Overview of Standards on Auditing: Standards on Auditing are also a tool to increase the fee structure. The client will eventually recognise the efforts that go in concluding the audit, however small it may be. In a highly regulated business environment of some of the western countries, we observe that the gap in fee structure […]
Standards on Auditing (SA) provide a Chartered Accountant most effective tool to evidence, justify & defend their auditing actions. In an era where Chartered Accountants are increasingly subjected to public scrutiny and are facing investigation at the drop of the hat, SAs provide them the necessary shield to withstand the storm. SAs are nothing but […]
In the famous historic case of the Kingston Cotton Mill Co., Ltd., in 1896, the ruling given by the Lindley L.J under Section 10 of companies (winding-up) Act, 1890 in favour of the Auditors of the company Mr. Pickering and Mr. Peasegood. He pronounced that the auditors are meant to carry out the role of […]
Changes in ITR and Tax Audit Report Forms (Form 3CD) for AY 2018-19: It is the tax season of the year!! The tax filings for the year ended 31st March 2018 are due and hence, the taxpayers and the tax professionals must be aware of the compliance and disclosure requirements in the tax audit report […]
Auditors Responsibilities while doing Tax Audit: The tax auditor should obtain from the assessee, the statement of particulars in Form No. 3CD duly authenticated by him. It would be advisable for the assessee to take into consideration the following general principles while preparing the statement of particulars: Auditors Responsibilities while doing Tax Audit (a) He can […]
Concurrent Audit Mechanism in banks: The banking industry in India has a huge canvas of history. Banking industry plays a critical role in driving the economic growth. It is closely regulated and supervised to monitor the sector and bring synergies with other sectors. The Government and the banking regulator needs credible financial and non-financial information […]