The concept of reporting with regard to the maintenance of cost records by directors and financial auditors separately was brought in specifically to ensure that there are no misreportings with regard to applicability. Recently many show cause notices were also issued to companies who had not prepared the cost records or had not filed the cost audit report though apparently […]
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, […]
Implementation & Guidance on Audit Trail A. Management’s Responsibility Proviso to Rule 3(1) of the Companies (Accounts) Rules, 20141 (hereinafter referred as “the Account Rules”) states that for the financial year commencing on or after the 1st day of April 2023, every company which uses accounting software for maintaining its books of account, shall use only such accounting software which […]
Robotic Process Automation (RPA) Introduction: In today’s world increase in population has caused increase in demand of almost everything. To keep up with the increase in demand industries and organisations push their employees to do more and more work. Due to increase in competitors in every field organisations are trying to find way to increase their rate of work along […]
RoDTEP Scheme RoDTEP stands for Remission of Duties and Taxes on Export Products. It is a new scheme that is applicable with effect from January 1st, 2021, formed to replace the existing MEIS (Merchandise Exports from India Scheme). The scheme will ensure that the exporters receive the refunds on the embedded taxes and duties previously non-recoverable. The scheme was brought about […]
Special Economic Zone and Export Oriented Units Introduction Special Economic Zone A special economic zone (SEZ) is an area in a country that is subject to different economic regulations than other regions within the same country. The SEZ economic regulations tend to be conducive to—and attract foreign direct investment (FDI). Special Economic Zones are typically created in order to facilitate rapid economic growth by deploying investment […]
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 […]