Income Tax Audit Applicability & Application in India Nature of Business or Profession When audit is Mandatory? Business loss In case of loss from carrying on of business and not opting for presumptive taxation scheme Total sales, turnover or gross receipts exceed Rs 1 Crore If taxpayer’s total income exceeds basic threshold limit but he …
AI (Artificial Intelligence) may help CA’s Deliver High Quality Audits Current scenario of Chartered Accountants Audit Services Now a days Chartered Accountants are faces challenges like poor work life balance; less time for business expansion; process inefficiency, limited availability of skilled resources and manual management leading to higher operational cost; poor traceability & visibility of …
Long Form Audit Report Key Points To Be Considered LFAR -long form audit report, the main focus is on identification of the lacunae in the operations and internal control system of the Bank. Statutory Audit Report may not communicate this aspect. 1. Whether Cash Balance is within the limits prescribed by Controlling Authorities. 2. Regular …
The Bank Audit Check List & Procedure. Details related Bank Audit Check List Point Related to Documents Verification Sl No. Particulars Yes/No Check By Reviewed by Remarks 1 Latest sanction letter of the bank providing facilities 2 Latest stock statement 3 Stock statements for the months covering audit period including stock statements certified by Chartered Accountant …
MCA has made it mandatory to conduct and retain audit trials of all transactions in their accounting software. The major rationale for implementing audit trail maintenance in accounting software is to promote accountability and transparency in business transactions or processes. MCA has issued a notification dated 24-03-2021 regarding Companies (Accounts) Amendment Rules, 2021 and Companies …
Govt will specify Large Audits Eligibility rules/ Standards for Quality Govt is considering whether to limit audits of big companies & Public-interest entities to companies of a specific size, reputation, and technological prowess. While at an early stage, discussions in this regard are centred on a graded approach to addressing the issue or risk of …
NFRA punished Ten Lakh Penalty on MACEL’s Auditor & Debar for Ten Years National Financial Reporting Authority’s investigations inter-alia revealed that the MACEL’s statutory Auditor for the Financial Year 2019-2020 failed to meet the conditions of the SA in a No of important elements & demonstrated a substantial lack of competence. According to the MACEL …
What are the Relaxation on Applicability of Accounting Standard for SMCs : MCA Notification dated 23.06.2021 Applicability Different Accounting Standard on Small and Medium Sized Companies & Non- Small and Medium Sized Companies S. No Accounting Standards (AS) Small and Medium Sized Companies Non- Small and Medium Sized Companies 1 Disclosures of Accounting Policies- Accounting Standard-1 …
Access or Availability to Chartered Accountants Audit Reports & Steps in The Process Flow for audit report & online Filing 2.0 The post includes a list of 22 audit reports and information on how to file them, as well as Process Flow Steps In Online Filing 2.0 on the New Income Tax Portal for all …
BASIC STATUTORY AUDIT PROGRAMME SAMPLE Introduction- Name of the Client Reporting Period Business of entity Objective- The purpose of this programme is to develop a Risk-Based Audit Programme that provides a basis for the orderly, efficient, and cost effective conduct of the audit as well as a criteria base for assessment. The main objective of …