Audit Articles

Does Appointment of Auditors to fill up vacancy, form a part of tenure allowed u/s 139(2) of the Companies Act, 2013?

Ramaswami Kalidas 20 October 2020 at 18:08

The Companies Act 2013 has caused a paradigm shift in the manner of appointment and the tenure of appointment of Statutory Auditors for companies belonging to a particular genre. However, does the Appointment of Auditors to fill up vacancy, form a part of tenure allowed u/s 139(2)?

Audit Procedures For Fraud Risks Identification In Internal Audit

CA Amrita Chattopadhyay 13 October 2020 at 15:42

The word 'Fraud” means wrongful or criminal deception intended to result in financial or personal gain. In this article, we have summarised four fraud risks and their corresponding audit procedures.

Dont Fear Tax Audit, Know the Benefits Instead!

CA Chanchal Jain 14 September 2020 at 10:05

Tax Audit is a reporting of transactions keeping in mind different sections of Income Tax Act (ITA). The provision of tax audit is reported in Form 3CD which is prescribed under Rule 6G of the Income Tax Rules, 1962.

Remuneration, Powers and Duties of Auditors

DEEPAK SETH 25 August 2020 at 10:18

The remuneration of the auditor of a company shall be fixed in its general meeting or in such manner as may be determined therein.

Going Concern | Key Considerations for Auditor amid COVID-19

CA Sanya Kapoor 20 August 2020 at 17:24

The International Accounting and Auditing Standards Board (IAASB) and The Institute of Chartered Accountants of India (ICAI) have issued guidance ongoing concern assessment amid COVID-19 for companies and considerations for an auditor while evaluating the management's assessment.

Audit documentation requirement under COVID 19

CA Amrita Chattopadhyay 21 July 2020 at 12:05

Due to restrictions caused by the COVID 19 pandemic and the related lockdown, several restrictions are faced by the auditors in terms of visiting the client location, meeting with the client, obtaining of audit evidence

Internal Audit/Supervision - Why is it so Important?

CA Raj Doshi 20 July 2020 at 09:42

Internal Audit has benefits like monthly Visits for analysis of data, guidance to accounts team and informal training, and many more.

"Going Concern Concept" during Pandemic times and Auditors Responsibility

Seetharaman K C 08 July 2020 at 10:20

Going Concern is a concept where the continuity of a business organisation is assessed. Up until now, we were least bothered by this concept as this was taken f..

Requirement Actuarial Valuation for Accounting of Gratuity Benefits in IndAS 19 & AS 15 ?

Tikaram Chaudhary 27 June 2020 at 10:32

Why of Actuarial Valuation is required for Accounting of Gratuity Benefits in compliance of IndAS19 & AS 15 (Revised 2005) by Indian Public, Private and Multinational Companies ?

Auditor Certificate Format for DPT-3

CS Lalit Rajput 29 May 2020 at 10:23

Every company other than Government company shall file an onetime return of outstanding receipt of money or loan by a company but not considered as deposits, in terms of clause (c) of sub-rule 1 of rule 2 from the 01st April, 2014 to 31st March, 2019, as specified in Form DPT-3 within "ninety days from 31st March, 2019