Category Archives: Audit & Assurance

Artificial Intelligence

Artificial Intelligence: How technology transforming the audit Technology is changing the way business is conducted and data is analyzed. Since the environment is constantly changing, the principles and methods of audit needs to be changed, so as to produce efficient … Continue reading

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The Impact of COVID-19 on Financial Reporting

The coronavirus outbreak (COVID-19) has significantly impacted several business across the world due to business shutdowns and obstructed the smooth functioning of business operations by interruptions of production, supply chain disruption, reduction in sales and profitability, unavailability of personnel, etc. Auditors … Continue reading

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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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