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Articles Category : Auditing
Forensic Accounting and Auditing - An opportunity in today's world
Posted Date : 23-May-2020 , 05:31:17 pm | Posted By Shankit Sharma

What Is Forensic Audit- Forensic Audit is an examination of evidence regarding an assertion to define its correspondence to established criteria carried out in a manner suitable to the court. For example, a forensic audit of sales records to determine the quantum of rent owing under a lease agreeme...

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Category : Auditing | Comments : 0 | Hits : 1315

REMOTE BANK AUDIT: A VALUABLE TOOL DURING PANDEMIC
Posted Date : 20-May-2020 , 09:49:17 pm | Posted By Supriya Dewan

REMOTE BANK AUDIT: A VALUABLE TOOL DURING PANDEMIC   What is Remote Auditing??? The remote audit also may be referred to as E Auditing is exactly same as an audit but in involves use of electronic means to collect Audit Evidence. Remote Auditing techniques involve sharing files via email, G...

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Category : Auditing | Comments : 0 | Hits : 1011

CARO 2020: A TOOL FOR BETTER CORPORATE GOVERNANCE- INCREASED ONUS ON AUDITORS
Posted Date : 11-May-2020 , 10:25:19 pm | Posted By Supriya Dewan

CARO 2020: A TOOL FOR BETTER CORPORATE GOVERNANCE- INCREASED ONUS ON AUDITORS   CARO 2020 is a contemporary layout for issuance of audit reports in case of statutory audits of companies under Companies Act, 2013. After debates with the National Financial Reporting Auth...

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Category : Auditing | Comments : 0 | Hits : 1297

AREAS OF FOCUS AND AUDITOR REPORTING ISSUES RELATED COVID 19
Posted Date : 10-May-2020 , 08:14:59 pm | Posted By Supriya Dewan

AREAS OF FOCUS AND AUDITOR REPORTING ISSUES RELATED COVID 19 BACKGROUND: The COVID –19 outbreak is a human tragedy and has a growing impact on global economy which has resulted in “severe demand shock” and global supply chain disruptions. However, the actual severity and durati...

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Category : Auditing | Comments : 0 | Hits : 1154

RESTRUCTURING & RELIEF TO MSME BORROWER’S- AUDITOR’S PRESPECTIVE
Posted Date : 24-Apr-2020 , 08:22:17 pm | Posted By Manoj Gupta

MSME plays an important role in our economy. This sector contributes significantly to the Indian Economy in terms of Gross Domestic Product (GDP), Exports and Employment generation.   Understanding its difficulties, RBI from time to time has come out with host of measures to provide relief to...

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Category : Auditing | Comments : 0 | Hits : 502

Important Points for Bank Audit 2019
Posted Date : 24-Mar-2019 , 06:30:59 pm | Posted By Mahesh Bansal

Many of you may have been allotted bank branch audits. I congratulate them heartily. Today, I am sharing with you few things to keep in mind while going for bank branch audit this time. It will be very much relevant for the members performing statutory audits:   1. In view of RBI circulars da...

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Category : Auditing | Comments : 0 | Hits : 5486

Internal Audit Basics
Posted Date : 05-Jan-2019 , 06:44:24 pm | Posted By Kamal Garg

The Internal audit function is very popular day by day due to its advantages to the organisations. There are so many Guidance Notes, Standards on Internal Audit (SIA) and books published on the subject in detail. The Guidance Note contains the Internal Audit industry wise and are informative. ...

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Category : Auditing | Comments : 0 | Hits : 738

List of audit firms approved for appointment as Statutory Central Auditors in Public Sector Banks
Posted Date : 02-Jan-2019 , 09:59:17 am | Posted By CA.Khurana Vivek

List of audit firms approved for appointment as Statutory Central Auditors in 21 Public Sector Banks for the year 2018-19     Sl. No.   Name of the BankStatutory Central Auditors for the year 2018-19 1 Allahabad Bank 1. M/s Nandy Halder & Gangul...

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Category : Auditing | Comments : 1 | Hits : 5588

New reporting requirement in Auditors' Report 2017
Posted Date : 19-Aug-2017 , 02:10:39 pm | Posted By ANAND KUMAR GUPTA

New reporting requirement in Auditors’ Report Under Rule 11(d) of Companies (Audit and Auditors) Amendment Rules, 2017 and Amendment to Schedule III to Companies Act, 2013   The Ministry of Corporate Affairs vide notifications dated March 30, 2017 has notified the Companies (Audit...

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Category : Auditing | Comments : 0 | Hits : 2571

Future of audit with Big Data & Analytics
Posted Date : 16-Jan-2017 , 10:55:58 am | Posted By Bhinang Tejani

Knowledge of IT would be an integral part of auditing now like a good icing on the cake of traditional competencies in auditing. Lets discuss some of the key issues future auditors may face: 'Big data' is an extremely large data sets of company that may be analysed computationally to reveal pat...

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Category : Auditing | Comments : 0 | Hits : 1057

Short Summary of RBI CIRCULARS on DMONETIZATION
Posted Date : 10-Jan-2017 , 02:17:17 pm | Posted By Pradeep Jain

Provision of Exchange Facility of SBN : 08.11.2016 RBI/2016-2017/112     the SBN of aggregate value of ₹ 4,000/- or below may be exchanged for any denomination of bank notes having legal tender character, with a requisition slip in the format specified by the Reserve Bank and pro...

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Category : Auditing | Comments : 0 | Hits : 1056

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 : 1506

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 : 560

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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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 : 511

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 : 11117

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 : 8952

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 : 895

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 : 1685

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 : 919

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 : 1348

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 : 729

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 : 892

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 : 1007

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 : 602

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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Category : Auditing | Comments : 0 | Hits : 1038

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 : 629

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 : 345

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 : 641

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