Audit Articles

What is Internal Audit?

CA Tanmay srivastava 22 April 2015 at 17:23

Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organizations operations. It helps an organization accomplish its objectives by bringing systematic , disciplined approach

CARO 2015

Aditya Maheshwari 13 April 2015 at 11:01

The MCA has issued Companies (Auditors Report) Order, 2015 vide order dated 10th April, 2015. It shall come into force on the date of its publication in the Official Gazette. The matters which on which reporing are required under CARO 2015 Aud

Auditors report for 2014-15- FAQ

CA Sripriya K 10 April 2015 at 10:32

There have been several mails and calls seeking clarifications on the Auditors Report to be issued for the period ended March 31, 2015. I summarise the issues as under in the form of an FAQ. What is the present ( as at April 9, 2015 ) position on Aud

Penalties: Cost records and cost audit non-compliance

CMA Navneet Kr Jain 06 April 2015 at 10:11

Penalties For Non Compliance With Cost Records And Cost Audit Provisions For 2014-15 OnwardsCMA Navneet Kumar JainFCMA, MBA, LL.B., M.COM, PGDTL, LIII, AIIISLA Normally, the companies have casual approach towards compliance with regard to the Cost

How to conduct octroi audit?

Pranjul Mittal 01 April 2015 at 10:49

Octroi audit is basically conducted to check whether the amt of audit paid by the payer or claimed by the customer/retailer/distributor from the com

Bank audit 2015 - Deposits - The peripheral aspects

Amresh 01 April 2015 at 10:49

When we go to audit the banking industry, we came to know which of the Banks must be treated with respect and which are in low water ,it simply add our responsibility to take cognizance of peripheral area of DEPOSITS. Deposits are peripheral areas o

Ready referencer on bank audit- 2015

CA Amresh Vashisht 26 March 2015 at 10:38

The Institute of Chartered Accountants has already issued 660 Page Guidance Note Bank Statutory Audit 2015.The publication is a regular annual publication with the foreword note of new President in Office. This is the Tenth Edition. The first Edition

Tendering audit services is a menace to the CA fraternity

CA Amresh Vashisht 26 March 2015 at 10:38

The latest quote price of Rs 2 per month per panchayat at Madhya Pradesh has once again shattered the profession heart & soul. Thank GOD this time, its double to 2012 rates, where the lowest tender for primary school audits was Re 1 per sc

Services which can be rendered by the auditors

CS Divesh Goyal 25 February 2015 at 16:18

As per Provisions of Section- 144 of Companies Act, 2013, A Statutory Auditor of company cant provide the following below mentioned services to followings: Services which a Statutory Auditor cant provide directly or indirectly to above

Bait Money check with respect to Concurrent Audit of Banks

Sahil Jolly 04 February 2015 at 10:26

Bait Money check with respect to Concurrent Audit of Banks The concept of Bait Money!Bait Money is a security feature used by various Banks/Bank branches. As its name suggests, this money kept with the Banks/Bank branches helps in tr