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…
Information Technology Audit
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…
Points to consider before accepting the Audit
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…
Inventory Process Audit
Receipt of Material & Quality Checks Review of the gate entry for the incoming material in the inward gate register. Ensure that the weighment / Counting of the incoming material is made properly and correctly at the receiving section. Verify…
Impairment of Assets
In this dynamic business environment, the real market value of the assets that a business presents in its financial statements does not stay intact.The market value of the assets might be different as compared to their carrying amount. If there…
Key Audit Matters
With the purpose of enhancing the communicative value of auditor’s report by offering better transparency about audit and providing additional information to the users of financial statements, for the first time, audit reports of listed companies for the Financial year…