Showing Articles for : Audit
Risk Audit Report – ParknShop Company
Introduction: Risk Management is one of the process which identifies the process of threats, then assess the threats which are likely to affect the company’s capital and earnings and then identify the controls which needs to be implemented so that the risks and threats can be neutralize. Usually, threats occurs by various sources like, financial … Continue reading Risk Audit Report – ParknShop Company
Read more 255 Views Leave a commentStatutory 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
Read more 9665 Views Leave a commentSA-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
Read more 12734 Views Leave a commentIndependent Auditor’s Report for 31st March, 2015
INDEPENDENT AUDITOR’S REPORT (In case of Clean Cheat) TO THE MEMBERS OF …………………………………..PRIVATE LIMITED Report on the Consolidated Financial Statements We have audited the accompanying consolidated financial statements of …………………………….PRIVATE LIMITED and its subsidiaries its associates and jointly controlled entities ,comprising of the Consolidated Balance Sheet as at 31st March, 2015, the Consolidated … Continue reading Independent Auditor’s Report for 31st March, 2015
Read more 5073 Views Leave a commentInternal Audit- An overview
Internal Audit Hi guys, Rajat this side, here I am going to discuss my experience of Internal Audit till date, the discussion is made assuming the auditee being a Company under Indian Companies Act, and I hope it … Continue reading Internal Audit- An overview
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
Read more 5911 Views Leave a commentA brief synopsis on CARO, 2015
Notification: Ministry of Corportate Affairs (MCA) has notified the Companies (Auditor’s Report) Order, 2015 on 10th April, 2015. As per new Reporting order, auditor have to report only on 12 elements rather than 21. A brief Synopsis of elements covered in CARO, 2003 and CARO, 2005 are here under: Brief Synopsis: S.No. List of CARO, … Continue reading A brief synopsis on CARO, 2015
Read more 3823 Views Leave a commentIndependent 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
Read more 3474 Views Leave a commentHow to draft an internal audit report
Purview Report writing is a not a big deal, but when the issue comes to the audit report its not an easy task to do at. There are so many elements that needs to be kept in mind while drafting an internal audit report. While going through my experience days i am going to enroll … Continue reading How to draft an internal audit report
Read more 17468 Views 2 CommentsHow to Draft a Auditor Report
Purview A very crucial and important element of an audit is “Audit Report“. The report is the medium of communication of the auditor’s expert views on the financial statements and it has a significant bearing on the credibility of such statements. It is necessary to emphasise that an auditor’s report is directly linked with the task … Continue reading How to Draft a Auditor Report