CA, CS, CMA : The article explains how unusually flawless records may signal a managed presentation rather than genuine business performance, re...
CA, CS, CMA : Focusing only on receivables can miss significant risks embedded in related-party payables. A bilateral review reveals internal gr...
CA, CS, CMA : This comprehensive checklist covers every stage of a stock and receivables audit, from engagement acceptance to final reporting. I...
CA, CS, CMA : A perfect stock valuation can still conceal serious lending risks if critical operating licences have expired. Auditors should ver...
CA, CS, CMA : The article highlights practical dilemmas faced during stock audits by borrowers, auditors, and bankers. It explains how professio...
Income Tax : Join us for an insightful session with CA Bikash Bogi, a seasoned tax expert with over 15 years of practical experience, as he bre...
Company Law : Multinational companies cannot conduct surrogate audit work in India under Chartered Accountants Act, 1949 and Companies Act, 2013...
CA, CS, CMA : Get expert support on auditing aspects for statutory audits. ICAIs Auditing and Assurance Standards Board (AASB) forms an expert p...
CA, CS, CMA : Discover the catalytic role of audit in enhancing efficiency and effectiveness, as emphasized by the Comptroller and Auditor Gener...
CA, CS, CMA : Explore the essential aspects of audit documentation, its nature, purposes, and compliance requirements. Learn best practices for ...
Service Tax : The High Court in this regard stayed CAG audit of a private limited company providing warehouse and logistical support services in...
Service Tax : Gujarat High Court granted stay on conducting audit of records of taxpayers under 5A of Service Tax Rules, 1994, by Officers of C&...
Finance : The Delhi High Court has delivered a judgement in the case of Association of Unified Telecom Service Providers of India Versus Uni...
Income Tax : and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course ...
Income Tax : The Delhi High Court (HC) [2010-TIOL42-HC-DEL-IT] in the case of CIT v. Industrial Finance Corporation of India (Taxpayer) which...
Company Law : The ROC Ahmedabad penalized the company and its director for failing to appoint independent directors and constitute an audit comm...
Goods and Services Tax : Learn about the latest directive from the Ministry of Finance regarding joint audits by CGST and SGST officers. Understand the fra...
Company Law : NFRA issued a circular highlighting statutory auditors' obligations to report fraud in accordance with Companies Act, 2013. Circu...
CA, CS, CMA : (1) These Regulations may be called Regulations on Audit and Accounts (Amendments) 2020 (2) They shall come into force on the date...
CA, CS, CMA : Labour Department, Government of Haryana vide its Notification No. 11/38/2016-4Lab dated 10th August, 2016 formulated Third Party ...
The article explains how unusually flawless records may signal a managed presentation rather than genuine business performance, requiring auditors to apply greater professional scepticism.
Focusing only on receivables can miss significant risks embedded in related-party payables. A bilateral review reveals internal group funding structures, offsetting balances, and potential drawing power distortions.
This comprehensive checklist covers every stage of a stock and receivables audit, from engagement acceptance to final reporting. It helps auditors avoid common mistakes and improve audit quality through practical guidance.
A perfect stock valuation can still conceal serious lending risks if critical operating licences have expired. Auditors should verify licence validity to identify threats to a bank’s security.
The article highlights practical dilemmas faced during stock audits by borrowers, auditors, and bankers. It explains how professional judgment, ethical concerns, and commercial realities often create situations with no perfect solution.
Stock audits are fundamentally different from statutory audits and must be treated as special purpose assignments. The article explains how this classification impacts scope, reporting, ethics, and auditor liability.
Learn how banks use stock and receivables audits to independently verify inventory and debtors before allowing working capital withdrawals. The article explains drawing power, audit procedures, and why accurate stock verification is critical for lenders.
The article explains how inadequate insurance coverage of hypothecated stock can expose banks to major financial losses despite valid stock audits. It highlights the responsibilities of stock auditors in checking policy schedules, insured locations, and under-insurance risks.
Differences between audited balance sheets and stock statements can significantly impact drawing power calculations. This article explains the major reconciliation issues every stock auditor must examine.
The Audit Committee ensures oversight of audits, controls, and compliance beyond financial reporting. Its effectiveness depends on independence, expertise, and quality decision-making.
