Audit Articles

Be aware your November exam is approaching..

CA.ViVeK M ACA 29 September 2010 at 11:13

Dear friends and members How you can success the forthcoming exam? Please borne in mind that better be late than never. This means even if you not did your studies well till this moment and start studies even today have also the chance of success.

Audit and fraud

SIVARAM CHOUDHURY 03 September 2010 at 17:01

WHAT IS FRAUD: In simple terms fraud is a mistake with a reason. To explain more Fraud is an activity by a person who does his duty in a wrong way or refrains from doing his duty for some favors i.e. financial, tangible, or anythin

Long Form Audit Report - LFAR

Anish Lakshman S 31 August 2010 at 13:37

Long Form Audit Report - LFAR Documents required to be kept in Audit file for Peer Review purpose 1. Cash Retention Limit duly certified by the Branch Manager; 2. A certificate from the Branch Manager stating that the excess cash holding is being re

Report on Satyam Fiasco

Vijay Kalia 30 August 2010 at 12:00

ICAI‘S SATYAM REPORT OF LITTLE USE – MCA DISMISSES- NEED WE BE COMPLACENTThe news is most disturbing and most of us seem to have taken it in their stride but being a senior member of the chartered accountant community, the news has shaken

Bank Branch Audit - at a Glance

Raghavendra Bhat 21 August 2010 at 15:16

The rapid advancement in information technology has revolutionised the Indian banking sector—perhaps one of the largest in the world as far as its extensive branch network is concerned. Not a day passes without a new ATM being opened or a new

Points to be considered while acquiring a company

Manikanta Raju CA,CWA,(CS) 16 June 2010 at 10:55

Now a day’s cross border transactions, mergers and acquisitions became quite common in a regular business phenomenon. In this article I will discuss a few points as a course of initial observations to be considered while acquiring company- 1)

EOU and its difference with SEZ

Manikanta Raju CA,CWA,(CS) 14 June 2010 at 11:52

Exported Oriented Units: Units undertaking to export their entire production of good & services may be set up under the EOU scheme Procedural Aspects: Application for setting up, to be made to- ü ‘Board of approval ‘ (BOA) for

Peer Review documentation-Auditees prespective

CA Umesh Sharma 04 June 2010 at 16:16

Documentation by PU for peer review process The Peer Review Statement does not lay down any requirement for maintaining documents by the practicing unit. However, Standard on Auditing (SA) -230 “Documentation” which is mandatory from 1s

Concept of SEZ

Manikanta Raju CA,CWA,(CS) 02 June 2010 at 11:31

Query-1: What is the concept of SEZ??? Clarification: SEZ is a “Specifically delineated duty free enclave”……. Let me explain this with an example ------ “Think of sitting in a library and studying and that the libr

Traditional Vs Modern Techniques of Auditing

Varun.T.K 20 May 2010 at 12:39

The concept or the vision of auditing has been subject to many changes during the recent eras. In fact, the approach towards auditing as a tool of check seems to have given many definitions in each period. Since the environment is constantly chan