Audit and assurance services , Internal audit services, Statutory audit consultant
NFRA has imposed a significant penalty INR 2.5 crore The National Financial Reporting Authority (NFRA) has imposed a significant penalty on M/s Shridhar & Associates and CA Ajay Vastani, totaling ₹2.5 crore, due to various audit violations during their audit of Reliance Commercial Finance Limited (RCFL) for the fiscal year 2018-19. This decision highlights the …
How Enhanced Transparency & Compliance Can Be Achieved by using Audit Trail (Edit Log) An audit trail, also known as an edit log or audit log, is a chronological record of activities related to a specific process or system. Implementing an audit trail can lead to increased compliance and transparency in various ways: An audit …
Financial Forensics and Forensic Audit Techniques Financial forensics and forensic audit techniques are specialized fields within accounting and finance that involve investigating financial transactions, statements, and records to uncover fraud, embezzlement, or other financial misconduct. Here’s an overview of these concepts and some common techniques used in forensic audits: Definition: Financial Forensics: This involves the …
Overview about the Forensic Audit Introduction of Forensic Audit: Definition: A forensic audit is a specialized financial investigation aimed at gathering evidence for legal proceedings. Purpose: It covers a wide range of activities, including investigating embezzlement, fraud, and other financial crimes, but also non-fraudulent situations like business closures and divorces Process: Similar to a traditional …
Myth vs Facts – Decoding Tax Audit u/s 44AB(e):44AD 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 …
Compulsory Audit Trail in Accounting Software w.e.f. 1.04.24 Ministry of Corporate Affairs via notification no. G.S.R. 205(E) dated 24.03.2021, needed companies to comply with using the accounting software which has a feature of recording the audit trail of each and every transaction. An edit log of each change has to be made in books of …
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 …