Audit Articles

How to improve Bank Audit Appointment System?

CA Nitesh Kumar More 05 March 2014 at 13:21

PRESENT APPOINTMENT SYSTEM: A) Every year, ICAI forward the Bank Branch Auditors Panel to Reserve Bank of India. The said panel was classified into following three lists by RBI:- i. List of auditors stationed at cooling period (applicable to

Analysis of Provisions on Statutory/Cost/Secretarial Audits & Auditors

CA Nitesh Kumar More 04 March 2014 at 11:52

THE COMPANIES ACT 2013(Chapter X- Sections 139 to 148 & 204) About the Act The long-awaited new Companies Bill 2012 has at last seen the light of the day as The Companies Act 2013 (Act No.18 of 2013) with its publication in the Gazette of India E

Limited Review

Umesh Rijal 26 February 2014 at 17:07

Limited Review can be defined as the audit of financial statements on quarterly basis. Listed companies are required to conduct limited review through statutory auditors before s

Outsourcing the Audit Function-Key Considerations

Anurag 14 February 2014 at 11:14

Introduction Offshoring of business processes has gained wide currency in recent times. From its simple beginning in the 1970’s with the movement of payroll and repetitive transaction processing, off-shoring has grown to a $65 billion market. A

Audit By Dept. Officers- CAG- Are they legal?

Madhukar N Hiregange 13 February 2014 at 12:23

The Central Excise as well as Service Tax have been amended post liberalization to follow the self assessment scheme. It means that the return is accepted as correct. However as a check against filing incomplete, incorrect, faulty returns there are p

Is audit and internal control a must

Bharath Rao 31 January 2014 at 12:30

Implementation and continuous review of effectiveness of Internal Controls has always been a challenge for enterprises. Internal Controls can be compared to the chassis of a vehicle - without the chassis, the engine is rendered useless. Internal Cont

How to do concurrent audit of banks?

Umesh Rijal 27 January 2014 at 11:48

The word concurrent itself defines its meaning, concurrent means happening at the time. Concurrent Audit means doing the examination of the financial transactions at the time of happening or parallel with the transaction. Most of the new articl

Audit of Banks with the help of Finacle

Pranav Vijay Pandya 16 January 2014 at 12:59

Audit of Banks with the help of FinacleThe banking sector in India has developed tremendously after it adopted the Core Banking Solution (CBS). Finacle is also one of such CBS softwares developed by Infosys. Many nationalized banks such as Bank of B

How To Start An Audit For Beginners

Ankit Aryal 15 January 2014 at 10:56

HOW TO START AN AUDIT AND TAKE IT TO A CONCLUSION Ankit Aryal

The Anatomy of Controls

Nishanth 02 January 2014 at 13:04

This was first posted on my website www.theauditschool.com. Every step I take in learning new things about internal controls, audit or risk management, I like to take two steps back to see the basic concepts which I have learnt years back and see