Audit Articles

Preliminary Notices for non-appointment of Cost auditors being issued by MCA

CMA Navneet Kr Jain 03 December 2021 at 09:53

It is important to note that the non-compliance is identified at the earliest by the management itself and appoint the cost auditors before the they receive the notice from the MCA.

Artificial Intelligence in Quality Control Maturity Model

CA Amrita Chattopadhyay 02 December 2021 at 11:55

Audit Quality Maturity Model (AQMM) is a tool for self-evaluation of audit firms & sole proprietors towards a technologically driven mechanism to increase operational efficiency.

Resignation of Auditor under Companies Act 2013

Tanuj Chandra Saxenaa 28 November 2021 at 18:09

Auditors work in various capacities within different industries. Auditor appointment and resignation all are to be served to Registrar of Companies.

Audit is completely Risk Free provided we follow the Science and Rules of it

CA. (Dr.) Rajkumar Adukia 06 November 2021 at 09:38

The penalties and responsibilities of an auditor may seem onerous however it would be incorrect to hold audit as risky. With essential features of auditor like independence, professional skepticism, documentation skills and continuous knowledge upgradation any Chartered Accountant can make a name for himself in the field of Audit profession.

Importance of Audit for the Smallest of Enterprises - Response to Consultation Paper of NFRA

CA. (Dr.) Rajkumar Adukia 03 November 2021 at 09:33

CONSULTATION PAPER DATED 29th SEPTEMBER 2021 OF NFRA IS OPPORTUNITY TO TELL THE WORLD ADVANTAGES OF AUDIT TO EVEN SMALLEST ENTERPRISE

Emerging Risk Areas In Internal Audit Due To COVID Pandemic

CA Amrita Chattopadhyay 02 November 2021 at 15:09

The COVID 19 pandemic has bought unprecedented changes and uncertainties in the in the business environment. It had disrupted lives / labour force, business operations, insolvency risks, resulted in inflation and supply chain.

Comments on NFRAs Consultation Paper On Statutory Audit And Auditing Standards for MSMCs

kotte murali krishna 09 October 2021 at 09:45

In case, NFRA takes any drastic decision to exempt the need for statutory audit of MSME companies for any reason, the size of frauds would go up and the Indian economy will be in the doldrums.

Pros and Cons of NFRAs Consultation Paper on Statutory Audit

Poojitha Raam 07 October 2021 at 17:10

Removal of Statutory audits on MSMCs might facilitate frauds and misstatements since GST and Tax audits have been scaled down. Moreover, minority interest in companies will be affected.

Open Letter To NFRA Chairman Opposing Consultation Paper On Abolishing Statutory Audit

CA Rohit kapoor 04 October 2021 at 09:38

If Statutory Audit is exempted then there will be no check on business transactions and such exemption will lead to an emergence of spurious companies within MSMCs.

What is audit and what are the different types of audits?

Taxblock 28 September 2021 at 09:35

Audit is the activity of evolution and determine the financial, operational and strategic goals and exercise in an organizations to decide if the organization is in accordance with the rules and regulations.