Internal Audit in India is one of the major areas which aid the organization in enhancing business performance by identifying the growth areas with greater scope for improvement. The process of Internal audit helps in reviewing the existing systems and their effectiveness by benchmark the audit processes and procedures against the best industry practices to …
What is a Income Tax Audit in India? Under Section 44 AB of the Income Tax Act, 1961, provision of Income Tax Audit is covered. Income Tax Audit is a way to examine an individual’s organization tax returns by any outside agency. Income Tax Audit done to verify all income, get the deduction information or …
Compliance audit is an assessment as to whether the provisions of the applicable laws, rules and regulations are complying with various orders and instructions issued by the competent authority. This audit by its nature promotes accountability, good governance and transparency as it is concerned with reporting deviations, identifying weaknesses and assessing propriety. In short, the …
Expenses are a high-risk area for any company when comes in terms of accounting and chances of fetching quality observations are quite high as compared to other accounting processes. A financial audit is a chance for the business to double-check books for accuracy and proper documentation of expenses. When reviewing company expenses, auditors evaluate expenditures …
Overview to e-Auditing & Methodology – COVID 19 and Lockdown– This article talks about how to grab an opportunity to learn and apply new learning during this lockdown. Cloud Audit is basically about Online Financial Audits with the help of Information Technology resources available. If banking operations can be commenced at any branch, If online …
This Article talks about the overview for conducting audit as per Code of Federal Regulations CFR, standards for obtaining consistency and uniformity for the audit of Indian Government and Non-Government social bodies which are granted Aids by Government and Non-Government US agencies. In context to audits for projects executed by Healthcare and Hospital ‘s related …
Inventories are tangible property held for sale in the ordinary course of business, or in the process of production for such sale, or for consumption in the production of goods or services for sale, including maintenance supplies, consumable stores and spare parts meant for replacement in the normal course. Inventories normally comprise raw materials including …
In many ways not-for-profit organizations are no different from for-profit or commercial organizations. Their objectives and activities may be different but the day to day operations would more or less involve common activities like receipt and processing cash, tracking revenue and expenses, managing personnel, and financial reporting to stakeholders. Errors, misappropriations, frauds can happen in …