Audit Articles

Planning of Internal Audit Assignments

CA. Heet Shah 04 June 2021 at 08:57

An Audit Committee is required to formulate the overall internal audit plan of the company which includes planning the scope, functioning, periodicity, and methodology for conducting the internal audit.

Basics of Audit & Application of Standards on Auditing

Udit Vyas 31 May 2021 at 12:44

In small to mid-sized firms, audits are carried out by article trainees, new paid audit assistants without properly meeting the Standards for Auditing set out by ICAI. Hence, it is very important to know where to apply these standards and the relevance of such standards.

Account Statement Analysis in Bank Audit

Udit Vyas 21 May 2021 at 09:42

Discussing the account statement analysis in the case of Cash Credit and Term Loan Accounts as these are the advances that contribute maximum in the bank’s fund based advance portfolio.

Standards on Review Engagements (SREs): SRE 2400 (Revised)

Tanuj Chandra Saxenaa 21 May 2021 at 09:41

The main purpose of reviewing a financial statement is to allow professionals to report whether anything has caught their attention which causes them to believe that financial statements aren't prepared in all material respect.

SA 700 Audit Reporting: Forming an Opinion and Reporting on Financial Statements

Tanuj Chandra Saxenaa 19 May 2021 at 09:46

SA 700 deals with the responsibility of auditors in forming their opinion on financial statements. This standard also deals with the content and form of the auditor's report that is issued as an outcome of the audit of the financial statements.

Surprise Checks under Audit

ABINAYA SURESHBABU 14 May 2021 at 09:42

The main focus of Surprise Checks under Audit is on internal control; they check whether the system of internal control is operating effectively or not.

Routine Audit Checks - Greater Task Verification of Bank Reconciliation

CA Satish Badve 05 May 2021 at 15:06

The verification of a Bank Reconciliation Statement is to be done in all types of audit and is considered a basic task to be carried out by the auditors.

RBI set parameters for appointing Bank Auditor for FY 2021-22 and onwards

Manish Mehra 01 May 2021 at 09:52

RBI on 27.04.2021 has issued guidelines for the appointment of Statutory Central Auditors of commercial banks (excluding RRB), Urban cooperative banks (UCBs) and NBFCs including Housing Finance Companies.

Identification and Calculation of Funds Diversion for Bank Audit

kotte murali krishna 01 April 2021 at 09:57

Whenever an Auditor finds any new investments of either long term or short term of unrelated assets on the face of company Balance Sheet during audit, there is a need to verify and confirm the source for the investment.

Understanding Cyber Security And Impact On Bank Audit

CA Amrita Chattopadhyay 31 March 2021 at 10:19

Cyber security risks and controls are within the scope of the auditor's concern only to the extent that it could impact the financial statement. For this purpose, the auditor needs to have an understanding of the impact of IT on the financial statement.