Audit and assurance services , Internal audit services, Statutory audit consultant
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 …
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 …
Is Management representation letter is an effective tool of Deference for Statutory Auditor? What is management representation letter ? A client may provide a written management representation to the auditor as part of the audit evidences. To prevent misunderstandings about management’s responsibility for the financial accounts, it serves to document management’s representations made during the …
Income Tax Audit Form No. 3CD amended by The Central Board of Direct Taxes through Notification No. 33/2018, The new features of Form 3CD will be in effect from 20th August 2018 to incorporate further reporting requirements related to Goods and Service Tax (GST), Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from other …
FREQUENTLY ASKED QUESTIONS ON TAX AUDIT UNDER INCOME TAX ACT Q-1. What provision is stated in section 44AB? Ans. This provision specifies that taxpayers must perform an audit of their company or profession in order to provide an audit report for taxes purposes. Q-2. Who does tax audits? Ans. A tax audit is performed by …
SAFEGUARD & CHALLENGES FACED BY LOCAL CA FIRMS IN INDIA BRIEF INTRODUCTION Our Govt. believes and at the same time wants that the Global Big-8 firms should be including the 4 Indian Accounting Firms. However, this is often not going to happen until our own Govt. decides to promote local firms and thereby provides some kind of support, …