Audit News

Empanelment as a Technical Reviewer with Taxation Audits Quality Review Board of ICAI

25 July 2018 at 12:27

It is a pleasure to inform you that the Council of the Institute has constituted the Taxation Audits Quality Review Board in the year 2018 with an objective to review any report prescribed under the Income-tax Act, 1961 and Rules framed thereunder an

Posted in Audit | 2937 Views

FAQ on SA 570 Going Concern : For FY 2017-18 Audit

22 May 2018 at 16:40

Frequently Asked Questions on SA 570 (Revised), 'Going Concern' (Applicable for audits of financial year 2017-18)BackgroundAs the members are aware that ICAI has issued SA 570 (Revised),

Posted in Audit | 6234 Views

Stats Audit of units of ICAI : CA firms application invited

04 May 2018 at 10:43

Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Statutory Audit of various units of the Institute of Chartered Accountants of India (ICAI) [Announcement No. EOI/SA/2018-19 Dated 01/05/2018]====================

Posted in Audit | 4653 Views

Application invited by CA firms for Internal Audit of ICAI units

04 May 2018 at 10:43

Notice Inviting Expression of Interest for engagement of Chartered Accountants Firms for Internal Audit of various units of the Institute of Chartered Accountants of India (ICAI) [Announcement No. EOI/IA/2018-19 Dated 01/05/2018] ====================

Posted in Audit | 3192 Views

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 | 3444 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

Posted in Audit | 4206 Views

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 | 3084 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 | 8496 Views