Facts A Company is engaged in the manufacturing of Defense Sector. Some of products manufactured by Company are on Special Order. The querist has stated that as the some products are made only against specific orders, the company receives advances from various customers on agreed percentages of sale value of an order for supply of goods and services. While […]
Based on the International Financial Reporting Standards and the Ministry of Corporate Affairs (MCA) has notified Indian Accounting Standards (Ind -AS) which are applicable on certain entities on mandatory basis. As a part of review process and in public interest, the International Accounting Standard Board (IASB) keeps on issuing certain amendments to these standards on timely basis in order to […]
The Ministry of Corporate Affairs (MCA) has deferred the applicability of the notified the Companies (Auditor’s Report) Order (CARO) 2020, till 1st April, 2021. The notification seeks to amend the Companies (Auditor’s Report) Order, 2020. In the Companies (Auditor’s Report) Order, 2020, in paragraph 2, for the figures, letters and word “1st April, 2020”, the figures, letters and word “1st […]
In today’s time auditors are much more equipped to identify opportunities for enhancement – as adding value is widely considered an integral part of the internal audit process. In the recent past, role of internal auditor is being redefined. The new role is broader, more inclusive and sets expectation of adding value by internal auditors to the audited entity when […]
Even when risk identification is primarily a management responsibility, internal auditors play a pivotal role in risk management by evaluating the process controls highlighting critical risks in achievement of business objectives as well as providing assurance regarding adequacy of controls in respect of existing and emerging risks. A regular and effective risk-based audit program is essential to achieve these objectives. […]
Accounting treatment of waiver off of interest on the loan from Directors Entity A, which prepares its financial statements as per Ind AS obtained a loan from one of its directors during the year 2015-16 which is still outstanding as at the end of year 2018-19. The loan is not related to a qualifying asset and is repayable on demand. […]
While data analytics serves as a powerful tool used in organization to gain insight into operations, they may also be a source of risk. Feasibility to reveal secrets hidden in voluminous data makes use of the data analytics difficult to resist. There are tools enabling the organization to bring efficiencies in operations, improve decision, enhance agility, identify market potential etc. […]
Several entities have been impacted by the COVID-19 pandemic. As per accounting prospective both Ind AS 36, ‘Impairment of assets’ and AS 28 ‘Impairment of Assets’, require that management consider at each report date whether there is any indication that an asset may be impaired. Ind AS 36 and AS 28 include both internal and external indicators to identify if […]
Introduction: The Three lines Model helps organizations to identify the framework and processes that best suits the objectives of the organization and simplifies Risk Management and Governance. A governing body is eventually responsible for governance, which is achieved through the actions and activities of the governing body as well as management. A Governing Body in any organization receives periodic reports […]
NFRA issues Audit Quality Review Report of the Statutory Audit of IL&FS for F.Y. 2017-18 In pursuant to section 132(2)(b) of the Companies Act, 2013 and NFRA Rules, 2018, The National Financial Reporting Authority (NFRA) has issued the Audit Quality Review Report (AQRR) of the Statutory Audit of IL&FS Financial Services Ltd. for the financial year 2017-18. This AQR was […]