Audit Articles

Cost Audit and Cost Records Applicability 2024-25 & Non Compliance attracting Show Cause Notices

CMA Navneet Kr Jain 26 June 2024 at 08:29

Simple way of checking the applicability of Section 148 with regard to applicability of maintenance of Cost records or cost audit for 2024-25 is to review the financials of 2023-24 &Check the Total turnover of the Company

Valuation of Intangible Assets as per IFRS

Sai Nithyashri 21 June 2024 at 08:34

Valuation of intangible assets under IFRS (International Financial Reporting Standards) involves assessing their fair value, which is the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.

NFRA Charges Audit Firm for Non-Disclosure of Interest Costs in Vikas WSP Audit

Aarti Maurya 14 June 2024 at 08:44

In the matter of M/s S. Prakash Aggarwal & Co., ICAI Firm Registration No. 06105C, under Section 132(4) of the Companies Act 2013 read with Rule 11(6) of National Financial Reporting Authority 2018 - Order No. - 009/2024

Corporate Structure and Identification of Red Flags

Shailesh Prajapati 22 May 2024 at 08:45

Understanding various flags and fixing the flags

Understanding Systems Audit and Process Audit: A Comparative Analysis

Sundaran.D 15 May 2024 at 08:39

In the sphere of organizational management, audits serve as indispensable tools for enhancing efficiency, ensuring compliance, and driving overall effectiveness. Among the array of audit types, two stand out prominently: systems audit and process audit.

Delay in complying with timelines relating to Cost Audit 2023-24 to be informed to MCA by Cost Auditors

CMA Navneet Kr Jain 13 May 2024 at 08:41

Recently, MCA issued various notices after reviewing the cost audit reports, and now ICMAI has come up with an advisory, which we need to follow. We request that you ensure the accuracy of the data, the timely completion of the data, and the filing of the cost audit report.