In February 2020, MCA notified the new CARO 2020, thereby, replacing the erstwhile CARO 2016. The new CARO 2020 has introduced a number of new or modified reporting requirements to be fulfilled by the auditors such as revaluation of property, plant, and equipment (including the right of use assets) or intangible assets, Benami property, working capital limits on basis of […]
What Is Management Accounting and Its Functions? Management accounting is the process of preparing reports about business operations that help managers make short-term and long-term decisions. It helps a business pursue its goals by identifying, measuring, analysing, interpreting and communicating information to managers. What Is a Management Accounting System? Internal management accounting systems are used to provide critical information to […]
A computerised accounting system is an accounting information system that processes financial transactions and events as per Generally Accepted Accounting Principles (GAAP) to produce reports as per user requirements. The features of computerised accounting software are: The following are some principal advantages of computerised accounting: The following are some significant disadvantages of computerised accounting. Modern computerised accounting systems are based […]
ARTIFICIAL INTELLIGENCE: NEED OF THE HOUR THE PHASE IS OF ARTIFICIAL INTELLIGENCE AUDITORS, IT’S HIGH TIME TO ENVISAGE Its RELEVANCE LET’S APPLY THIS CONCEPT TO CONDUCT AUDIT WITH THE DUE DILIGENCE Over a last few years, there has been a tremendous increase in the no of organizations: small or large, domestic or MNCs. With the operation & processes going countless, it […]
“Behind every good company is a great accountant.” Entrepreneurs must often learn and perform a number of business activities while starting a business. Accounting is a crucial business function to use when establishing a small firm. Despite the fact that many entrepreneurs are afraid of sifting through countless stacks of financial records, accounting frequently delivers the clearest picture of a […]
SA 315, Identifying and Assessing the Risks of Material Misstatement through understanding the entity and its environment deals with the auditor’s responsibility to identify and assess the risk of material misstatement in the financial statements, through understanding the entity and its environment. A risk assessment procedure is performed for the identification and assessment of risks of material misstatement at the financial statement […]
In this edition, we have tried to bring to notice the latest amendment that followed in the month of February 2022 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA LLP (Amendment) Rules 2022: MCA has notified the Limited Liability Partnership (Amendment) Rules, 2022 which shall come into force with effect from April 01, 2022. The amendment […]
“Data is the new oil.” Being such a huge resource, it is important to protect it and also to keep it accessible, confidential and well-maintained. One such method of ensuring this is to maintain the data on the cloud. So, this shall be an appropriate time to ask ourselves how much are we aware of this new and emerging technique […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of January, 2022 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA Companies (Registration Offices and Fees) Amendment Rules, 2022: In exercise of the powers conferred by sections 396, 398, 399, 403 and 404 read with subsections (1) and […]
A Ltd. engaged in business of petroleum refining and sold its product to oil marketing companies. During the year company issued non-convertible redeemable PSC on private placement basis to its holding company B ltd. It is stated that this PSC are mandatory redeemable at face value at any time on a call/put option exercised on mutually agreed terms. So, contractual […]