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…

Indirect tax collections up 4.6% in April-August

Indi­rect tax col­lec­tion increased by 4.6 per cent in the April-August peri­od of this fis­cal, while cus­toms duty and excise duty col­lec­tions rose mar­gin­al­ly. Indi­rect tax col­lec­tions com­pris­ing excise, cus­toms and ser­vice tax stood at Rs 1,94,492 crore in the first five months of…

Rs. 3,200/- Crore smile on Vodafone’s face

In a rul­ing that could have a sig­nif­i­cant bear­ing on sev­er­al multi­na­tion­als fight­ing tran­s­fer-pric­ing cas­es in India, the high court here on Fri­day ruled in favour of British tele­com major Voda­fone Group, say­ing it didn’t have to pay addi­tion­al tax of Rs…