Audit Articles

Internal Audit Process and Reporting

Rashid Mehmood 20 March 2013 at 11:28

I received a message from one of our club member and she was keen to learn internal audit process & reporting and requested for some sample audit report. I replied her to develop her own audit report and send me for review, after reviewing the

Internal Audit Checklist for Statutory Dues and Credit

CA Ayush Agarwal 09 March 2013 at 11:29

Dear All Internal Auditor, Audit Check List is Must for Audit. Through Only You can Know What Left and What Done. Input credit (Cenvat Credit):- 1. Cenvat Credit refers to availing (taking) credit of excise duty charged on

Fraud Risk Mitigation Process in Organizations.

Rashid Mehmood 03 March 2013 at 15:36

The fraud is a growing issue in all types of industries, business, cultures and management, a study report published by Metricstream Inc unveiled that a typical organization loses its 5% of revenue each year because of the fraud and fraudulent act

Standards on Internal Audit: Codifying the Best Practices

PRATEEK LOONKAR 01 March 2013 at 15:35

What is Internal Audit? Internal Auditing is an independent, objective assurance and consulting activity designed to add value and improve an organizations operations. It helps an organization to accomplish its objectives by bringing a sy

Accounting and Auditing in Ancient India

Sonia Jaspal 26 February 2013 at 11:26

Professionals want to know the origin of their profession, the work done in olden times and the level of knowledge. I thought of sharing with you the history of Indian accounting and auditing profession. I discovered in Kautilyas Arthshastr

How to detect fraud during the Audit - A tool for auditors

Rashid Mehmood 22 February 2013 at 11:21

I felt a need to write about this important topic after experiencing that often times a fraud is detected by chance during the audit either by external or the internal auditors. The new auditors in profession and the auditors under training may sk

Risk Based Internal Audit Plan - A Practical Approach

Rashid Mehmood 18 February 2013 at 11:41

The internal auditors role has become more important ever since before and the legislators, regulators and top business executives realize the importance of auditors in the governance and performance equation. Therefore, the auditors in a

Role of Internal Audit in Corporate Environment

Rashid Mehmood 12 February 2013 at 11:36

With increasing attention to financial reporting - by legislators, regulators, security analysts, institutional investors, and others the role of internal auditors has become more important and increasing day by day. Internal Audit is an i

Auditors Criticise Without Value Addition

Sonia Jaspal 06 February 2013 at 11:43

I thought of dealing with a difficult and sensitive topic for auditors. The corporate world views auditors with jaundiced eyes and auditorville has a bad reputation. Scott Adams in his book Thriving on Stupidity in the 21st Century

A Brief Note on Scope of Auditing

ashish sharma 28 January 2013 at 17:26

There has been a tremendous increase in the scope of audit during the last 50 years. During this period several new concepts of audit have been introduced, namely Cost Audit, Management Audit, Tax Audit, Social Audit and Operations Audit.The scope of