Corporate governance has a very crucial role in ensuring transparency, accountability, and ethical operations in an organization. To enhance good governance practices and financial discipline, the Companies Act, 2013 brought on board several provisions that empower the independent oversight of the company operations. Among the most important of these is Section 177, concerned with the…
In the case of any business that grows, one of the milestones that resonate with the future expansion and stability of the business is the attraction of investors and the acquisition of funds. Just like in the case of a startup with a venture capital that is interested or a firm that is already established…
In the world of finance and corporate governance, the terms assurance and audit are often used interchangeably. However, while they share a common goal of enhancing trust and transparency, they serve distinct purposes in financial reporting. Understanding the difference between assurance and audit is crucial for businesses, investors, and stakeholders who rely on accurate financial…
The competitive modern world of business requires trust and transparency as the keys to sustainable growth. Stakeholders, investors, and customers demand that businesses are ethically run, financially upright and standards of the industry are adhered to. And here business confidence is involved. Assurance serves as a protective factor which builds credibility and reliability in the…
The most important assets of a business are inventory. It has a direct influence on financial reporting, efficiency of operation, and customer satisfaction. To be more accurate, the businesses should perform frequent examinations to make sure that inventory records are correct and in line with real stock. This is referred to as physical verification of…
What is a Tax Audit? Tax audit definition can be defined as a methodical audit of the accounts, records and financial statements of a company to distribute the effectual tax reporting and law abidance. It is carried out by a chartered accountant or a qualified professional who is assigned as per the applicable tax regulations….
An audit is more than simply an exercise in the law – it is a service and a useful way of ensuring transparency and accountability in what can sometimes be opaque finances. Companies that are in constant state of being audited do more than just comply with the law – they maintain better and stricter…
The government owes some obligations to every business irrespective of their size or industry and tax compliance is one of the most important of them. However, what is tax compliance? In straightforward terms, it can be explained as the act of complying with all the opportunities, regulations, and laws surrounding the issue of taxes, i.e….
What Is an IFC Audit? A project audit by IFC usually reviews how well a project complies with environmental, social, and governance (ESG) standards, the overall sustainability of the project, and how effectively the project aligns with the goals of IFC. The risks evaluated by the audit are environmental impact, community well-being, labor practices as…
The startup ecosystem is truly a remarkable one and the entrepreneurs are making their mark in many fields including technology and healthcare, e-commerce, and manufacturing. Passion and innovation are guiding lights of these ventures but some of the startups have a lack of financial planning, compliance, strategy, and the positioning of the venture in the…
