Comptroller and Auditor General of India (C&AG) detected shortcomings of ₹203.97 Crores by Compliance...
Instances of misappropriation, fraud, lapses in internal control, loss of Government of India assistance, underutilisation of assets, shortcoming in implementation of rules and programmes...
Income Tax Dept. releases New Tax Audit utility, Form 3CD – Schema Change Document...
On 22nd October 2020, the Income Tax (I-T) Department announced ‘Form 3CD Schema Changes’ under e-Filing Project released New Tax Audit utility, Schema Version...
Updates that Matter (UTM – No. 42)
We are pleased to update you vide UTM’s (Key Update Alerts). Please find hereunder our “Updates that Matter (UTM # No. 42)”,
A. GST –Guajarat...
Guidelines issued as per RBI for appointment of Statutory auditors
The Reserve Bank of India on Tuesday issued guidelines for appointment of statutory auditors of banks and non-banking finance companies (NBFCs), including housing finance companies.
'Guidelines for Appointment of Statutory Central Auditors (SCAs)/...
ICAI suggested for appointment of statutory central auditors for public banks
The CA Institute has suggested that appointment of statutory central auditors (SCAs) of public sector banks should be done by the Reserve Bank of...
Oxygen Crisis: SC called for the complete audit of the system
The allocation of oxygen across India, till now based on the number of beds and ICU usage, needs a complete revamp that takes into...
Forensic Audit to be conducted on Mobikwik in data breach case
The Reserve Bank of India has asked digital wallet firm Mobikwik to get a forensic audit done without delay over data breach allegations. The...
RBI’s bank audit, challenges to come
The Reserve Bank of India (RBI) on Tuesday issued guidelines for the appointment of statutory auditors at banks, regional rural banks, urban cooperative banks...
Accounting software with audit Trail Feature
Ministry of Corporate Affairs postpones implementation of Accounting Software up to FY 23.
The postponement of the rule, a senior government official said, is in...
Disciplinary Action for Improper Audit taken on Ex-Deloitte Auditor
An ex-Deloitte LLP partner is facing disciplinary action in the Netherlands for an improper audit of Steinhoff International Holdings NV prior to the South...
Action to be taken against the Agency who issued Safety Audit Report: Mumbai Fire...
Official said while Sunrise Hospital got the NOC from fire brigade, except the fire alarms and smoke detectors, no firefighting systems like sprinklers, hydrants,...
Fraud of 2 Crore rupees as revealed under Social audit
There were no Measurement Books and other records pertaining to plantation of saplings under the rural employment guarantee scheme.
Embezzlement of nearly Rs 2 crore...
List of CA Firms in India
A very wide list of CA Firms practicing in India. Refer below for knowing more.
Click Here to get all the Details
(Disclaimer : This is...
IND AS Read With Point of Taxation Rules – A Big Disarray!!
Point of Taxation Rules, 2011
As per Point of Taxation Rules, 2011, ‘point of taxation’ shall be the time when the invoice for the service...
How to Face Transfer Pricing Audits with Preparation & Perseverance
Introduction: Transfer pricing audits can be a daunting experience for multinational companies. With tax authorities around the world becoming increasingly aggressive in their enforcement...
KPMG Faces Backlash after Clean Report Issuance on SVB and Signature Bank – Analyzing...
Accounting firm KPMG, one of the ‘Big 4’, that gave a clean chit to Silicon Valley Bank and Signature Bank, days before they collapsed,...
Consequences of Non-Appointment of Internal Auditor under the Companies Act, 2013
1. Internal Audit
As per the definition given by the Institute of Internal Auditors, USA, internal auditing is an independent, objective assurance and consulting activity...
NFRA To Introduce Annual Transparency Report Requirement For Audit Firms
In a first of its kind move aimed at improving Audit Quality, The National Financial Reporting Authority (NFRA) on Monday proposed introducing Annual Transparency...
Understanding Social Audit in the Light of Latest Regulatory Changes
1. A Brief on the Concept of Social Audit
Over the last few decades, the Comptroller and Auditor General (CAG) of India has been conducting...
MCA Enhances Quality Review Board for ICAI and ICSI
The Ministry of Corporate Affairs (MCA) has enhanced the Quality Review Board (QRB) of the Institute of Chartered Accountants of India (ICAI) and the...
ICAI To Expand CA Multiverse at School & College Level
ICAI's massive expansion plan: 30 lakh new chartered accountants by 2047
The Institute of Chartered Accountants of India (ICAI), the regulatory body in India for...
What triggers an IRS audit? Here are red flags that increase the chance of...
As you work on your tax return, you may be wondering if there's anything you can do to avoid being audited.
When you're audited by the...