Audit News

Implementation Guide on SA 700,705 and 706 reporting standards

03 May 2018 at 10:58

Chapter 1 Introduction 1.1 The Standards on Auditing and Quality Control are divided into two groups: Standards on Quality Control (which apply to quality control at the firm level) and the Standards on Auditing (SAs) which apply to audits of histori

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Expert panel formed for addressing Bank audit queries

02 April 2018 at 11:47

AUDITING AND ASSURANCE STANDARDS BOARDCONSTITUTES EXPERT PANEL FOR ADDRESSING BANK BRANCH AUDITRELATED QUERIES FOR THE FINANCIAL YEAR 2017-18Dear Members,The bank audit season is around the corner. Given the fact that the banking industry is typical

Posted in Audit | 1 comments | 3420 Views

Revised standard on Joint Audit of Financial statements

30 March 2018 at 12:20

IntroductionScope of this SA1. The practice of appointing more than one auditor to conduct the audit of large entities has been in vogue for a longtime, sometimes voluntarily by the shareholders or sometimes due to the requirements of laws or regulat

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Allocation of work among joint auditors in case of Bank Audits

07 March 2018 at 11:13

Advisory for the Members regarding Allocation of Work among the Joint Auditors in case of Bank Audits 1. As you are aware that ICAI has issued Standard on Auditing (SA) 299, �Responsibility of Joint Auditors�. Regarding allocation of work

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NFRA to have power to impose penalty on audit firms

07 March 2018 at 11:13

The Chartered Accountants Act, 1949 (Act) provides for imposition of penalties on members of the Institute of Charted Accountants of India (ICAI).The ICAI had submitted a proposal to the Government for amendment to the Act to, inter alia, provide for

Posted in Audit | 5 comments | 3045 Views

ICAI issues notice to auditors of Punjab national bank

23 February 2018 at 14:31

The attention of Institute of Chartered Accountants of India (ICAI) has been drawn to various media reports highlighting the irregularities that have taken place in Punjab National Bank (PNB). While various investigating agencies have initiated their

Posted in Audit | 4 comments | 8460 Views

Revised Formats of Statutory Auditor's Report for Urban Cooperative Banks

31 January 2018 at 11:07

FOR THE ATTENTION OF THE MEMBERSRevised Formats of Statutory Auditor's Report for Urban Cooperative Banks The Auditing and Assurance Standards Board of ICAI is issuing the following revised formats of the statutory auditor�s report for urba

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Draft bank branch Auditors panel of CA firms released for 2017-18

15 January 2018 at 10:34

Dear Professional Colleagues,We are pleased to inform that the Draft Bank Branch Auditors Panel of Chartered Accountants/firms for the year 2017-18 has been prepared alongwith the category of the applicants. The Draft Panel contains the following:1.

Posted in Audit | 4605 Views

Report on Audit Quality Review

16 November 2017 at 12:07

AnnouncementReport on Audit Quality Review (2016-17) of the Quality Review Board1. Government of India has, in exercise of the powers conferred under Section 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board (the �B

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Advise clients to approve tax audit reports timely says ICAI

30 October 2017 at 11:34

Members are requested to advise their clients to timely approve the tax audit reports under their digital signatures for the AY 2017-18 uploaded by them on the e-filing portalThe Department of Income-tax (Systems) has informed ICAI that a large numbe

Posted in Audit | 5610 Views