What is Standard Operating Procedure (SOP)? Standard operating procedure can be defined as a detailed documented procedure which guide to every person of an organization to perform assigned activity step by step to ensure uniform and quality output. In an organization different personnel perform different task at different level. SOPs standardized the processes of task…
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 Chapter V of Insolvency & Bankruptcy Code, 2016. Conditions to be fulfilled for voluntary liquidation…
Standard Operating Procedures(SOPs) are a set of step-by-step guidelines gathered by an organization to supportits employees to carry out regular operations. SOPs objectiveis to achieve consistency of performance, productivity andvalue output while reducing failure to comply with industry regulations and miscommunication within the organisation. Appropriately designed SOPs define: Objective of the process or activities Scope…
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 overnight. As the auditing teams were working remotely, the other vital cogs within the auditing…
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 well your programs are doing to drive the inbound sales which can eventually lead to…
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 members are no one to mess around with; they are sharp, accomplished, and busy professionals…
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 causes for companies and their reporting. Impact of coronavirus on risk assessment of a company…
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 towards risk-based audit approach, an auditor has to assess risks through an audit plan and…
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 should be donein this regarding also its owners and business activities toensure the integrity of…
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 be an effective audit tool for audit of books of accounts and detecting fraud. In…
