Technology plays a vital role in today’s business environment, as we can see that every industry is using the high-end ERP systems to run their business smoothly whether it is their regular day to day operations or the regulatory compliances as applicable to the business. Due to change in business environment the complexity of commercial transactions are also getting increased […]
In India, Micro, Small, and Medium Enterprises (MSMEs) play a pivotal role in the country’s economic growth. With millions of businesses classified under MSMEs, they form the backbone of manufacturing, services, and export sectors. Timely payment to MSME vendors has become a significant compliance requirement, especially in light of stringent regulations set forth under various laws, including the MSMED Act, […]
Applicability and Scope As per the POSH Act, an ‘aggrieved woman’ in relation to a workplace, is a woman of any age, whether employed or not, who alleges to have been subjected to any act of sexual harassment. Provide that the definition does not necessitate the woman to be an employee, even a customer/client who may be sexually harassed at […]
While conducting Internal Audit for a Real Estate company, amongst other areas, the auditor should consider checking the below mentioned points: Promoter will first have to register its project with the authority before it shall advertise, sell or offer for sale. Therefore, all the real estate properties should be registered with RERA. Promotor will transfer 70% of the money received […]
In today’s corporate landscape, maintaining robust governance practices is imperative for sustained growth and stakeholder trust. Internal audit, Sarbanes-Oxley (SOX) audit, and Environmental, Social, and Governance (ESG) frameworks each play a pivotal role in enhancing corporate governance. This article explores the interplay between these three pillars, highlighting their significance in fostering transparency, accountability, and long-term value creation. Internal Audit Internal […]
In today’s complex business environment, maintaining transparency, strong governance and ethical practices is no longer a luxury – it’s a necessity. In the world of business rules, where tough moral questions pop up all the time, internal audit is like a trustworthy guide playing a crucial role in safeguarding of assets, integrity and fostering a culture of ethical behaviour within […]
In respect of the Foreign Guests the Internal Auditor should ensure to check the following: 1. Visa Requirements: Ensure that foreign guests have the appropriate visa for their stay in India. Different types of visas (tourist, business, employment, etc.) have different requirements and durations. 2. Passport Validity: Check that the guest’s passport is valid for at least six months beyond […]
Introduction: Continuous Auditing encompasses the ongoing risk and control assessments, enabled by technology and facilitated by a new audit paradigm that is shifting from periodic evaluations of risks and controls based on a sample of transactions to ongoing evaluations based on a larger proportion of transactions. Continuous Auditing is the “application of computer technology” to the audit, such that, tasks […]
Introduction: The purpose of this Standard on Quality Control (SQC) is to establish standards and provide guidance regarding a firm’s responsibilities for its system of quality control for audits and reviews of historical financial information, and for other assurance and related services engagements. This SQC is to be read in conjunction with the requirements of the Chartered Accountants Act, 1949, […]
INTERNAL AUDIT Internal Audit is an independent appraisal activity within an organization for the review of, and to improve, the accounting, financial and other operations as basis for protective and constructive service to the management. IMPORTANCE Internal Audit has great importance in itself as an influential function within a company which helps in improving the functions and operations of the […]