Audit Articles

Will AI Replace Chartered Accountants?

May 13 February 2025 at 08:42

Will AI replace CAs? The answer is nuanced, requiring us to delve into the multifaceted responsibilities of CAs and the capabilities of AI.

How NFRA is Increasing the Responsibility of Audit Committees in Corporate Governance?

CA Tushar Makkar 30 January 2025 at 10:04

NFRA has been constituted as a quasi-judicial body with a larger remit than NACAS (National Advisory Committee on Accounting Standards).

Legal Duties of an Auditor in Company Audits

Ishita Ramani 29 January 2025 at 08:49

This article highlights the responsibilities of an auditor in company audits, the challenges faced by using auditors in India, and the significance of their role in ensuring compliance.

Receivable Audits & External Confirmations on Financial Reporting

J. D. Shah Associates 23 January 2025 at 08:34

In the current business environment, accurate financial statements are crucial for effective decision-making and ensuring financial stability. Let's dive deeper into why these practices are so important for your business.

Red Flags in Auditing: Lessons from NFRA's Investigations

CA Gyati Gupta 26 December 2024 at 08:39

Auditing serves as the cornerstone of financial integrity, ensuring that stakeholders can rely on financial statements for decision-making.

Why Internal Audits Are Essential for Business Success

Sundaran.D 29 November 2024 at 08:49

In today’s fast-evolving business environment, companies are under constant pressure to manage risks, comply with regulations, safeguard assets, and optim

Cost Audit Applicability for Small and Medium Enterprises (SMEs)

Ishita Ramani 16 November 2024 at 06:58

This article explores the cost audit applicability for SMEs, its benefits, and the criteria that determine its relevance.

Strengthening Auditing Standards: Insights From NFRA Orders And Their Implications For Auditors

CA Amrita Chattopadhyay 16 October 2024 at 13:53

Recently, the Institute of Chartered Accountants of India (ICAI) published a comprehensive compilation of orders and reports from the National Financial Reporting Authority (NFRA), offering a deeper understanding of the expectations set for auditing firms and auditors.

Audit of LLP: What You Need to Know

J. D. Shah Associates 03 October 2024 at 08:36

In this article, we'll break down the key aspects of LLP audits in simple terms and provide answers to common questions.

Reporting on Audit Trail in the Statutory Audit Report

Ramesh Agrawal (LL.B , CA) 30 September 2024 at 08:37

From the Financial Year 2023-24 the Auditor is duty bound to report on Audit Trail. For reporting on Audit Trail there can be 3 situations for the Auditor. In each situation reporting language will be different.