You have probably heard that internal auditing is one of the great resources you have to improve the performance of your company, but perhaps you are not very familiar with the process, and you are not convinced why you…
Internal audit: An element of the internal control system of an enterprise
Under conditions of economic uncertainty and increasing competition, the role of objective economic control is growing, both on the part of owners and supervisory authorities. Reliable financial reporting provides an opportunity to make informed economic decisions and protects against transactions…
Ind AS implementation in India: An essential part of preparing financial statements
Financial statements will help you in how you should manage your company, and the accuracy of the financial statements is very important before financial analysis. The data in the trial balance should be accurate and the income and expense figures…
Get control over activities of your organization from the inside with internal audit
Internal auditing is an important administrative control tool that aims to evaluate a company’s internal controls. It is when all activities carried out by the company are carefully analyzed to detect risks, verify the effectiveness of controls, the integrity…
GST on slump sale
Mergers and Slump sales are not defined in the GST law. In General, a “Merger” involves a process of combining two or more companies into one single entity. Example: Company A and Company B agree to merger and create Company…
GST on resident welfare association (RWA)
Introduction: Co-operative Housing Societies are entities registered under the co-operative laws of the respective States. According to Section 2(16) of the Maharashtra co-operative society act, 1960, “housing society” means a- society, the object of which is to provide its…
Significance of a professional consulting firm for powerful internal audit control
The methodology and approach of effective internal audit control by professional consulting firms help organizations protect themselves from risk and financial loss. Through strict control measures, it is possible to avoid or at least minimize potential risks that can lead…
It’s never too early to start effective tax planning by approaching professional tax consultants
It is time for businesses to stop worrying about the cost of taxes and focus on tax planning. With the fiscal cliff approaching and payroll tax increases on the horizon, it’s time for companies to prioritize tax planning. Businesses in…
5 Smart tax planning tips every entrepreneur should know
As a business owner, you know that tax planning is an important part of ensuring the financial health of your business. It’s bitter fact that taxes can be a big part of your bottom line. But did you know that…
GST registration: A 10 step guide to do GST registration online
Any service provider that provides a total service value of more than Rs 20 lakh in a year, requires GST registration. Any business which is engaged in the supply of goods having a total turnover of more than Rs 40…