September 8, 2020

Fighting Fraud Using COSO: A Practical Approach by Internal Auditor

Fraud is a significant threat to organization, especially a complex global organization operating with multiple businesses and geographies. The situation gets more complicated now as opportunities and justification are enhanced during COVID-19. An ACFE report says, organizations typically lose 5 percent of revenues to fraud annually. COSO framework may be used to develop a comprehensive mechanism to mitigate frauds effectively […]

Assurance
August 11, 2020

The Three Lines Model: July 2020 – An Oversight

The Three Lines Model has replaced previously known Three Lines of Defense model in July 2020. This updated Model helps organizations identify structures and processes that help in achievement of objectives and facilitate better governance and risk management. The model applies to all organizations and is optimized by:– Adopting a more flexible principles-based approach suiting objectives and environment of the […]

Assurance
July 16, 2020

Benefits of Internal Audit

Introduction: Many people believe that Internal Audit is only required in larger, more complex entities and that the cost/benefit of an Internal Audit function would just not be there for them. However this can be a very short sighted conclusion, especially when you consider the high volume of transactions and the regulatory compliance issues. I believe that the Management of […]

Assurance
July 11, 2020

Application of paragraph 21 of AS 22

Fact of Case: A company is a public limited company listed with recognised stock exchanges, engaged in manufacturing business. The company follows calendar year. In Union Budget for the financial year 2015-16 presented on 28th February 2015, the Government has revised the surcharge on income tax from 5% to 10%, resulting in increase of effective ‘Corporate Tax’ rate from 33.99% […]

Assurance
July 7, 2020

Managing COVID-19 Impact – Governance, Environment & Social (GES) Way

No denial that the impacts of COVID-19 are far more severe and long lasting than initially estimated. Some of the effects and risks are related to Governance, Environmental and Social (GES) aspects and hence to be managed accordingly for GES and similar issues affecting the investment portfolios and traditional financial factors. COVID-19 started during March 2020 in India as a […]

Assurance
June 16, 2020

Depreciation Impact on Plant and machinery during Lockdown

CSR (Corporate Social Responsibility) utilisation advisory As per section 135 of the Companies Act, 2013 certain companies are required to spent money in CSR Activities, company can spent money either In case where a company transfer the CSR fund to third party i.e. trust, Society, section 8 companies for public welfare, all such companies should obtain an independent practitioner’s report […]

Assurance
May 16, 2020

Impact of COVID-19 on Revenue Recognition

COVID-19 pandemic is affecting worldwide major economic and financial markets, and virtually all industries and governments are facing challenges associated with the economic conditions resulting from efforts to address it. For example, many industries i. e. travel, hospitality, leisure, Education, and retail industries have seen sharp declines in revenues due to regulatory and organizational mandates and voluntary changes in humanbehavior. […]

Assurance
May 16, 2020

Impactful Internal Audit – Post Lockdown

Role and position of Internal Audit function in an organization is going to witness major changes post Covid 19 as its working environment and expectations are likely to change significantly. This article is intended to highlight the ways internal audit can upgrade itself to effectively add value across the organization and maximize its influence on the company in a sustained […]

Assurance

Categories

Archives