Audit Articles

Should statutory auditors' report be always read at AGM?

Amitav Ganguly 25 September 2015 at 10:57

BackgroundThe corporate jurisprudence in India enshrines statutory auditors who audit the accounts of a company as representatives of the shareholders who appoint them at every Annual General meeting {AGM} to look after the interests of the sharehold

Wake up call! 30th September 2015!

Kunal R. Sarpal 11 September 2015 at 12:02

Wake up call! 30th September 2015!File Foreign Assets and Liabilities Return (FLA Return) with RBIWhat is it?An Annual return on the Foreign Assets and Liabilities of the Company, notified under FEMA 1999. Return to be filed under A.P. (DIR series) a

Can we visualise an Indian Multinational Firm of Chartered Accountants?

Mahavir Kapshe 07 September 2015 at 19:01

Whether needed ?It is need of the society to have �ONE STOP SOLUTIONS� with expert level, quality services equipped with international exposure and technology to help businesses, add to ease of doing business, provide inputs to the Busine

Unconventional internal audits - Admin processes

Tulasi S Sastri 07 September 2015 at 19:00

Internal Audit has been gaining importance over the years. This has been due to:a. Statutory requirements including recent ones through the Companies Act 2013, like mandatory appointment of an Internal Auditor in certain cases, importance for Interna

Audit Report 2015 - is it a nightmare or a labor-pain?

P.R. Sethuraman 20 August 2015 at 10:21

The auditing community had really gone through a rough and tough time in the form of �labor pain� in drafting the audit report under section 143 (3) of the Companies Act 2013 for the financial year ended march 2015 due to last minute rush

The consolidated audit report under companies act 2013 (The Devil lies in Detail)

P.R. Sethuraman 07 August 2015 at 11:12

As per the Guidance Note of the ICAI, �The Council of the Institute of Chartered Accountants of India has issued Accounting Standard (AS) 21 'Consolidated Financial Statements' which lays down principles and procedures for preparation a

Difference between audit procedure & audit technique

ASHWIN 31 July 2015 at 10:47

Audit Procedure is something an auditor does or should do in order to do audit.Audit Technique means how the Audit procedure is conducted.Audit procedure for audit of Receivables may be as follows Vouch the Credit Sales Transaction; Vouch for payment

Should statutory auditors attend AGM compulsorily?

Amitav Ganguly 24 July 2015 at 11:41

PREAMBLEThe Company jurisprudence in India enshrines statutory auditors who audit the accounts of a company as representatives of the shareholders who appoint them at every Annual General meeting {AGM} to look after the interest of the shareholders.I

Auditor: A bloodhound without teeth or a watchdog without eyes

sourav 20 July 2015 at 10:46

Auditing refers to inspection and examination of financial books of an organization in a systematic manner to ascertain whether the financial statements present a true and fair view of the concern.In observing the above the auditor is required to mak