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 they do, what happens next can vary depending on the timing and severity. Every corporate office is required to certify that quarterly and annual financial statements are fair in all material respects, financial condition and operational results .It is mandatory to correct a financial statement … Read more
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 order. Basically, the audit verifies the numbers, ensures accuracy, and assesses procedures. A comprehensive audit also identifies internal controls that should be implemented to improve the integrity of your financial systems. Furthermore, the audit gives closure to the treasurer and sets a starting point for … Read more
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 the operating structures of multinational audit firms implementation of audit rotation and use of restrictive covenants by global investors. They have two months to engage with relevant stakeholders and make suitable recommendations to the government. It’s a positive order for Indian audit firms.
The … Read more
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 provide an intelligent, constructive and challenging audit to every one.
Statutory Audits : It is a legally required review of the accuracy of a company’s or governments financial records. The purpose of a statutory audit is the same as the purpose of any other audit … Read more
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 or borrowings or debentures or deposits exceeding Rs.50 Cr. or more, to have an Audit Committee which shall consist of not less than three directors and such number of other directors as the Board may determine of which two thirds of the total number of … Read more
- 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 reports must be audited by an independent external auditor who issues a report that accompanies the financial statements.
In late 2009, Ministry of corporate governance issued voluntary guidelines over corporate governance in India. Many committees have been build to give
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 means the heading as referred in the Additional Notes in the First schedule of the central Excise Tariff Act, 1985 [5 of 1986]
2. Rule 3 shall be substituted by the following rule:-
Position under existing rule 3:
The existing rule 3 provides for applicability … Read more