Effective handling of inventory is one of the essential components of managing any goods related business. Frequent checking can assist in maintaining stock records (being correct) and not letting any discrepancies pass unnoticed. It is here where inventory audit procedures become significant. There are many ways to approach auditing, but physical and perpetual audits are…
Standard Operating Procedures (SOPs) are integral to any successful organization. They provide a framework for employees to follow when completing tasks and help ensure that processes are consistent and effective. SOPs are also a great way to document processes, and they are easily adaptable to fit the organization’s changing needs. This blog post will explore…
Due to the fierce competition in the business world, it is essential to use effective control and evaluation tools in all areas and work processes. Reducing and, if possible, eliminating the possibility of errors and fraud is often synonymous with business survival. And that’s where internal audits come in. Although its application is not so old,…
With the expansion of activities and processes, there was a need to give greater emphasis to rules or internal procedures, given the fact that, according to the growth of the organization, the administrator, or company owner, could not personally supervise all stages of the various activities of the business. The external or independent auditor,…
One of the most important business procedures for every company is inventory management. This is done by keeping track of the company’s inventory items and checking for any quality or quantity standards about their size, quantity, etc. Inventory control is a crucial component of longevity since it enables companies to reduce expenses, enhance cash flow,…
The recording accuracy of bookkeeping determines an organization’s actual and accurate financial situation. An organization’s balance sheet and other significant financial statements are prepared and reported using the whole accounting process. Therefore, it is crucial that the bookkeeping is precise, and up-to-date, and captures all financial transactions before expanding, taking out a loan, or reporting…
Department v/s Tax evaders-scrutiny Goods and Services Tax (GST) which was introduced with the aim of “One Nation, One Tax, One Market”, has evolved over the years and has become an effective and efficient tax collection tool that aids the government to regulate inter/intra-state movement of goods/services, fight against corruption and above all it provides…
In accordance with our previous blog, we’ll go through some more critical topics relating to the Key Audit Matters in this one. Key Audit Matters Not a Substitute for Expressing a Modified Opinion: The auditor shouldn’t communicate the matter in the Key Audit Matters section of the auditor’s report when the auditor would be required…
For enhancing the communicative value of the Auditor’s Report, the concept of Key Audit Matters was introduced in SA 701: Communicating Key Audit Matters in the Independent Auditor’s Report. The introduction of Key Audit Matters in the Auditor’s Report offers better transparency about audit and provides additional information to the users of financial statements in…
![Companies (Auditor's Report) Order [CARO] Property Plant, and Equipment](https://www.akgvg.com/blog/wp-content/uploads/2022/02/Companies-Auditors-Report-Order-CARO-Property-Plant-and-Equipment.jpeg)
History of Companies (Auditor’s Report) Order, 2020 Manufacturing and Other Companies (Auditor’s Report) Order, 1988 (MAOCARO). CARO, 2003 supersedes the earlier Order issued in 1988, viz., Manufacturing and Other Companies (Auditor’s Report) Order, 1988 (MAOCARO). The Ministry of Corporate Affairs has issued the Companies (Auditor’s Report) Order, 2016 (CARO 2016). The CARO 2016 contains several…
