professionals and Students it is very much of relevance to know the DIFFERENCE BETWEEN MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE (TCWG) in relation to SA-260 (Communication of audit matters to those charged ...

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Category : Auditing | Comments : 0 | Hits : 1008

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