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- MCA Notifies Limited Liability Partnership (Significant Beneficial Owners) Rules, 2023
- Supreme Court’s Landmark Ruling on Double Tax Avoidance Treaties (DTAA)
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Category Archives: Audit & Assurance
Tax Audit Applicability for F.Y. 2022-23
Section 44AB Audit of accounts of certain persons carrying on business or profession of Income Tax Act, 1961-Every person,—a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or … Continue reading
Posted in Audit & Assurance
Corporate Social Responsibility Under Section 135 of Companies Act 2013
Background The importance of inclusive growth is widely recognized as an essential part of India’s quest for development. In line with this national endeavor, Corporate Social Responsibility (CSR) was conceived as an instrument for integrating social, environmental, and development concerns … Continue reading
Posted in Audit & Assurance
Applicability of Internal Financial Controls (IFCs) on Private Limited Companies
Note on Applicability of Internal Financial Controls (IFCs) (Legal Status as at 25th February 2023) Internal Financial Controls (IFCs)– Applicability on Private Limited Companies As per provisions of Section 143(3)(i) of Companies Act,2013 (hereinafter referred as CA 2013), The Auditor … Continue reading
Posted in Audit & Assurance
Mandatory Evaluation of the Audit Quality Maturity of CA Firms using AQMM w.e.f. 1st April 2023
Background This mandate comes about a year after the launch of the AQMMv1.0 by the Centre for Audit Quality (CAQ) of ICAI in July, 2021. The revised AQMM rev v1.0 has been arrived after incorporating two changes in the … Continue reading
Posted in Audit & Assurance
Applicability of Accounting Standards for Different Classes of Entities
Overview In order to make Financial Reporting of an entity comparable, transparent, complete and unbiased, different standards are issued from time to time. At present, there are three sets of Accounting Standards: – Indian Accounting Standards (Ind AS) notified under … Continue reading
Posted in Audit & Assurance