Audit and assurance

Internal audit function has potential to improve operating efficiency and improving the health of the organisation for achieving long-term sustainability for MSMEs What is MSME? Micro, Small and Medium Enterprises (MSME) constitute the backbone of an economy in maintaining an appreciable growth rate and in generating employment opportunities. This sector

The Ministry of Corporate Affairs (MCA) has put an announcement that the new lease accounting standard, Ind AS 116 will get implemented from 1st April 2019. The new Standard, globally implemented in several countries from 1st Jan 2019, is called IFRS 16. The Standard eliminates the 6-decade old distinction between

The purpose of the audit report is to summarize the findings in a way that auditee management can readily understand and see the impact of these findings. The audit report represents the end result of weeks of reviews, analyses, interviews and discussions. It provides important information to audit clients about the

Introduction: Corporate Governance is a multi-faceted subject and trying to comprehend in a concise definition. The central theme of corporate governance is to integrate sound management policies in the corporate framework in such a manner to bring economic efficiency in the organization in order to achieve twin goals of profit

The Ministry of Corporate Affairs (MCA), on 28 March 2018, notified Ind AS 115, Revenue from Contracts with Customers (which is based on IFRS 15, Revenue from Contracts with Customers) as part of the Companies (Indian Accounting Standards) Amendment Rules, 2018.  The new standard is effective for accounting periods beginning

Government of India has, in exercise of the powers conferred under section 28A of the Chartered Accountant Act 1949, constituted Quality Review Board to make recommendations to the Council with regard to the quality of services ( including audit services) provided by the member of the Institute and to guide

Objective of today’s session —Overview on Hotel Industry —Tax Structure under GST —Indenting Controls —Menu Rates —Billing process —Bill Audit —Buffet Controls —Physical Verification —Licenses to be obtained to run bar & restaurant.   This article is contributed by Partners of SBS and Company LLP – Chartered Accountant Company. You can be reached

What is SUPPLY CHAIN Management..? All activities associated with the flow and transformation of goods from the raw materials stage, through to end users, as well as the associated information inflows. This includes material and information flows both up and down supply chain. Therefore supply chain includes a whole horde

India has chosen the path of IFRS convergence and not adoption. Though Ind AS has come a long way and is now quite close to IFRS, certain differences between the IFRS and Ind AS still remain. We call them carve-outs or carve-ins. International Financial Reporting Standards (IFRS) are principal based

At the conclusion of an audit, findings and proposed recommendations are discussed with management and subsequently management action plans are developed to explain how the agreed recommendations will be implemented.   Auditors should take care to communicate with the various stakeholders how their recommendations will help fix gaps and mitigate