Category: Auditing and Assurance

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Audit of Insurance Companies

The Insurance Act defines the Indian Insurance Company as the insurer being a corporation- which is formed and registered under the Companies Act, 2013; whose sole purpose is to continue life insurance business or general insurance business or reinsurance business; and in which collective assets of equity shares by an overseas company, either by itself

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Risk – Based Internal Audit

Over the last few years, cyber-crimes have grown in number and in the ways cybercriminals exploit them. Due to this, the need to manage risks has been recognized by organizations and adopted as a crucial part of a good governance best practice. A Risk-Based Internal Audit (RBIA) is focused on the organization’s response to the

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The Basics of Crowdfunding

A small business can raise capital in a number of different ways, including by selling its securities. Under the federal securities laws, every offer and sale of securities, even if to just one person, must either be registered with the Securities and Exchange Commission (“SEC”) or conducted under an exemption from registration. One of the

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Financial restatements- Understanding the significance

Within the last few years, the corporate reporting environment has been reshaped by revised corporate reporting standards. Corporate officers, auditors and audit committees are involved in the efforts of publicly traded companies to provide accurate corporate financial reports to their investors. But often, mistakes make their way into financial statements of public companies, and when

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Audits Under PCAOB Standards

A yearly audit is a key safeguard for your money and a planning tool for the year ahead. Think of it as a “year in review” for your finances. The primary benefit of an annual audit under PCAOB standards  is the confidence it gives you and your members that the PTO’s financial house is in

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Government Sets Up Experts Groups to Look Into Auditing Industry.

Acting on a petition Indian audit firms sent to prime minister Narendra Modi recently the corporate affairs ministry  has constituted an expert group to delve into the issues related to the operations of audit firms In the country, The elected expert group members former competition commission of India. (RBI) deputy governor NS Vishwanathan will study

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Why Auditing Service is Necessity

Auditing An audit is more than a formality, it is a necessity to protect your business and encourage it to thrive. Early warnings, open communication and pragmatic resolution of issues are the essential features. Audit testing procedures tailored to the specific audit, our firms maintain excellent relationships with their clients. This quality-led approach means members

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Clause 49: Audit Committee

As per section 177 of the Companies Act, 2013 read with Rule 6 of Companies (Meetings of Board and its powers) Rules, 2014, every listed company and all other public companies with paid up capital of Rs. 10 Cr. or more; or having turnover of 100 Cr. or more; or having in aggregate, outstanding loans

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Financial Reporting And the Independent Auditor

The board of directors has primary responsibility for the corporation’s internal and external financial reporting functions. The Chief Executive Officer and Chief Financial Officer are important people and boards usually have a high degree of reliance on them for the integrity and supply of accounting information. To reduce this risk and to enhance the integrity of financial reports, corporation financial

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Amendment in Companies (Cost Records and Audit) Rules, 2014

MCA vide notification dated 31st December 2014 has made amendment in the Companies (cost records and audit) Rules, 2014 through Companies (Cost Records and Audit) Amendment Rules, 2014. The details of amendment is reproduced as below:- 1. In rule 2 After clause (a) the following clause shall be inserted:- (aa) Central Excise Tariff Act Heading

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