QUICK REFERENCER ON AUDITING & ASSURANCE- MISAPPROPRIATION OF CASH

CA Students: QUICK REFERENCER ON AUDITING & ASSURANCE- MISAPPROPRIATION OF CASH

QUICK REFERENCER ON AUDITING & ASSURANCE TOPIC- 1 (Misappropriation of Cash) This Writeup has been articulated for the Professional Students for the preparation of Paper of Auditing & Assurance. (3-5 Marks) As per→ SA 315 ( Identifying and Assessing the Risks of Material Misstatement through understanding the entity and its environment) +  SA 240 ( …

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audit of depreciation

AUDIT OF DEPRECIATION AND AMORTISATION

One of the key principles of accrual basis of accounting requires that an asset’s cost is proportionally expensed based on the period over which the asset is expected to be used. Both depreciation and amortization are methods that are used to prorate the cost of a specific type of asset over its useful life. Depreciation …

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AS 13 : ACCOUNTING FOR INVESTMENTS

AS 13 : ACCOUNTING FOR INVESTMENTS

Introduction Definitions Investments are assets held by an enterprise for earning income by way of dividends, interest, and rentals, for capital appreciation, or for other benefits to the investing enterprise. Assets held as stock-in-trade are not ‘investments’. A current investment is an investment that is by its nature readily realisable and is intended to be …

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ISSUING OF BANK LICENCE

ISSUING OF BANK LICENCE

Issuing licenses to an applicant bank is at the discretion of RBI. Before a license is issued RBI satisfies itself regarding the “Tests of entry” namely: RBI may also scrutinize the books of accounts of the applicant company and also gather market information to satisfy itself about the advisability of granting a license. At the …

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COMMERCIAL PAPER

COMMERCIAL PAPER

Commercial Paper (CP) is an unsecured money market instrument issued in the form of a promissory note. CP, as a privately placed instrument, was introduced in India in 1990 with a view to enable highly rated corporate borrowers to diversify their sources of short-term borrowings and to provide an additional instrument to investors. Subsequently, primary …

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FISCAL POLICY IN ACTION

FISCAL POLICY IN ACTION

Fiscal Policy has been extensively used in all the countries in controlling inflation and in bringing about economic stability, growth and equity. Fiscal Policy (Measures) to Control Inflation Fiscal Policy is often used to control inflation. Contractionary fiscal policy can be used to reduce aggregate demand and thereby control demand-pull inflation. Contractionary fiscal policy is …

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PROTECTION OF TRADE SECRETS

PROTECTION OF TRADE SECRETS

PROTECTION OF TRADE SECRETS– A trade secret is any kind of information that is secret or not generally known in the relevant industry giving the owner an advantage over competitors. Generally, it has been stated that any information that can be used in the operation of a business or other enterprise and that is sufficiently …

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VALUATION OF INTELLECTUAL PROPERTY

VALUATION OF INTELLECTUAL PROPERTY

Intellectual capital is recognized as the most important asset of many of the world’s largest and most powerful companies; it is the foundation for the market dominance and continuing profitability of leading corporations. It is often the key objective in mergers and acquisitions and knowledgeable companies are increasingly using licensing routes to transfer these assets …

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public debt

Article on public debt

PUBLIC DEBT MEANING: The amount of public expenditure has increased over the years in view of the increasing activities of the government. It is not possible to meet the large public expenditure through traditional source of revenue, namely taxes. Therefore, the government is required to obtain additional revenue through borrowing. In modern times, borrowing by …

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Securitization

What Is Securitization?

SECURITIZATION– Prior to June21st, 2002 when the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act was enacted, banks and financial institutions had to enforce their security through courts for the recovery of their advances. The process was slow and time consuming. Moreover, hypothecation, the charge against which majority of advances …

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IT RELATED RISKS AND CONTROLS IN BANKING

IT RELATED RISKS AND CONTROLS IN BANKING

Classifying IT risk Identification, analysis, measurement and management of IT risk, requires specialized knowledge and skill. IT risk management has to be done in every organization, and each has its own unique IT risk profile. Technology risks have a deep impact on financial, operations, regulatory and reputation of banks. IT risks can be classified according …

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AUDIT OF ADVANCES (BANK AUDIT)

Advances generally constitute the major part of the assets of the bank. There are large number of borrowers to whom variety of advances are granted. The audit of advances requires the major attention from the auditors. In carrying out audit of advances, the auditor is primarily concerned with obtaining evidence about the following: The auditor …

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Benchmark

What is BENCHMARKING, Definition and Process

BENCHMARKING A benchmark may be defined as a standard or a point of reference against which things may be compared and by which something can be measured and judged. Benchmarking helps an organization to get ahead of competition. The organizations can possess a large amount of information that help them in taking strategic and other …

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COMPLIANCE SHEET FOR THE MONTH OF JANUARY 2023

COMPLIANCE SHEET FOR THE MONTH OF JANUARY 2023 Date Act Particulars Period Description 07-01-2023 Income Tax TDS/TCS Payment for December, 2022 Dec, 22 Due date for deposit of Tax deducted/collected for the month of December, 2022. However, all sum deducted/collected by an office of the government shall be paid to the credit of the Central …

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CHECKLIST OF INTERNAL AUDIT

Internal Audit Checklist 1. Initial Audit Planning:- All internal audit projects should begin with the team clearly understanding why the project was put on the audit plan. The following questions should be answered and approved before audit begins: Why was the audit project approved to be on the internal audit plan? How does the process …

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INTERNAL AUDIT

INTRODUCTION:- As per the definition given by the Institute of Internal Auditors , the Global Body of Internal Auditors “Internal Audit is an independent, objective assurance and consulting activity designed to add value and improve an organisation operations. It helps an organisation to accomplish its objective by bringing a systematic, disciplined approach to evaluate and …

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share capital of company

AMENDMENT IN THE AUTHORISED SHARE CAPITAL OF A COMPANY

DEFINITION OF AUTHORISED CAPITAL:- Under Section 2(8) of the Companies Act, 2013, Authorised capital’ or ‘nominal capital’ means such capital which is authorised by the memorandum of a company to be the maximum amount of share capital of the company. PROCEDURE OF INCREASE IN THE AUTHORISED CAPITAL OF A COMPANY:-  1. Authorisation must in the …

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Form DIR-8 Intimation by the Director Regarding His Disqualification and Directorship in Companies

Format of FORM DIR-8 which is for Intimation by Director of disqualification or non-disqualification and also intimation of companies in which he was director in last three years Pursuant to Section 164(2) and rule 14(1) of Companies Appointment and Qualification of Director Rules 2014. Here is the Format of Form Dir-8:- [According to Section 164(2) …

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Specimen of General meeting resolution for the appointment of joint auditors under the ambit of Companies Act 2013

“RESOLVED THAT Pursuant to the Provisions of Section 143 and any other applicable provisions, if any , of the Companies Act 2013 M/S RSQ & Co the Statutory Auditors of the Company be and hereby reappointed as the Branch Auditors of the  Company to hold office from the conclusion of this meeting upto the conclusion …

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US Securities and Exchange Commission (SEC) Annual Report

What is a 10K report? A 10K report also known as Form 10K which is a document that US public companies must submit to the Securities Exchange Commission annually. It is a summary of an organization’s financial performance that keeps the company’s investors or prospective investors informed about the company’s financial stature and business activities. What kind of companies files …

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Auditing Standard on Secretarial Audit- CSAS-1

Scope This Auditing Standard is applicable to Auditor undertaking any audit engagement under the Companies Act, 2013 or SEBI Act, 1992 or any other law for the time being in force. The Standard deals with Auditor’s roles and responsibilities in agreeing to the terms of audit engagement and entering into an understanding/agreement with the Management …

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CSAS-4 Auditing Standard on Secretarial Audit

It deals with responsibilities of the auditor while carrying out Secretarial Audit of a Company. The Standard is in addition to other Auditing Standards, as may be applicable with regard to Secretarial Audit. Contents:- Scope Effective Date Objective Definitions Auditor Audit Procedure Board process Systems and process Trigger test Requirements 1. Identification of applicable laws …

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Role of Virtual CFO in this Dynamic Corporate World

  What is a Virtual CFO? A business that does not have an in-house finance department can utilize alternatives such as outsourcing the finance function to another firm. Apart from this, the business can also utilize virtual CFO services. Virtual CFO services can be offered either remotely or through an external consultant.  Due to digitization, …

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FAQ ON FAST TRACK MERGER AS PER COMPANIES ACT 2013

FAQs on Fast Track Merger U/s 233 of Companies Act, 2013 Q 1. What is the Wholly Owned Subsidiary Company? Ans. It means a subsidiary company whose 100% shares are held by its holding company. The Transferor company needs to be an wholly owned subsidiary of the holding company as on appointed date of the scheme. …

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Tax Audit under Section 44AB

STATUTORY AUDITOR APPOINTMENT IN A NIDHI COMPANY

As per the provisions of the section 406(1) of the Companies Act, 2013 ‘Nidhi Company’ means a ‘company which has been incorporated as a Nidhi with the object of cultivating the habit of thrift and savings amongst its members, receiving deposits from, and lending to, its members only, for their mutual benefit’.  After being incorporated as a …

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IMPORT EXPORT CODE REGISTRATION PROCEDURE

Following are all the documents for complete application Procedure of IEC Registration. There are 12 steps associated with the IEC code application procedure. Steps for IEC Registration Process:- Step 1: Go to the DGFT Website:- First step go to http://www.dgft.gov.in You will show welcomed home page by a bright and informational page. There you will see the …

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ITS ALL ABOUT STAR EXPORT HOUSES (CHECKLIST AND REGISTRATION PROCEDURE)

The main objective of foreign trade policies is to make the import-export process simple and attractive for importers, exporters, and traders. There are various export promotion schemes, and Status Holder Certificate is one of them. The Objective of the Star Export House Certificate or Status Holder Certificate is to boost export performance. As per the …

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C-CORP INCORPORATION AND ITS CHECKLIST PROCEDURE IN UNITED STATES OF AMERICA

  CHECKLIST FOR THE INCORPORATION OF C-CORP IN USA:- 1-Why US C-CORP? United States Corporation (US C CORP) Has Got 1st Priority Around The World. Any person residing outside the United States and willing to make a company in the United States can make it any form of Sole Proprietorship, Partnership, Corporation and Limited Liability …

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Small Finance Bank License- Have a Look

There are particularly some banks which are regulated by the Reserve Bank of India (RBI). These banks are started with the main motive to serve particular sectors of the society. Though large based banks would also carry out activities, however small banks such as the above would only cater needs to small sections of the …

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