Section 59 of the Insolvency & Bankruptcy Code, 2016 deals with the provisions related to Voluntary Liquidation of Corporate Persons. Pre-requisites for initiation of voluntary liquidation proceedings: Intention to liquidate itself voluntarily. Not committed any default under the provisions of…
We are more than aware of the challenge that the ongoing COVID19 situation has thrown at us. The impact has been so sudden that the business as well as audit teams were compelled to change the fundamental way of working…
It comes as no surprise that marketing whether traditional or digital, shapes up the businesses. In order to get consistent results from all the marketing put in place, it is important to have a regular evaluation with regards to how…
No one would like to be on a sticky wicket or get caught off guard when delivering a presentation — and the stakes are high when you have to conduct the presentation in front of the Audit Committee. Audit Committee…
Effects on auditing financial statements Standard on Auditing are required to be complied in full even in the present time of pressure under changed timelines. Auditors should carefully assess the situation and prepare appropriate responses to the challenges that Coronavirus…
IT audit deals with review and evaluation of information processing systems, related- non automated process and an interface between them. It involves gathering information and planning and secondly, understanding of existing internal controls. As in today’s era organizations are moving…
Before accepting a new client, a chartered accountant firm in practice shall determine whether the acceptance would create any threats to compliance with the fundamental principles. This means that when accepting to take on a new client, the proper investigation…
As per Standard of Auditing 505 issued by ICAI,“External Confirmations” are defined asthe audit evidence obtained as a direct written response to the auditor from a third party in paper form or by electronic or other medium. External Confirmation can…
The sales and collections cycle in a business refers to the set of processes that begin when a customer purchases goods or services and ends when business receives payment in full. As part of the year-end audit of your financial…