December 12, 2024

CA-GPT: The AI Assistant for Accounting Professionals

Chartered Accountants (CAs) play a pivotal role in the global economy, providing expertise in financial management, auditing, taxation, and business strategy. As businesses navigate the complexities of a rapidly changing environment, the demand for efficient, accurate, and innovative solutions has never been greater. Enter GPT (Generative Pre-trained Transformer) technology—a groundbreaking advancement in artificial intelligence that is transforming industries across the […]

Internal Audit
November 8, 2024

The Risks of Not Embracing Technology in Auditing

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 […]

Internal Audit
October 18, 2024

MSME Vendor Payment Requirements for Audit: A Comprehensive Guide

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, […]

Internal Audit
September 12, 2024

Internal Audit of POSH compliances

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 […]

Internal Audit
July 13, 2024

The Evolving Landscape of Internal Audit: From SOX to ESG and Beyond

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 […]

Internal Audit
June 15, 2024

Elevating Integrity: The Vital Role of Internal Audit in Governance and Ethics

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 […]

Internal Audit
May 20, 2024

Internal Audit Areas in respect of Foreign Guest in a Hotel

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 […]

Internal Audit
November 13, 2023

Continuous Auditing

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 […]

Internal Audit
May 17, 2023

STANDARD ON QUALITY CONTROL (SQC-1)

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

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