Posted Date : 11-Jul-2012 , 04:42:02 pm | Posted By CA ISHA MARFATIA

KYC checking: For New account 1)      Name of the account holder 2)      Type of a/c saving/current/time/advance 3)      A/c no 4)      A copy of verified Identity proof 5)&...

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Category : Auditing | Comments : 7 | Hits : 14255

Posted Date : 18-Apr-2012 , 12:58:30 pm | Posted By CA Vikas Maheshwari

IMPORTANT ANNOUNCEMENT: Important Announcement on revised Effective Date/ Applicability of three Standards on Auditing, namely – - SA 700 (Revised), “Forming an Opinion and Reporting on Financial Statements”; - SA 705, “Modifications to the Opinion in the In...

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Category : Auditing | Comments : 0 | Hits : 1358

Posted Date : 15-Apr-2012 , 09:41:46 am | Posted By Kishore Bolisetty

Analytical Procedures mean the analysis and comparison of financial statements with an intention to identify the potential risk areas of the business. Financial statements show the income, expenses, assets, liabilities and share capital. When we calculate different ratios by creating relation...

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Category : Auditing | Comments : 0 | Hits : 565

Posted Date : 23-Mar-2012 , 02:51:09 pm | Posted By CA Akshay Joshi

 Parallel to the great upsurge another factor that hunting the board room of the corporate are "Risk". There can be any type of the risk whether it is liquidity risk, fraud risk, reputation risk, competition risk and sundry other risks. Thus the internal audit pr...

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Category : Auditing | Comments : 0 | Hits : 827

Posted Date : 22-Mar-2012 , 11:21:46 pm | Posted By NAVNEET KUMAR JAIN

Applicability of Cost Records in Real Estate/Construction Industry Statutory Auditors of Construction/Real Estate Companies to exercise caution By Navneet Kumar Jain, Practising Cost Accountant, Delhi Till the year 2010-11, cost records were required to be maintained for companies in ...

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Category : Auditing | Comments : 0 | Hits : 961

Posted Date : 22-Mar-2012 , 08:27:08 pm | Posted By CA Mordhwaj Garg

RBI revised Branch Audit Limit 20 Crore to 6 Crore. ...

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Category : Auditing | Comments : 0 | Hits : 677

Posted Date : 19-Mar-2012 , 03:51:04 pm | Posted By Mrattunjay

Every organization obtains critical inputs from the environment and converts them into products and services to be used by society at large. As such, it is not a money spinning machine alone; it has to take care of societal interests in all its operation. It is not therefore supposed to pollu...

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Category : Auditing | Comments : 0 | Hits : 637

Posted Date : 07-Mar-2012 , 10:54:02 am | Posted By SHIKHA SONI

Now, the world is in twenty first century, everywhere changes could be visualised but with respect to accounting, auditing etc, where is the change?  Modern organisations have become more sophisticated and thus resulted in decentralisation of their activities and consequently the top ma...

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Category : Auditing | Comments : 2 | Hits : 501

Posted Date : 23-Feb-2012 , 06:02:24 am | Posted By NAVNEET KUMAR JAIN

Cost Audit Applicability: 2011-12 and 2012-13 Maximum Organisations Covered vide new Cost Audit Orders dated 24 Jan 2012;;; The Ministry of Corporate affairs has issued various Cost audit orders since 2/5/2011 and the latest cost audit order has been issued on 24/01/2012. Various industri...

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Category : Auditing | Comments : 2 | Hits : 34682

Posted Date : 08-Feb-2012 , 07:52:08 pm | Posted By CA Mordhwaj Garg

A worst situation has emerged for the Bank audit 2012 assignments. It seems that there will not be Branch Bank Audits for category III & Category IV firms this year. The RBI has diluted its stand but still gunning for 30 Crore & 50 Crore norms for Branch Audit. ...

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Category : Auditing | Comments : 2 | Hits : 1397

Posted Date : 07-Feb-2012 , 12:42:29 pm | Posted By CA Mordhwaj Garg

Unique Code Number for Bank Audit of F.Y. 2011-2012 are the below link:-   http://www.mefcai.org/know_ucn.html ...

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Category : Auditing | Comments : 0 | Hits : 2586

Posted Date : 31-Dec-2011 , 10:55:37 am | Posted By Abhishek Shukla

  Governance and Risk Management Failures Contributed to Failure of Major UK Bank Norman Marks, CRMA, CPA, is a vice president for SAP and has been a chief audit executive and chief risk officer at major global corporations for more than 20 years.   The UK&r...

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Category : Auditing | Comments : 2 | Hits : 491

Posted Date : 21-Dec-2011 , 09:39:48 am | Posted By Arpit Khetan

FORENSIC ACCOUNTING- Concept   Forensicauditing is a comprehensive auditing tool. Once it is completed, the organization's key stakeholders should capitalize on the work by implementing controls to reduce the risk associated with the event ide...

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Category : Auditing | Comments : 2 | Hits : 1697

Posted Date : 28-Nov-2011 , 03:39:26 pm | Posted By INDRANEEL SEN GUPTA

Stiff competition on the streets among consumers has leaded every business to sales its products under various non festive promotional offers. So many brands and so many choices has lead consumers to choose from a wide variety of choices whereas companies has to face tough comp...

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Category : Auditing | Comments : 0 | Hits : 452

Posted Date : 12-Oct-2011 , 07:04:10 pm | Posted By AKHIL MAHESHWARI

  Ø REGARDING  TDS Ø  REGARDING  BONUS Ø  REGARDING  FBT Ø  REGARDING  PURCHASE Ø REGARDING  PROVIDENT FUND Ø REGARDING  ...

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Category : Auditing | Comments : 3 | Hits : 1355

Posted Date : 18-Sep-2011 , 04:36:41 am | Posted By Vikas

1) Brief history about the clients nature of business: First of all if u want to carry an audit to any manufacturing company, U should have a brief knowledge about the client’s nature of business, what are the activities they are carrying, what is the procedure they are following while ma...

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Category : Auditing | Comments : 1 | Hits : 2213

Posted Date : 30-Jun-2011 , 09:38:49 am | Posted By NAVNEET KUMAR JAIN

Latest amendment with relation to Cost Records (Sec 209(1)(d) and Cost Audit (Sec 233B) of Companies Act to be complied from the year 2011-12 onwards   Sir, Ministry of Corporate Affairs has recently issued various notifications/circulars relating to cost records and Co...

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Category : Auditing | Comments : 0 | Hits : 4197

Posted Date : 24-May-2011 , 07:07:07 am | Posted By Rohit

  Read the given para to memorise sequentially CARO Points in few mins :-     Fixed Inventory Loan on Internal Register of Public deposit for Internal Audit & Cost Records w...

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Category : Auditing | Comments : 0 | Hits : 1487

Posted Date : 12-May-2011 , 12:14:43 pm | Posted By Madhu Kiran

    Has to know brief history about the clients nature of business: First of all if u want to carry an audit to any manufacturing company, U should have a brief knowledge about the client’s nature of business, what are the activ...

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Category : Auditing | Comments : 1 | Hits : 3791

Posted Date : 12-May-2011 , 12:12:19 pm | Posted By Madhu Kiran

    Statutory Requirments to follow while conducting Statutory Audit     Balance Sheet:-   1.         Share Capital Please Confirm that is there...

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Category : Auditing | Comments : 2 | Hits : 6974