Documentation of Audit Plans include: The overall audit strategy (basis of the audit plan) Procedures to be performed Risk assessment procedures Further procedures Other procedures Involvement of specialists Three aspects of audit procedures should be documented in audit plans are: NET of procedures N = Nature E = Extent T = Timing Factors external auditors […]
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[A] Pre-Engagement Acceptance Responsibilities 1) Preconditions for an Audit – Auditor to determine that management uses Acceptable financial reporting framework Understands its responsibility for the preparation and fair presentation of financial statements Understands its responsibility for the design, implementation and maintenance of internal control and Understands its responsibility to provide access to all information 2) […]
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AICPA Code of Professional Conduct has a set of specific mandatory rules describing minimum levels of conduct a member must maintain as a CPA Profession has a responsibility to the public. AICPA Code of Professional Conduct expects the CPA to honour public trust Rules that are mandatory for all members are : (a) Integrity and […]
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Audit Engagements Purpose of Audit is to provide users of financial with an opinion on whether the financial statements are presented fairly, in all material respects in accordance with the applicable financial reporting framework Objective of Audit is to (1) Obtain reasonable assurance (2) Express an Opinion (3) Report findings as required by GAAS (4) Be Independent and comply with relevant ethical rules Auditor to (1) Exercise professional judgement (2) With Professional Skepticism (3) Recognize that circumstances may […]
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Following are several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors:— A. INCOME TAX [1] Income Tax Extend last date for income tax returns for (FY 18-19) from 31st March, 2020 to 30th June, 2020. [2] Aadhaar-PAN linking […]
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CSR CONCEPTS Corporate Responsibility is the continuing commitment by business to behave ethically and a positive continuity towards social and economic development at large. It is the contribution of the corporate sector for philanthropic causes like education, health, water, environment and community welfare. Corporate responsibility evokes from good governance. Good Governance covers moral values, powers, […]
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23/12/2013 – Article on Limited Liability Partnership Constituent of Limited Liability Partnership Limited Liability Partnership [LLP] as a business vehicle has been recognised worldwide. Internationally in countries like UK, France, USA, Singapore, Japan, China, Canada, Germany etc., LLP is preferred as a business medium especially for the service sector, realty sector, Joint Ventures […]
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