Audit Articles

Why we need Internal Auditing?

Posted by Srinath P 21 March 2013 16680 Views

Most of the executives of successfully running small medium enterprises have this question in mind. We have already spending for statutory audits (namely external audits) and why we need to spend again for internal aud

Internal Audit Process and Reporting

Posted by Dr. Rashid Mehmood, CPA, Ph.D 20 March 2013 133701 Views

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

Posted by CA Ayush Agarwal 09 March 2013 108054 Views

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.

Posted by Dr. Rashid Mehmood, CPA, Ph.D 03 March 2013 11585 Views

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

Posted by PRATEEK LOONKAR 01 March 2013 32244 Views

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

Posted by Sonia Jaspal 26 February 2013 22952 Views

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

Posted by Dr. Rashid Mehmood, CPA, Ph.D 22 February 2013 52574 Views

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

Posted by Dr. Rashid Mehmood, CPA, Ph.D 18 February 2013 129714 Views

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

Posted by Dr. Rashid Mehmood, CPA, Ph.D 12 February 2013 19448 Views

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

Posted by Sonia Jaspal 06 February 2013 9719 Views

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