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Draft of SA 315, Identifying & Assessing Risks of Material Misstatement through Understanding the Entity and Its Environment
Exposure Draft of SA 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment Introduction Scope of this SA 1. This Standard on Auditing (...
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Draft SA 299 Joint Audit of Financial Statements
Exposure Draft of SA 299 (Revised), Joint Audit of Financial Statements Introduction Scope of this SA 1. The practice of appointing more than one auditor to conduct the audit of large entities has bee...
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Draft SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance & Management
Exposure Draft of SA 265, Communicating Deficiencies in Internal Control to Those Charged with Governance and Management Introduction Scope of this SA 1. This Standard on Auditing (SA) deals with the...
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Draft SA 260 Revised Communication with Those Charged with Governance
Exposure Draft of SA 260(Revised): Communication with Those Charged with Governance Introduction Scope of this SA 1. This Standard on Auditing (SA) deals with the auditor’s responsibility to communica...
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Draft SA 250 Consideration of Laws & Regulations in Audit of Financial Statements
Exposure Draft of SA 250, Consideration of Laws and Regulations in an Audit of Financial Statements Introduction Scope of this SA 1. This Standard on Auditing (SA) deals with the auditor’s responsibil...
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Zomato and Swiggy Face Rs 750 Crore GST Demand
Introduction: Zomato and Swiggy, two giants in the food delivery sector, are now grappling with GST demand notices amounting to a staggering Rs 750 crore, as revealed by a report from the Directorate...
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Section 10(46): Maharashtra Council of Homoeopathy Recognized
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No.101/2023 dated 24th November, 2023, under the Income-tax Act, 1961. This notification bring...
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Section 10(46): Chhattisgarh Rajya Beej Pramanikaran Sanstha Recognition notified
Introduction: The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No.100/2023 dated 24th November, 2023, under the Income-tax Act, 1961. This notification exten...
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IFSCA invites comment on Banking Regulations, 2020
Introduction: The International Financial Services Centers Authority (IFSCA) is reaching out to the public for feedback on potential amendments or additions to the IFSCA (Banking) Regulations, 2020. T...
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The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements
“Auditor’s Role in Detecting and Addressing Fraud: SA Guide” “Explore the auditor’s responsibilities in detecting and addressing fraud in financial statements. Understand fraud risk factors, preventio...
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Audit Documentation
“Effective Audit Documentation: Compliance and Best Practices” “Explore the essential aspects of audit documentation, its nature, purposes, and compliance requirements. Learn best practices for effect...
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Planning an Audit of Financial Statements
“Effective Audit Planning: A Comprehensive Guide to Auditor Responsibilities and Strategy” “Explore the essential aspects of audit planning with this guide. Learn about auditor responsibilities, effec...
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Agreeing the Terms of Audit Engagements
“Agreeing Audit Engagement Terms: A Comprehensive Guide” “Explore the importance of agreeing audit engagement terms, preconditions, responsibilities, and legal considerations. Learn from the comprehen...
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Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing
“Understanding the Independent Auditor’s Objectives and Audit Conduct” “Explore the overall objectives of the independent auditor and the essential elements of conducting audits in accordance with aud...
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Quality Control for an Audit of Financial Statements
“Auditor Responsibilities and Quality Control in Financial Audits: A Comprehensive Guide” “Explore the Standard on Auditing (SA) focusing on auditor responsibilities and quality control procedures for...
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Exposure Draft of Standards on Auditing for Limited Liability Partnerships
Introduction: On November 22, 2023, the Institute of Chartered Accountants of India (ICAI) unveiled the Exposure Draft of Standards on Auditing for Limited Liability Partnerships (LLPs). This developm...
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Functionality for Valid Returns (up to AY 2017-18) with Delayed Income Tax Refund Claims
Introduction: The Directorate of Income Tax (Systems) has issued an important directive, ITBA Processing Instruction No. 15, providing insights into the Central Board of Direct Taxes’ (CBDT) relaxatio...
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Income Tax Alert: High-Risk Non-filer Cases AY 2020-21 Insights
Introduction: The Directorate of Income Tax (Systems) has issued a crucial alert to all key stakeholders, including Chief Commissioners, Directors General, and Commissioners of Income Tax, regarding t...
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High-Risk Non-filer Cases for AY 2017-18: Insights from DIT (Systems)
Introduction: The Directorate of Income Tax (Systems) issues a crucial communication regarding High Risk Non-filer cases for the Assessment Year 2017-18. This article delves into the details of the co...
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Section 138 Notification: UIDAI Appointed for Information Disclosure
Introduction: The Ministry of Finance, Department of Revenue, Central Board of Direct Taxes, through a recent notification No. 99/2023-Income Tax dated 20th November 2023 (S.O. 4996(E)), has made a si...