Taxmann S Analysis 80 Faqs On The Duty Of The Statutory Auditor Of A Company To Report On Audit Trail
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Taxmann S Analysis 80 Faqs On The Duty Of The Statutory Auditor Of A Company To Report On Audit Trail
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Author : Taxmann
language : en
Publisher: Taxmann Publications Private Limited
Release Date : 2024-04-08
Taxmann S Analysis 80 Faqs On The Duty Of The Statutory Auditor Of A Company To Report On Audit Trail written by Taxmann and has been published by Taxmann Publications Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-04-08 with Law categories.
The duty of a statutory auditor to report on the audit trail is now a critical aspect of corporate governance, which ensures transparency, accountability, and integrity in the financial reporting process. Statutory auditors are also required to audit the accounting process and maintenance of the audit trail. An audit trail, encompassing a comprehensive record of financial transactions and processes, is the backbone of the audit process. This article addresses 80 frequently asked questions (FAQs) surrounding: ‣ Applicability, ‣ Comparison with Internal Financial Control, ‣ Accounting Software, ‣ Books of Accounts, ‣ Management Responsibility, ‣ Audit Procedure, ‣ Relation of Audit Trail and Fraud, ‣ Documentation, and ‣ Reporting
Taxmann S Caro With Corporate Practices Para Wise Commentary For Auditors On Caro Applicability Caro Reporting Requirements Of Standalone Consolidated Financial Statements With Faqs Etc
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Author : CA Srinivasan Anand G.
language : en
Publisher: Taxmann Publications Private Limited
Release Date : 2023-08-17
Taxmann S Caro With Corporate Practices Para Wise Commentary For Auditors On Caro Applicability Caro Reporting Requirements Of Standalone Consolidated Financial Statements With Faqs Etc written by CA Srinivasan Anand G. and has been published by Taxmann Publications Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-08-17 with Law categories.
This book provides a para-wise commentary on the Companies (Auditors Report) Order (CARO). It is a complete guide on the applicability and the matters that need to be reported by an Auditor on CARO. This book will be helpful for Auditors. The Present Publication is the 10th Edition and has been amended up to August 2023. This book is authored by CA Srinivasan Anand G and divided into three divisions: • [Division One] Features of CARO 2020 & its Applicability • [Division Two] CARO Reporting as Applicable to Standalone Financial Statements • [Division Three] CARO Reporting as Applicable to Consolidated Financial Statements The noteworthy features of this book are as follows: • [Corporate Practices] from published annual reports of FYs 2021-22 & 2022-23 are included in the book • [All-about CARO 2020] which includes the following topics: o Features of CARO 2020 o Audit Requirements (Other Audits vs Reporting Requirements u/s 143 of the Companies Act 2013) o Clause-wise Analysis & Commentary on Clauses (i) to (xx) of Para 3 & 4 along with Clause (xxi) of Para 3 of CARO 2020 • [Para-wise Commentary] dealing with clauses (i) to (xx) o Interpretation Requirements of the Clause in light of the following: § Applicable Legal Provisions § Relevant Standards on Auditing § Revised 2022 Guidance Note of ICAI on CARO 2020 o Applicable Requirements of Schedule III of the Companies Act 2013 o Requirements of Section 143(1) to (3) applicable to the Clause' o NFRA's Interpretation of the Reporting Requirements of the Clauses and lapses on the part of auditors pointed out by NFRA in Audit Quality Review Reports (AQRR) o Forward Linkages to the following: § Tax Audit Report in Form No. 3CD § Requirements under Section 143(1)/143(3) of the Income-tax Act o Audit Checklists covering the following § Checklist in respect of each CARO Clause § DPT 3 Return Certification § Nidhi Rules Compliances § SA 570 (Revised) o Audit Documentation o Sample Auditors' Remarks under the relevant Clause o Corporate Practices (extracts from the annual reports) • [FAQs & Case Studies] on CARO 2020 • [Clause-wise Ready Reckoner] on CARO 2020 The detailed contents of this book are as follows: • Applicability of Requirements of CARO 2020 o Introduction o Applicability of CARO 2020 • Reporting under CARO 2020 (As Applicable to Audit of Standalone Financial Statements) [Clauses 3(i) to 3(xx) of CARO 2020] o Property, Plant and Equipment o Intangible Assets o Title Deeds of all Immovable Properties Disclosed in Accounts o Proceedings Pending against the Company for Holding Benami Property o Inventory o Quarterly Statements Submitted to Banks/FIs by Companies Enjoying Sanctioned Working Capital Limits o Loans or Advances in the Nature of Loans or Guarantees or Security Provided to, or Investments made in Other Entities o Reporting on Compliance with Sections 185 and 186 as Regards Loans, Investments, Guarantees and Securities o Acceptance of Public Deposits and Deemed Deposits o Maintenance of Cost Records o Payment/Non-Payment of Statutory Dues o Transactions not Recorded in the Books and Surrendered or Disclosed as Income in Tax Assessment o Company Defaults in Repayment of Loans/Other Borrowings/in Payment of Interest to any Lender o End Use of Term Loans o 'Asset-Liability Maturity Mismatch' – Use of Short-Term Funds for Long-Term Purposes o Funds Taken from Other Entities by Company to Meet Obligations of Subsidiaries, Associates or JVs o Whether Company has Raised a Loan on Pledge of Securities in Subsidiaries, Associates or JVs o End Use of Money Raised by Way of IPO/FPO o Private Placement/Preferential Allotment of Shares/FCDs/PCDs/OCDs o Frauds Noticed/Reported o Reporting of Compliances by Nidhi Companies o Related Party Transactions o Internal Audit o Non-Cash Transactions Involving Directors or Connected Persons o Registration of NBFCs, HFCs and CICs o Whether Company has Incurred Cash Loss o Resignation of Statutory Auditors o Material Going Concern Uncertainty o Transfer of Unspent CSR Funds o Reasons to be Stated by Auditor for Qualified or Adverse Remarks in CARO Report • CARO Report on Consolidated Financial Statements under CARO, 2020 o Qualified/Adverse Remarks in CARO Reports of Companies Included in Consolidated Financial Statements
Taxmann S Analysis Addressing Sa 700 Non Compliances Key Observations And Aasb Guidelines
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Author : Taxmann
language : en
Publisher: Taxmann Publications Private Limited
Release Date : 2024-08-01
Taxmann S Analysis Addressing Sa 700 Non Compliances Key Observations And Aasb Guidelines written by Taxmann and has been published by Taxmann Publications Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-08-01 with Law categories.
Despite issuing various guidance notes and technical guides by the Institute of Chartered Accountants of India (ICAI), the Quality Review Board (QRB) has identified multiple instances of auditors' non-compliance with SA 700. This article discusses some commonly observed non-compliances with SA 700's reporting requirements and provides the suggested guidelines from the Auditing and Assurance Board (AASB) of ICAI. The coverage includes: ‣ Reporting under Section 143(3)(c) of the Companies Act, 2013 ‣ Reporting with Regard to Materiality Description ‣ Partial Reporting of Key Audit Matters ‣ Separate UDIN for Statutory Audit and Tax Audit
Taxmann S Analysis Enhancing Audit Reliability How To Gather High Quality Evidence
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Author : Taxmann
language : en
Publisher: Taxmann Publicaions Private Limited
Release Date : 2025-03-19
Taxmann S Analysis Enhancing Audit Reliability How To Gather High Quality Evidence written by Taxmann and has been published by Taxmann Publicaions Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2025-03-19 with Law categories.
Ensuring financial transparency and audit credibility requires a robust approach to gathering and evaluating audit evidence. However, common gaps in audit procedures continue to pose risks to financial reporting. This article highlights key observations under SA 500, Audit Evidence, and related standards, focusing on critical areas where improvements are needed, such as: ‣ Assessment of Reliance on Management's Expert ‣ Audit Procedures for Inventory Valuation and Third-Party Confirmations ‣ Verification of Opening Balances in Initial Audit Engagements ‣ Designing and Documenting Audit Samples for Effective Risk Assessment ‣ Identification and Documentation of Subsequent Events in Audits
Taxaudit With The Taxmann S Taxauditfaqs Disclosure Reporting In Form 3cd A Y 2022 21
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Author : Taxmann
language : en
Publisher: Taxmann Publications Private Limited
Release Date : 2022-01-11
Taxaudit With The Taxmann S Taxauditfaqs Disclosure Reporting In Form 3cd A Y 2022 21 written by Taxmann and has been published by Taxmann Publications Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-11 with Law categories.
Form 3CD is the part of the Tax Audit Report issued by a Chartered Accountant regarding Tax Audit carried out as per Section 44AB of the Income-tax Act, 1961. Certain items reported by an auditor in Form 3CD have no bearing in the computation of taxable profit of business or profession but have immense importance. This write-up discusses the various disclosure & reporting requirement in Form 3CD, applicable for the Assessment Year 2021-22.
Taxaudit With The Taxmann S Taxauditfaqs Dues Date Process To File Tax Audit Report A Y 2022 21
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Author : Taxmann
language : en
Publisher: Taxmann Publications Private Limited
Release Date : 2022-01-10
Taxaudit With The Taxmann S Taxauditfaqs Dues Date Process To File Tax Audit Report A Y 2022 21 written by Taxmann and has been published by Taxmann Publications Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-10 with Law categories.
It is mandatory to file the tax audit report one month before the due date of furnishing the return of income under section 139(1). Thus, for the assessee covered under Transfer Pricing, the due date of furnishing the tax audit report is October 31, and for others, the due date is September 30. However, for Assessment Year 2021-22, the CBDT has extended those due dates. This write-up discusses the due date for furnishing the tax audit report for the Assessment Year 2021-22 and the filing process.
Taxmann S Trusts Ngos Your Queries On Audit Reports Form Nos 10b 10bb Income Tax Return Itr 7 Complete Guide Featuring Faqs Step By Step E Filing Tutorials Others
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Author : Dr. Manoj Fogla
language : en
Publisher: Taxmann Publications Private Limited
Release Date : 2024-09-18
Taxmann S Trusts Ngos Your Queries On Audit Reports Form Nos 10b 10bb Income Tax Return Itr 7 Complete Guide Featuring Faqs Step By Step E Filing Tutorials Others written by Dr. Manoj Fogla and has been published by Taxmann Publications Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-09-18 with Law categories.
This book is a comprehensive and practical guide for preparing and filing audit reports using Form Nos. 10B and 10BB, as well as the Income-tax Return (ITR-7). Updated with the latest amendments from the Finance (No. 2) Act, 2024, it addresses compliance requirements and procedural changes with clear, actionable insights, detailed analyses, and step-by-step guidance to ensure accuracy and compliance. The book includes over 100 FAQs to clarify common audit issues, detailed analyses of audit requirements under Sections 12A and 10(23C), and practical guidance with sample observations, qualifications, and e-filing tutorials. It also provides an up-to-date overview of changes in ITR-7 for A.Y. 2024-25, providing practical advice to simplify complex regulatory processes. This book is helpful for trusts, NGOs, auditors, and tax consultants on the audit and tax compliance processes specific to charitable organisations. The Present Publication is the September 2024 Edition, amended by the Finance (No. 2) Act, 2024. This book is authored by Dr Manoj Fogla, CA Suresh Kumar Kejriwal, and CA Tarun Kumar Madaan, with the following noteworthy features: • [Comprehensive FAQs] This edition includes over 100 Frequently Asked Questions (FAQs) that address common and complex issues encountered while auditing trusts and institutions using Form 10B and Form 10BB. These FAQs provide clarity on critical aspects such as eligibility, selection of the appropriate form, format of reports, due dates, and specific disclosure requirements • [In-depth Coverage of Amendments] The book provides exhaustive analyses of the significant changes introduced in the newly notified Form 10B and Form 10BB, highlighting their applicability, reporting requirements, and the impact on audit and filing procedures • [Thorough Analysis of Audit Requirements] It provides an extensive review of the audit requirements under Sections 12A and 10(23C) of the Income-tax Act, focusing on the prerequisites for obtaining an audit report, maintenance of books of account, and the consequences of non-compliance. The analysis extends to the applicability of tax audit requirements under Section 44AB • [Practical Reporting Guidance] The book includes practical guidance for auditors, featuring sample draft observations, qualifications, and illustrative examples of how to report specific circumstances in audit reports. This section is designed to enhance the quality and relevance of audit disclosures, ensuring that auditors can effectively communicate findings and comply with statutory reporting obligations • [Step-by-step e-filing Tutorials] Recognising the growing importance of digital compliance, the book provides user-friendly, detailed tutorials for e-filing audit reports in Form Nos. 10B and 10BB. These step-by-step guides cover the entire process, from adding the Chartered Accountant (CA) to the e-filing portal, assigning forms, accepting assignments, to the final submission and verification of reports • [Up-to-date Analysis of ITR-7 Changes] This edition thoroughly examines the latest changes in the ITR-7 form, applicable from A.Y. 2024-25, providing insights into procedural updates, new schedules, and specific filing instructions. The detailed explanations help preparers understand the nuances of the updated form, ensuring accurate and compliant submissions. • [Incorporation of Finance (No. 2) Act, 2024 Amendments] The book incorporates all relevant changes introduced by the Finance (No. 2) Act, 2024, along with key circulars and notifications, making it a reliable and current reference point for legal compliance The detailed contents of the book are as follows: • FAQs on Audit of Trusts & Institutions in Form 10B/10BB o Introduction & applicability of audit under various sections o Selecting the appropriate form (Form 10B or Form 10BB) based on income thresholds o Eligibility criteria for auditors and specifics on the format of audit reports o Step-by-step process for filing audit reports, including due dates and procedural tips o Detailed guidance on disclosure and reporting requirements in the annexures to Form 10B/10BB • Law and Practice Relating to Audit of Trusts and Institutions and ITR-7 o Comprehensive overview of audit requirements under Section 12A and Section 10(23C), including who must file and when o Detailed guidance on maintaining books of account, covering the types of records required, their retention period, and where they should be kept o In-depth discussion on the ramifications of not obtaining an audit report and the consequences of not maintaining proper books of account o A clear breakdown of the specific requirements for filing Form 10B and Form 10BB, including an overview of the forms, the structure of the reports, and the annexures that need to be attached o Analysis of the applicability of tax audit under Section 44AB, including the criteria for applicability and the relationship between tax audits and audits under Sections 12A and 10(23C) • Concept of Income, Total Income, and Other Receipts o Definitions and practical implications of "total income" under Sections 11 and 12, including how income is calculated for audits o Detailed examination of the various types of income that affect the audit requirements, including income from business held as property of the trust and income from incidental business o Guidelines for computing income to select the appropriate audit form (Form 10B or 10BB), primarily focusing on the criteria for receipts below or above five crores • Implications of TDS Against Grant Receipt o Overview of the legal background regarding Tax Deducted at Source (TDS) on grant receipts and its implications for trusts and NGOs o The reporting mechanisms applicable from AY 2023-24, including the procedural changes and how they affect the reporting of grant receipts in the audit report • Sample Observations and Qualifications for Audit Reports o Comprehensive list of sample observations and qualifications that can be included in audit reports, tailored to address common issues faced by auditors o Specific reporting requirements for transactions involving specified persons under Section 13(3) and violations of the relevant laws o Practical examples of how to report the maintenance of books of account, the non-filing of income tax returns, and other common issues • Instructions for Filling Form 10B and Form 10BB o Step-by-step instructions for completing and submitting Form 10B and Form 10BB, including a detailed breakdown of each field and annexure o Common errors to avoid, field-specific guidance, and tips for ensuring accurate and compliant submissions o Instructions on how to download and use the offline utility for filing these forms, along with practical advice for navigating the e-filing system • Tutorials on E-filing Forms 10B and 10BB o Detailed tutorials covering every step of the e-filing process, from adding the CA to the e-filing portal and assigning forms to the CA to accepting assignments and verifying submissions o Separate tutorials for the submission of Forms 10B and 10BB, including specific instructions for both the CA and the assessee o Tips and best practices for ensuring a smooth and error-free e-filing tailored to the needs of trusts and NGOs • Requirement to Submit ITR under Sections 12A and 10(23C) o A clear explanation of the requirement to submit income tax returns as a condition for claiming exemptions under Sections 12A and 10(23C) o Detailed guidance on the filing deadlines, the selection of the correct ITR form, and the e-filing procedures for ITR-7 o Discussion of the consequences of delayed or incorrect submissions, including the penalties and legal implications of non-compliance o Guidance on submitting revised returns, updated returns, and the conditions under which exemptions can be claimed through these processes • Practical Guide to File Form ITR-7 o Overview of the key changes introduced in Form ITR-7 for AY 2024-25, including updates to relevant schedules and filing procedures § Step-by-step instructions for filing ITR-7, including verification processes, handling defective returns, and addressing common mistakes o Practical tips for ensuring that the ITR-7 form is completed accurately and submitted in compliance with current legal requirements • Appendices o A collection of relevant circulars and notifications that impact the audit and filing processes, providing a quick reference to the most critical updates o Extracts from the Income-tax Rules, 1962, focusing on the rules that govern the audit and filing requirements for trusts and NGOs o Relevant forms and practical examples that illustrate compliance with the statutory requirements, offering readers practical tools for navigating their obligations
Taxmann S Problems Solutions For Financial Reporting Questions From Past Exams Educational Materials Ind As Bulletins Rtps Mtps Of Icai Companies Ind As Amendment Rules Etc Ca Final
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Author : CA Kapileshwar Bhalla
language : en
Publisher: Taxmann Publications Private Limited
Release Date : 2021-08-20
Taxmann S Problems Solutions For Financial Reporting Questions From Past Exams Educational Materials Ind As Bulletins Rtps Mtps Of Icai Companies Ind As Amendment Rules Etc Ca Final written by CA Kapileshwar Bhalla and has been published by Taxmann Publications Private Limited this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-20 with Education categories.
Taxmann's PROBLEMS & SOLUTION for Financial Reporting has been specially designed for students & professionals. The unique feature of this book is in terms of dividing each Ind AS into various parts and sections so that one can approach Ind AS in a systematic & comprehensive manner. This book will benefit students studying CA (Final) level of Institute of Chartered Accountants of India ('ICAI'). This book can be used for Group I - Paper I (Financial Reporting) and Group II – Paper IV (GFRS). It can also be used for other professional courses. The Present Publication is the 3rd Edition amended by the Companies (Ind AS) Amendment Rules for CA-Final | New Syllabus, authored by CA Kapileshwar Bhalla, with the following noteworthy features: • Strictly as per the New Syllabus of ICAI • Coverage of this book includes: 𝚘 All Past Exam Questions § CA (Final) – July 2021 Exam | New Syllabus | Guidelines Answers 𝚘 Questions from Education Material/Ind AS Bulletins/RTPs & MTPs of ICAI 𝚘 Questions based on Amendments as per Companies (Ind AS) Amendment Rules, 2020 𝚘 Additional questions based on Ind AS 38 𝚘 New additional problems & solutions are given in a separate booklet • [Enabling Students to Acquire Conceptual Base through Variety of Questions] In each chapter, various sections (with Para No. references of the Ind AS) have been kept so that the students understand the types of problems they can confront in the exam • [Layout of each Chapter] is as follows: 𝚘 [Graded Problems] From simple problems to advanced problems, they are arranged in a chronological manner 𝚘 [Logical Flow] Each chapter is further sub-divided into various sections to develop the concepts in a logical flow 𝚘 [Table of Index] Each Chapter has a 'table of index' for quick reference – indicating the no. of questions in each section and para no. of Ind AS Also Available: • [7th Edition] of Taxmann's Students' Guide to Ind ASs • [5th Edition] of Taxmann's Financial Reporting (Set of 2 Vols.) • [4th Edition] of Taxmann's CRACKER cum Exam Guide on Financial Reporting (New Syllabus) • [1st Edition] of Taxmann's CLASS NOTES on Financial Reporting The contents of this book are as follows: • Ind AS-1 | Presentation of Financial Statements • Roadmap for Implementation of Ind AS • Ind AS-34 | Interim Financial Reporting • Ind AS-7 | Statement of Cash Flows • Ind AS-115 | Revenue from Contracts with Customers • Ind AS-8 | Accounting Policies, Changes in Accounting Estimates and Errors • Ind AS-10 | Events after the Reporting Period • Ind AS-113 | Fair Value Measurement • Ind AS-20 | Accounting for Government Grants and Disclosure of Government Assistance • Ind AS-102 | Share-Based Payments • Ind AS-101 | First Time Adoption of Ind AS • Ind AS-2 | Inventories • Ind AS-16 | Property, Plant & Equipment • Ind AS-116 | Leases • Ind AS-23 | Borrowing Costs • Ind AS-36 | Impairment of Assets • Ind AS-38 | Intangible Assets • Ind AS-40 | Investment Property • Ind AS-105 | Non-Currents Assets Held for Sale and Discontinued Operations • Ind AS-41 | Agriculture • Ind AS-19 | Employee Benefit • Ind AS-37 | Provisions, Contingent Liabilities and Contingent Assets • Ind AS-12 | Income Taxes • Ind AS-21 | The Effects of Changes in Foreign Exchange Rates • Ind AS-24 | Related Party Disclosures • Ind AS-33 | Earnings Per Share • Ind AS-108 | Operating Segments • Ind AS-32, 109 and 107 | Financial Instruments – Presentation, Recognition and Measurement and Disclosures • Ind AS-103 | Business Combination and Corporate Restructuring • Ind AS-110 | Consolidated Financial Statements • Ind AS-111 | Joint Agreements • Ind AS-28 | Investments in Associates and Joint Ventures • Ind AS-27 | Separate Financial Statements • Integrated Reporting • Corporate Social Responsibility • Questions based on Amendments as per the Companies (Ind AS) Amendment Rules 2020 • Additional Questions based on Ind AS 38 • COVID Impact on Financial Statements
The Auditors Right And Duty To Report To Sib And Other Regulators Of Investment Businesses
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Author :
language : en
Publisher:
Release Date : 1994-01-01
The Auditors Right And Duty To Report To Sib And Other Regulators Of Investment Businesses written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994-01-01 with Auditing categories.