A preview on E-Governance

Purview: In the context of a globalising world, it is important that Indian industry remains in the reckoning in a competitive environment. Therefore, the regulatory framework must facilitate compliance of rules at a minimum cost and with convenience to the stakeholder. MCA21 is founded on the Government’s vision to build a healthy business eco system … Continue reading A preview on E-Governance

Statutory Compliance required to be checked during an audit

Introduction: Apart from regular Vouching and Verification, during an audit it is necessary to check the statutory compliance of the statutory body. So, rather than only Service Tax Applications, WCT calculations, and Sales Tax, an auditor needs to verify and check other Labour Laws and the compliance during an audit. So, some of the Labour … Continue reading Statutory Compliance required to be checked during an audit

SA-505: External Confirmations & its Format

Purview: To give true and fair view on Financials of the company, an auditor is required to ascertain that whether such financials are free from material mis-statement or not. And to obtain a “External Confirmation” from different parties is one of the key material to ascertain such opinion. Objective: The objective of the auditor, when … Continue reading SA-505: External Confirmations & its Format

Performa of Director’s Report, 2015 and onwards

DIRECTOR’S REPORT   To, The Members, …………………………….. PRIVATE LIMITED New Delhi,   Your directors have pleasure in presenting their …………….Annual Report & Audited Statement of Accounts of the Company for the year ended on 31st March, 2015     FINANCIAL RESULTS                                … Continue reading Performa of Director’s Report, 2015 and onwards

A brief on – How to do IFRS Audit

Introduction: IFRS (International Financial Reporting Standards) audit is one of the chanting word among the Indian companies. It is just like preparing a Balance Sheet but it is prepared as per International Financial Reporting Standards. Usually, it is seen that many MNC’s  company has its branch offices in India and they want to analyze the … Continue reading A brief on – How to do IFRS Audit

Independent Auditors’ Report for F.Y. 2014-2015

Independent Auditors’ Report  TO, THE MEMBERS OF ……………….PRIVATE LIMITED Report on the Financial Statements We have audited the accompanying financial statements of …………….PVT  LIMITED, which comprise the Balance Sheet as at 31 March 2015, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of significant accounting … Continue reading Independent Auditors’ Report for F.Y. 2014-2015

Key Summary of Union Budget F.Y. 2015-16 : Indirect Tax

KEY HIGHLIGHTS OF THE BUDGET   Rate of Basic Excise Duty shall be increased to 12.5%. Rate of Service Tax shall be increased to 14%. Education cess and Secondary and Higher secondary cess now omitted. Education cess and secondary and higher secondary education cess is exempt from CVD on Imported goods. It means CVD shall … Continue reading Key Summary of Union Budget F.Y. 2015-16 : Indirect Tax

Key Summary of Union Budget F.Y. 2015-16 : Direct Tax

Introduction: Budget for the F.Y. 2015-16 has been announed by Hon’able Finance Minister Arun Jaitley, dated on 28th Feb, 2015. This is a full-fledged budget, presented by BJP Government  after their interim budget last year. Everyone were predicting for a reform in taxation system and moreover relief from Indirect Tax System as GST Bill has … Continue reading Key Summary of Union Budget F.Y. 2015-16 : Direct Tax