Presently, the Institute of Chartered Accountants of India (ICAI) has issued 39 Indian Accounting Standards (Ind AS) which have been notified under the Companies (Indian Accounting Standards) Rules, 2015 (“Ind AS Rules”), of the Companies Act, 2013. The Rule specifies the Indian Accounting Standards (Ind AS) applicable to certainclass of
Fraud – Prevention, Detection & Control
Definition of Fraud The term ‘fraud’ commonly includes activities such as theft, corruption, conspiracy, embezzlement, money laundering, bribery and extortion. Even in a rapidly changing business environment with emerging technologies and constant challenges, at the core of every organization is its employees — those carrying out operations, executives, administrative personnel,
How Audit Commiittes Can Leverage Internal Audit
The audit committee is a cornerstone of good corporate governance. Its mandate now extends well beyond oversight of financial reporting to include an array of key areas that support an organization’s performance, such as risk management, compliance, reliability and integrity of internal data, cyber risk, and the effectiveness of internal
Importance Of Internal Audit For Investors
1.1 Introduction: Profit potentiality, limited liability, tax benefits, free transferability would make investment in equity preferable, however there is other side to the coin in terms of high risk, market fluctuations which prudent investor should always consider. Normal tendency of investors while making investments is to look at
Standard Operating Procedures
Over the last two decades, rising internet and mobile phone penetration has changed the way we communicate and do business. E-commerce is relatively a novel concept. It is, at present, heavily leaning on the internet and mobile phone revolution to fundamentally alter the way businesses reach their customers. While
Corporate Governance And Internal Audit
What is corporate governance? The IIA definition of corporate governance, included within the International Standards is Governance is the combination of processes and structures implemented by the board in order to inform, direct, manage and monitor the activities of the organisation towards the achievement of its objectives. Although there is
Methods of Audit Sampling
Introduction: SA530 deals with Audit sampling. It came into effect from 1st April 2009. It deals with the Auditor’s use of statistical and non-statistical Sampling when designing and selecting the audit sample and evaluating results from the sample. The application of audit procedures to less than 100% of items within
Prevent Fraud From Occurring – The Fraud Prevention Check List
Organizations face numerous risks to their success; economic risk, disaster risk, supply-chain risk, regulatory risk, and technology risk all affect organizations in different ways and to varying degrees. While fraud risk is just one of the many entries on this list, it is universally faced by all business and government
Proposed Caro, 2016 With Additional Reporting Requirements
Background On 9th February, 2016 the Ministry of Corporate Affairs has proposed new Companies (Auditor’s Report) Order (CARO), 2016. The Ministry had set-up a Committee on 16th September, 2015 to examine and recommend matter for inclusion in the statement to be attached with Auditor’s Report under Section 143(11) of the
Significance Of Internal Audit
Introduction: Internal audit provides effectiveness of organisation’s internal control system, risk management, governance. Internal audit looks beyond the financial transactions and extends to advisory services, organisation growth, policy matters, work environment and relevant recommendations to the management etc. Global regulations such as FCPA in US, UK Bribery Act, SOX Act,