Category Archives: Audit & Assurance

A Note on Ind AS 116

The Accounting Standard Board has issued an exposure draft on Ind AS 116, Leases, with a proposed effective date of 1st April, 2019, subject to notification by Ministry of Corporate Affairs and Ind AS 116 supersedes Ind AS 17 ‘Leases’.

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Implementation Guide to Standard on Auditing (SA)701, Communicating Key Audit Matters in the Independent Auditor’s Report

The purpose of communicating key audit matters is to enhance the communicative value of the auditor’s report by providing greater transparency about the audit that was performed.

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Note on Internal Financial Controls Exemption for Private Limited Companies

Internal Financial Controls – Applicability on Private Limited Companies As per provisions of Section 143(3)(i) of companies Act, The Auditor Report shall state whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls. … Continue reading

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The top five benefits of IT Auditing

Nowadays, for any business or organization, IT plays a major role. An IT audit is used to evaluate the information systems and the safeguards present to protect these systems. The purpose of the IT audit is to determine whether or … Continue reading

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