DILIGENCE REPORT To, The Manager, (Name of the Bank) I/We have examined the registers, records, books and papers of Limited having its registered office at……………………………………………………… as required to be maintained under the Companies Act, 1956 (the Act) and the rules…
Category: Audit
Guidance Note on Accounting for Derivative Contracts: ICAI
Guidance Note on Accounting for Derivative Contracts issued by ICAI. Download the Guidance Note on Accounting for Derivative Contracts. Download the Guidance Note Share on: whatsapp
Format of Auditor’s Report on Consolidated Financial Statements under the Companies Act, 2013
AUDITOR’S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS UNDER THE COMPANIES ACT, 2013 The Auditing and Assurance Standards Board, under the authority of the Council, has already issued the illustrative formats of the auditor’s report on standalone financial statements of a company under…
Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013
Guidance Note on Reporting on Fraud under Section 143(12) of the Companies Act, 2013 The Auditing and Assurance Standards Board of the Institute of Chartered Accountants of India has today issued the Guidance Note on Reporting on Fraud under Section 143(12)…
ICAI Issued Guidance Note on audit of Banks
The Guidance Note provides an insight into the banking industry in India and how they carry out their day to day functions. It also discusses in depth the various important items on the financial statements of a bank, its peculiarities, manner…
RBI asks bank auditors to have a stringent monitoring process
Pointing to the gaps in the auditors’ work, the Reserve Bank of India (RBI) has asked banks to adopt a more stringent auditing process to ensure that review of financial results and identification of fraud is done more promptly. RBI Deputy Governor S S Mundra said there…
Delay in Tax Audit/ tax audit not done & Penalties Leviable
Tax audit is made compulsory u/s.44AB of the Income tax Act, 1961 for those a) carrying on business having sales, turnover or gross receipts, as the case may be, exceed or exceeds Rs. 100.00 lacs in the previous year from the…
Significant reasons for adopting SARBANES-OXLEY ACT (SOX)
A variety of complex factors created the conditions and culture in which a series of large corporate frauds occurred between 2000–2002. The spectacular, highly publicized frauds exposed significant problems with conflicts of interest and incentive compensation practices. The analysis of…
Background of SARBANES-OXLEY ACT (SOX)
Sarbanes–Oxley was named after sponsors U.S. Senator Paul Sarbanes (D‑MD) and U.S. Representative Michael G. Oxley (R‑OH). As a result of SOX, top management must individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. Also,…
RISK BASED AUDIT OF BANKS
Historically, the audit system in banks has been concentrating on transaction testing, testing of accuracy and reliability of accounting records and financial reports and adherence to legal and regulatory requirements. However, in the changing scenario such testing by itself would…