Audit Articles

Audit under banking environment

CA. Atul Khurana 23 June 2015 at 10:42

Banking sector: The IT saga in Indian banking commenced from the mid-eighties of the twentieth century when the RESERVE BANK took itself the task of promoting automation in banking to i

Importance of written representation in Audit

CA Amrita Chattopadhyay 19 June 2015 at 10:37

IMPORTANCE OF WRITTEN REPRESENTATION IN AN AUDIT IntroductionCompanies Act 2013 has increased the responsibility of the auditor to manifold. The auditor has to take into consideration many factors while issuing report to the members of the company.As

History of tax audit

CA Mayank Khatri 18 June 2015 at 10:48

Tax audit was introduced in the year 1984. The main purpose was to ensure the accuracy of books of accounts maintained, which forms the basis of computation of income of the assesse The onerous responsibility was casted on char

Reporting under cost audit aligned with eight digit central excise tariff code

CMA Navneet Kr Jain 16 June 2015 at 11:02

Reporting Under Cost Audit aligned with Eight Digit Central Excise Tariff Code for Manufacturing Sector From 2014-15India is a country which introduced the concept of Cost Audits for the corporates. Till 2011, the cost audit report formats were neve

Positioning of internal audit in corporate framework

CA. Atul Khurana 15 June 2015 at 11:44

CONTENTS: Introduction Scope Internal Audit in corporate framework Principles of Internal Audit ICAI�s Standards on internal audit Internal Audit process Benefits ConclusionIntroduction: Int

Rephasement of repayment schedule vs. area of fraud

Rahul Gupta 02 June 2015 at 10:32

All of us are known to Concurrent Audit of Banks. The one of the key area of Concurrent Audit is to verify the correctness and to report the matters relating to Loans & Advances. Every Bank Official and Higher Authorities are interested to know a

Types of Internal Audit

CA.Mathew Jacob 01 June 2015 at 10:59

Types of Internal AuditWe all are quiet familiar with Internal Audits. Let me now brief you about the different types of internal audits.Information Systems Audit: Information Systems Audit is conducted to ensure proper functioning of the information

Going concern & importance of continuity management

CA Amrita Chattopadhyay 15 May 2015 at 10:54

Introduction The financial statements of an organization are prepared based on certain fundamental accounting assumptions. These assumptions may not be specifically stated, but their use and acce

Exemptions for CARO

CA Sripriya K 25 April 2015 at 11:43

The previous and the present CARO is placed side by side for easy reference. Please note that CARO will not be applicable for certain categories of Companies as stated in the order. Companies (Auditor's Report) Order, 2003 Compan

Game changer tips for audit paper

CA Ravi Taori 23 April 2015 at 14:43

GAME CHANGER TIPS FOR AUDIT PAPER(Improve marks by 20-30%) How you approach audit paper is very important, follow these to excel in exams. 1. First thing is to select questions & do ranking (determining solving sequence), it may be 3rd and then 6