Audit News
Empanelment as a Technical Reviewer with Taxation Audits Quality Review Board of ICAI
25 July 2018 at 12:27It 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
FAQ on SA 570 Going Concern : For FY 2017-18 Audit
22 May 2018 at 16:40Frequently 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),
Stats Audit of units of ICAI : CA firms application invited
04 May 2018 at 10:43Notice 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]====================
Application invited by CA firms for Internal Audit of ICAI units
04 May 2018 at 10:43Notice 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] ====================
Implementation Guide on SA 700,705 and 706 reporting standards
03 May 2018 at 10:58Chapter 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
Expert panel formed for addressing Bank audit queries
02 April 2018 at 11:47AUDITING 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
Revised standard on Joint Audit of Financial statements
30 March 2018 at 12:20IntroductionScope 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
Allocation of work among joint auditors in case of Bank Audits
07 March 2018 at 11:13Advisory 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
NFRA to have power to impose penalty on audit firms
07 March 2018 at 11:13The 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
ICAI issues notice to auditors of Punjab national bank
23 February 2018 at 14:31The 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
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