The document discusses the provisions relating to the appointment of first auditors under the Companies Act 2013. It states that for companies other than government companies, the first auditor is to be appointed by the Board of Directors within 30 days of registration, failing which the members can appoint the auditor within 90 days in an EGM. For government companies, the first auditor is to be appointed by the Comptroller and Auditor General of India within 60 days of registration, failing which the Board can appoint within 30 days, and if they fail, the members can appoint within 60 days of an EGM. Two case studies are provided to illustrate these provisions.
The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
This document provides an overview of auditing, including:
- The objectives and evolution of auditing from detecting errors and frauds to ascertaining if accounts are true and fair.
- Key definitions including that auditing is a systematic and independent examination of data, statements, records, operations and performance for a stated purpose.
- The features and objectives of auditing including verifying financial statements exhibit a true and fair view, and expressing an opinion on the statements.
This document discusses the role and responsibilities of a company auditor according to the Companies Act in India. It covers the qualifications required to be an auditor, their appointment and removal process, rights and duties, and liabilities. Some key points:
1. A company auditor must be a member of the Institute of Chartered Accountants of India or hold a restricted auditor's certificate. They are appointed annually at the AGM by shareholders.
2. The auditor's main duties are to audit the company's accounts and present an audit report. They must have access to all books/records and obtain information/explanations.
3. An auditor can face civil and criminal liabilities for negligence in their duties or mis
National Financial Reporting Authority - Established under Sec 132 of companies act 2013. Its powers and function explained. Useful for CA Final Audit and Law
Managerial remuneration includes salary, allowances, and benefits paid to managing directors, whole-time directors, managers, and professional directors. The document outlines the definitions and appointment procedures for these managerial persons according to Indian law. It also provides the formulas and limits for calculating remuneration based on a company's net profits and effective capital. Key factors like sitting fees, increases in remuneration, and remuneration of foreign directors are also summarized.
The document discusses the appointment and removal of directors in a company. It outlines various methods of appointing directors including through the articles of association, election by members, nomination by the board or central government, and qualification shares. It also discusses the disqualification, removal and liabilities of directors. Directors have important duties to act in good faith, with care and skill, and avoid conflicts of interest. They can be removed by shareholders, courts or the central government and face civil and criminal liabilities for negligence or breaching their duties.
This document discusses the appointment, remuneration, and qualifications of auditors for companies in India. It outlines that the first auditor of a company is appointed by the Board of Directors or members within 30 days and holds office until the first AGM. Subsequent auditors are appointed at the AGM based on nominations by the Board. Government companies have auditors appointed by the central government. Auditors may be appointed to fill casual vacancies by the Board or at an AGM. Only chartered accountants or firms are qualified to be auditors. Remuneration is determined by the authority that appoints the auditor.
The document discusses key aspects of income from business and profession under the Income Tax Act of 1961 in India. It defines business and profession, outlines the basis of charge for income from business/profession, and describes various deductions that are allowed under sections 30-37 of the Act such as rent, repairs, insurance, depreciation, bad debts, and more. It provides explanations and conditions for claiming many of these deductions.
This document provides an overview of auditing, including:
- The objectives and evolution of auditing from detecting errors and frauds to ascertaining if accounts are true and fair.
- Key definitions including that auditing is a systematic and independent examination of data, statements, records, operations and performance for a stated purpose.
- The features and objectives of auditing including verifying financial statements exhibit a true and fair view, and expressing an opinion on the statements.
This document discusses the role and responsibilities of a company auditor according to the Companies Act in India. It covers the qualifications required to be an auditor, their appointment and removal process, rights and duties, and liabilities. Some key points:
1. A company auditor must be a member of the Institute of Chartered Accountants of India or hold a restricted auditor's certificate. They are appointed annually at the AGM by shareholders.
2. The auditor's main duties are to audit the company's accounts and present an audit report. They must have access to all books/records and obtain information/explanations.
3. An auditor can face civil and criminal liabilities for negligence in their duties or mis
National Financial Reporting Authority - Established under Sec 132 of companies act 2013. Its powers and function explained. Useful for CA Final Audit and Law
Managerial remuneration includes salary, allowances, and benefits paid to managing directors, whole-time directors, managers, and professional directors. The document outlines the definitions and appointment procedures for these managerial persons according to Indian law. It also provides the formulas and limits for calculating remuneration based on a company's net profits and effective capital. Key factors like sitting fees, increases in remuneration, and remuneration of foreign directors are also summarized.
The document discusses the appointment and removal of directors in a company. It outlines various methods of appointing directors including through the articles of association, election by members, nomination by the board or central government, and qualification shares. It also discusses the disqualification, removal and liabilities of directors. Directors have important duties to act in good faith, with care and skill, and avoid conflicts of interest. They can be removed by shareholders, courts or the central government and face civil and criminal liabilities for negligence or breaching their duties.
This document discusses the appointment, remuneration, and qualifications of auditors for companies in India. It outlines that the first auditor of a company is appointed by the Board of Directors or members within 30 days and holds office until the first AGM. Subsequent auditors are appointed at the AGM based on nominations by the Board. Government companies have auditors appointed by the central government. Auditors may be appointed to fill casual vacancies by the Board or at an AGM. Only chartered accountants or firms are qualified to be auditors. Remuneration is determined by the authority that appoints the auditor.
Every company has to mandatorily appoint statutory auditors for examining the true and fair view of the financial statements and to express an opinion on such financial statements. Apart from statutory auditors, there are other types of auditors to be appointed for monitoring the statutory compliances, risk / fraud management system, internal control system and for reviewing the overall performance of the management and various functions in an organisation. The webinar covers the aspects of provisions relating to appointment of statutory auditors/ internal auditors, qualification and eligibility criteria for appointment, statutory compliances and judicial precedents.
The document summarizes the key provisions around appointment and qualifications of auditors under the Companies Act. It discusses who can be appointed as an auditor, circumstances for disqualification, appointment of first, subsequent and casual vacancy auditors, appointment through special/ordinary resolution, remuneration of auditors, ceiling on number of audits, and provisions for special, cost and branch audits.
The document discusses the roles and responsibilities of company directors. It defines what a director is, noting that a director is appointed or elected to a company's board of directors and is responsible for determining and implementing company policy. It outlines general rules regarding the appointment of directors, such as minimum and maximum numbers, eligibility criteria, and disqualification criteria. It also summarizes the roles of directors as agents, employees, officers, and key managerial personnel of the company. Finally, it briefly discusses the roles and functions of independent directors in bringing objective and independent judgment to board deliberations and decisions.
The document summarizes provisions related to meetings under the Companies Act, including:
- Types of meetings like statutory meetings, annual general meetings, extraordinary general meetings, and meetings of creditors/debenture holders.
- Requirements for statutory meetings like approving a statutory report within 3-6 months of commencement of business.
- Requirements for annual general meetings like holding the first AGM within 18 months of incorporation and subsequent AGMs within 4 months of financial year end.
- Provisions for extraordinary general meetings, including who can call them and notice requirements.
- Other meeting provisions around quorum, voting, proxies, and maintenance of minutes.
The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, and exempted incomes from house property. The key steps involved in computing income from house property are determining the annual value, calculating the net annual value, and claiming allowed deductions.
Company audits involve examining a company's financial statements to give an expert opinion on whether they fairly represent the company's financial position. The auditor must follow compliance procedures to ensure reliance on internal controls and perform substantive procedures to check financial data in statements. Auditors must also ensure transactions comply with company law. Appointment, removal, and responsibilities of auditors are outlined in the Company Act.
This document provides information on company auditors, including their appointment, qualifications, rights, duties, and removal. It defines auditing as the systematic examination of a company's books and records to verify financial operations. An auditor must be independent, have integrity, be objective, and have communication skills. Their rights include access to records and attendance of shareholder meetings. Duties include complying with standards, reporting fraud, and signing audit reports. Auditors are typically appointed by directors or shareholders and can be removed before their term with proper notice and representation rights.
Introduction
Import duty
Export duty
Constitutional Provision
Basis of determining the duty
Types of customs duty
Format
Notes
Case study problems
Solution of problem
Valuation
This document presents a presentation on the classification of companies. It discusses various ways companies can be classified, including by formation (statutory, registered, chartered), liability (limited by shares, guarantee, unlimited), membership (private, public, one person), control (holding, subsidiary, government), place (foreign, Indian), and others (dormant, licensed, producer, illegal, associate). The key classifications discussed are private and public limited companies, with private limited having fewer members and transferability restrictions, while public limited must invite public investment and have no member limits. The document provides details on features of companies and examples and definitions of the different classifications.
Capital gains tax is levied on profits arising from the transfer of a capital asset. For gains to be taxed under capital gains, there must be a capital asset that is transferred, resulting in profits. Any profits exempted under sections 54-54G are not taxed. Capital assets include all property except certain exceptions like stock-in-trade. Short term capital gains arise from assets held for 36 months or less, while long term gains are for assets held longer. Indexation of cost is used to arrive at capital gains for long term assets by factoring inflation. Profits are taxed differently based on whether the gain is short term or long term.
This document provides an overview of audit committees, including their definition, composition, responsibilities, roles, and history. An audit committee is a key part of corporate governance that typically oversees financial reporting, risk management, compliance, and the internal and external audit functions. It must be composed of independent directors, with at least one financial expert. The main responsibilities of an audit committee are to oversee the financial reporting process, internal controls, and the selection and independence of external auditors. Audit committees have evolved over time with various regulations and acts, such as the Sarbanes-Oxley Act of 2002, requiring their establishment and independence.
This document outlines key provisions of the Reserve Bank of India Act, 1934 which established the Reserve Bank of India. Some key points:
- The RBI was established to take over management of currency from the Central Government and conduct banking operations.
- Its capital is Rs. 5 crores.
- Key functions include issuing currency (except 1 rupee notes), acting as banker to the government, managing cash reserves of commercial banks, managing foreign currency reserves, acting as lender of last resort, facilitating clearing and settlement between banks, and controlling credit.
- Management is overseen by a Central Board of Directors including government nominees. Local Boards also provide advisory functions.
- The RBI
Dr. P. Ravichandran has listed his academic and professional qualifications. He provides information on the different heads of income under the Income Tax Act, including salary, house property, business/profession, capital gains, and other sources. He notes that income is first computed under these heads and then adjustments are made for set-off losses before determining total income. The document then focuses on income from salary, providing details on what constitutes salary and allowable deductions. It discusses various forms of retirement benefits like leave encashment, gratuity, pension, and their tax treatment.
Adv. Sagar Bansal - Company Law ProspectusSagar Bansal
This document discusses types of prospectuses, registration requirements for prospectuses, and criminal and civil liabilities related to prospectuses under Indian company law. It outlines different types of prospectuses like shelf, red herring, abridged, and deemed prospectuses. It explains that prospectuses must be registered with the Registrar of Companies and lists the documents that must be submitted. Criminal liability under section 34 can arise if a prospectus contains untrue or misleading statements. Civil liability under section 35 allows investors who suffered losses due to false statements in a prospectus to claim compensation from responsible parties. Two court cases are also summarized regarding misleading statements in prospectuses.
The document discusses the liabilities and legal responsibilities of auditors. It covers professional negligence, duties owed, and potential breaches. It outlines civil and criminal liabilities under the Companies Act, 2013 for misstatements in prospectuses. It also discusses liabilities under the Income Tax Act, 1961 for directly or indirectly assisting with tax evasion. Punishments include fines and imprisonment. The key responsibilities of auditors are to conduct audits with care and avoid negligence that could mislead shareholders or other parties.
The document provides a backgrounder on the key highlights of the Companies Act, 2013. Some of the major changes introduced include:
- Definition of new terms like associate company, dormant company, foreign company, independent director, etc.
- Introduction of concepts like One Person Company, small companies with relaxed compliance.
- Faster registration process with e-governance features.
- Stricter disclosure norms for prospectus and allotment of securities.
- Provisions for reduction of share capital and redemption of preference shares.
- Enhanced role of e-governance for various company processes.
- Changes in board composition with limits on minimum and maximum number of directors.
This presentation explains about the meaning as well as various types of audit report which an auditor has present in his books of accounts for the sake of the company's shareholders and various other groups.
Sunita Kumari Yadav completed a project report on the company audit of Tirtharoop Electricals Pvt. Ltd. as part of her Master of Commerce program at the University of Mumbai. The report was submitted under the guidance of Mr. Gajanan Wader in 2013-2014. Sunita declared that the work was original and carried out under supervision. It was evaluated and accepted for internal assessment by internal and external examiners. The report included chapters on the company background, accounting records, audit standards and processes, analysis of accounts, and a draft audit report.
The document discusses various aspects related to accounts, audit, and auditors under the Companies Act 2013. Some key points include:
- Every company must prepare annual financial statements including a balance sheet, profit and loss statement, cash flow statement and notes. The accounts must give a true and fair view of the company's affairs.
- The board of directors is responsible for the preparation of financial statements and a Directors' Responsibility Statement.
- An auditor must be appointed to audit the accounts annually and certify if they give a true and fair view. Their duties and qualifications are also outlined.
- The board report attached to financial statements must include details like number of board meetings, related party transactions, CSR
Every company has to mandatorily appoint statutory auditors for examining the true and fair view of the financial statements and to express an opinion on such financial statements. Apart from statutory auditors, there are other types of auditors to be appointed for monitoring the statutory compliances, risk / fraud management system, internal control system and for reviewing the overall performance of the management and various functions in an organisation. The webinar covers the aspects of provisions relating to appointment of statutory auditors/ internal auditors, qualification and eligibility criteria for appointment, statutory compliances and judicial precedents.
The document summarizes the key provisions around appointment and qualifications of auditors under the Companies Act. It discusses who can be appointed as an auditor, circumstances for disqualification, appointment of first, subsequent and casual vacancy auditors, appointment through special/ordinary resolution, remuneration of auditors, ceiling on number of audits, and provisions for special, cost and branch audits.
The document discusses the roles and responsibilities of company directors. It defines what a director is, noting that a director is appointed or elected to a company's board of directors and is responsible for determining and implementing company policy. It outlines general rules regarding the appointment of directors, such as minimum and maximum numbers, eligibility criteria, and disqualification criteria. It also summarizes the roles of directors as agents, employees, officers, and key managerial personnel of the company. Finally, it briefly discusses the roles and functions of independent directors in bringing objective and independent judgment to board deliberations and decisions.
The document summarizes provisions related to meetings under the Companies Act, including:
- Types of meetings like statutory meetings, annual general meetings, extraordinary general meetings, and meetings of creditors/debenture holders.
- Requirements for statutory meetings like approving a statutory report within 3-6 months of commencement of business.
- Requirements for annual general meetings like holding the first AGM within 18 months of incorporation and subsequent AGMs within 4 months of financial year end.
- Provisions for extraordinary general meetings, including who can call them and notice requirements.
- Other meeting provisions around quorum, voting, proxies, and maintenance of minutes.
The document discusses income from house property under the Indian Income Tax Act. It defines income from house property as the annual value of any buildings or lands owned by an assessee. It provides details on computation of gross annual value, deductions allowed, treatment of self-occupied properties, and exempted incomes from house property. The key steps involved in computing income from house property are determining the annual value, calculating the net annual value, and claiming allowed deductions.
Company audits involve examining a company's financial statements to give an expert opinion on whether they fairly represent the company's financial position. The auditor must follow compliance procedures to ensure reliance on internal controls and perform substantive procedures to check financial data in statements. Auditors must also ensure transactions comply with company law. Appointment, removal, and responsibilities of auditors are outlined in the Company Act.
This document provides information on company auditors, including their appointment, qualifications, rights, duties, and removal. It defines auditing as the systematic examination of a company's books and records to verify financial operations. An auditor must be independent, have integrity, be objective, and have communication skills. Their rights include access to records and attendance of shareholder meetings. Duties include complying with standards, reporting fraud, and signing audit reports. Auditors are typically appointed by directors or shareholders and can be removed before their term with proper notice and representation rights.
Introduction
Import duty
Export duty
Constitutional Provision
Basis of determining the duty
Types of customs duty
Format
Notes
Case study problems
Solution of problem
Valuation
This document presents a presentation on the classification of companies. It discusses various ways companies can be classified, including by formation (statutory, registered, chartered), liability (limited by shares, guarantee, unlimited), membership (private, public, one person), control (holding, subsidiary, government), place (foreign, Indian), and others (dormant, licensed, producer, illegal, associate). The key classifications discussed are private and public limited companies, with private limited having fewer members and transferability restrictions, while public limited must invite public investment and have no member limits. The document provides details on features of companies and examples and definitions of the different classifications.
Capital gains tax is levied on profits arising from the transfer of a capital asset. For gains to be taxed under capital gains, there must be a capital asset that is transferred, resulting in profits. Any profits exempted under sections 54-54G are not taxed. Capital assets include all property except certain exceptions like stock-in-trade. Short term capital gains arise from assets held for 36 months or less, while long term gains are for assets held longer. Indexation of cost is used to arrive at capital gains for long term assets by factoring inflation. Profits are taxed differently based on whether the gain is short term or long term.
This document provides an overview of audit committees, including their definition, composition, responsibilities, roles, and history. An audit committee is a key part of corporate governance that typically oversees financial reporting, risk management, compliance, and the internal and external audit functions. It must be composed of independent directors, with at least one financial expert. The main responsibilities of an audit committee are to oversee the financial reporting process, internal controls, and the selection and independence of external auditors. Audit committees have evolved over time with various regulations and acts, such as the Sarbanes-Oxley Act of 2002, requiring their establishment and independence.
This document outlines key provisions of the Reserve Bank of India Act, 1934 which established the Reserve Bank of India. Some key points:
- The RBI was established to take over management of currency from the Central Government and conduct banking operations.
- Its capital is Rs. 5 crores.
- Key functions include issuing currency (except 1 rupee notes), acting as banker to the government, managing cash reserves of commercial banks, managing foreign currency reserves, acting as lender of last resort, facilitating clearing and settlement between banks, and controlling credit.
- Management is overseen by a Central Board of Directors including government nominees. Local Boards also provide advisory functions.
- The RBI
Dr. P. Ravichandran has listed his academic and professional qualifications. He provides information on the different heads of income under the Income Tax Act, including salary, house property, business/profession, capital gains, and other sources. He notes that income is first computed under these heads and then adjustments are made for set-off losses before determining total income. The document then focuses on income from salary, providing details on what constitutes salary and allowable deductions. It discusses various forms of retirement benefits like leave encashment, gratuity, pension, and their tax treatment.
Adv. Sagar Bansal - Company Law ProspectusSagar Bansal
This document discusses types of prospectuses, registration requirements for prospectuses, and criminal and civil liabilities related to prospectuses under Indian company law. It outlines different types of prospectuses like shelf, red herring, abridged, and deemed prospectuses. It explains that prospectuses must be registered with the Registrar of Companies and lists the documents that must be submitted. Criminal liability under section 34 can arise if a prospectus contains untrue or misleading statements. Civil liability under section 35 allows investors who suffered losses due to false statements in a prospectus to claim compensation from responsible parties. Two court cases are also summarized regarding misleading statements in prospectuses.
The document discusses the liabilities and legal responsibilities of auditors. It covers professional negligence, duties owed, and potential breaches. It outlines civil and criminal liabilities under the Companies Act, 2013 for misstatements in prospectuses. It also discusses liabilities under the Income Tax Act, 1961 for directly or indirectly assisting with tax evasion. Punishments include fines and imprisonment. The key responsibilities of auditors are to conduct audits with care and avoid negligence that could mislead shareholders or other parties.
The document provides a backgrounder on the key highlights of the Companies Act, 2013. Some of the major changes introduced include:
- Definition of new terms like associate company, dormant company, foreign company, independent director, etc.
- Introduction of concepts like One Person Company, small companies with relaxed compliance.
- Faster registration process with e-governance features.
- Stricter disclosure norms for prospectus and allotment of securities.
- Provisions for reduction of share capital and redemption of preference shares.
- Enhanced role of e-governance for various company processes.
- Changes in board composition with limits on minimum and maximum number of directors.
This presentation explains about the meaning as well as various types of audit report which an auditor has present in his books of accounts for the sake of the company's shareholders and various other groups.
Sunita Kumari Yadav completed a project report on the company audit of Tirtharoop Electricals Pvt. Ltd. as part of her Master of Commerce program at the University of Mumbai. The report was submitted under the guidance of Mr. Gajanan Wader in 2013-2014. Sunita declared that the work was original and carried out under supervision. It was evaluated and accepted for internal assessment by internal and external examiners. The report included chapters on the company background, accounting records, audit standards and processes, analysis of accounts, and a draft audit report.
The document discusses various aspects related to accounts, audit, and auditors under the Companies Act 2013. Some key points include:
- Every company must prepare annual financial statements including a balance sheet, profit and loss statement, cash flow statement and notes. The accounts must give a true and fair view of the company's affairs.
- The board of directors is responsible for the preparation of financial statements and a Directors' Responsibility Statement.
- An auditor must be appointed to audit the accounts annually and certify if they give a true and fair view. Their duties and qualifications are also outlined.
- The board report attached to financial statements must include details like number of board meetings, related party transactions, CSR
This document outlines the audit program for the verification section for the years 2001-2003. It identifies risks in the payment process such as inappropriate approving authorities, unauthorized payments, conflicts of interest, and misuse of funds. The audit objectives are to ensure proper authorization and execution of transactions, payments are properly authorized and valid, and funds advanced are utilized as stated. The audit steps include reviewing the payment process flow, examining approval authorities, reviewing internal controls over payments, determining sample sizes, and ensuring segregation of duties.
This document provides an overview of changes to India's service tax regulations introduced by the Finance Act of 2012. Some key points:
- The taxation approach shifted from selective to comprehensive, bringing more services into the tax net.
- A negative list was introduced, such that any service not explicitly listed as exempt would be taxable. Certain services were also explicitly declared as taxable.
- New rules were introduced to determine the place of provision of a service, based on factors like the location of the service receiver or provider.
- Amendments were made to the point of taxation rules to align with the new regulatory framework and ensure tax is collected based on accrual rather than receipt of payment.
The document proposes a centralized audit team to independently audit invoices processed by various agencies. The team will focus on enhancing service quality, improving output quality and timeliness, and reducing common errors. It outlines a phased approach to initially implement the team for two high volume agencies, then expand team access and audit coverage to all agencies. The team will identify process improvements, maintain knowledge databases, and ensure new developments are shared. Key roles of senior executives, executives and the booking team are defined to coordinate the audit process.
The document discusses key concepts related to company audits under the Companies Act of 1956 in India. It covers the appointment and remuneration of auditors, qualifications of auditors, disqualifications of auditors, powers and duties of auditors, and the audit report. It also discusses special provisions for government-owned companies and the power of the central government to order special audits. Key points include:
- Auditors must be appointed at the annual general meeting and remuneration must be fixed.
- Only chartered accountants can serve as auditors.
- Auditors have rights to access company documents and attend general meetings.
- Duties include inquiring about loans and transactions
Isa240 the auditor’s responsibilities relating to fraud in an audit of financ...JUAN LUIS PINEDO SANDOVAL
This document is the International Standard on Auditing 240 which outlines the auditor's responsibilities relating to fraud in a financial statement audit. It discusses key characteristics of fraud, and that while management is primarily responsible for fraud prevention and detection, the auditor is responsible for obtaining reasonable assurance that financial statements are free from material misstatement due to fraud or error. The auditor aims to identify and assess fraud risks, obtain sufficient evidence regarding those risks, and appropriately respond to any suspected or identified frauds.
Presentation by Jose Viegas Ribeiro on internal control and internal audit given at the workshop on Improving outputs of internal control units through self-assessment co-organised by SIGMA with the Ministry of Finance of Jordan, Amman 6 November 2014
1. The child has cerebral palsy as evidenced by delayed developmental milestones and stiffness of limbs since infancy.
2. There is a history of perinatal complications including prematurity, birth asphyxia, and neonatal sepsis which likely contributed to the development of cerebral palsy.
3. On examination, the child has spastic quadriplegia, exaggerated reflexes, and contractures indicative of static encephalopathy due to perinatal hypoxic ischemic injury.
Internal Audit And Internal Control Presentation Leo WachiraJenard Wachira
Internal auditing and internal controls are important functions for oversight and governance. Internal auditing provides independent assurance to help an organization accomplish its objectives. It evaluates risk management, controls, and governance processes. Internal controls consist of control environment, risk assessment, information and communication, monitoring, and control activities. The purpose is to help an organization achieve its goals. Common weaknesses include human error, deliberate circumvention, management override, and cost considerations.
The document discusses five types of audit tests: tests of controls, substantive tests of transactions, analytical procedures, and tests of details of balances. It provides details on obtaining an understanding of controls, testing controls, substantive tests of transactions, analytical procedures, and tests of details of balances. The document also discusses how the results of control and substantive tests are used in the audit.
The document outlines the audit process for a manufacturing company. It discusses the qualities needed for auditors, including knowledge of relevant laws and accounting standards as well as personal qualities like integrity and independence. It then describes the typical steps in a manufacturing company audit, which includes defining the audit scope, evaluating internal controls, examining evidence, and reporting. Special audit considerations for manufacturing include verification of work-in-progress, consignment agreements, and goods held on approval.
The document outlines an external audit plan for Furniture-Wood Factory (FWF) to assess their production and shipping processes over three days from May 18-20, 2011. The audit will evaluate if FWF's quality management system complies with ISO 9001:2008 standards. Lead auditor Faustino Asprilla and assistant Giovanni Hernandez will interview staff, observe production activities, and review documents related to order tracking, quality assurance, and shipping. The agenda details locations, times, and responsibilities for opening/closing meetings, interviews, observations and document reviews over the three day period.
The document lists the four major phases of audit planning and their related activities. Phase a involves accepting the client and initial planning, including sending an engagement letter, identifying experts needed, and determining financial statement users. Phase b focuses on understanding the client's business and industry through activities like facility tours, identifying related parties, and reviewing accounting principles. Phase c involves assessing client business risks such as through reviewing management controls. Finally, phase d includes preliminary analytical procedures, like comparing the client's ratios to competitors.
This plan is uploaded to be use as a sample to help people to get an idea. This internal audit plan is prepared for an automotive business activity. I hope it will be useful.
This document is a project report submitted by a student named Vivek Shriram Mahajan to the University of Mumbai for their M.Com program. The report includes an introduction to auditing, the history of auditing, principles of auditing, types of audits, features of company accounts, objectives of a company audit, and a conclusion. It covers topics like the definition of auditing, principles like integrity and independence, types of audits, requirements for company financial statements, and the purpose of a company audit.
Audit planning and analytical procedures (jzanzig auditing ch 7 lecture)bagarza
The document discusses audit evidence, types of audit evidence used in audits, and working papers. It defines audit evidence and examines factors that influence its persuasiveness, such as competence and sufficiency. The types of audit evidence covered include physical examination, confirmations, documentation, analytical procedures, inquiries, reperformance, and observation. The final section addresses typical working paper format, storage requirements, and ownership.
The audit will review UNCCG's enterprise data warehouse platform over several phases:
1) A mobilization phase to develop audit plans and interview lists.
2) An execution phase to conduct interviews, review documents, and test controls.
3) A reporting phase to draft and finalize audit reports with findings and recommendations.
The audit will focus on data warehouse management, operations, and business integration, and assess risks relating to regulatory compliance, privacy, vendor access, and system availability. Regular communication with management will be maintained throughout the engagement.
This document summarizes the key provisions around auditor eligibility, qualifications, disqualifications, and appointment under the Companies Act 2013 in India. It discusses who is eligible to be an auditor, what qualifications they must have, situations that would disqualify them, and the process and timelines for appointing auditors for new and existing companies, including filling casual vacancies and auditor rotation requirements. It also covers the auditor's remuneration and the process for removing an auditor before the end of their term.
Provision related to audit and auditor Companies Act, 2013Paresh Vadher
The document summarizes key aspects of the Companies Act 2013 in India related to auditing. It outlines 27 sections from the Act pertaining to appointment, eligibility, duties and responsibilities of auditors. Some highlights include requirements for auditor appointment, qualifications and tenure, auditor duties to review accounts and report on financial statements, restrictions on non-audit services provided, and penalties for non-compliance.
Here, LegalDelight present its new PPT on the topic of Appointment of Statutory Auditor. Under this PPT, a reader would get to know about the What is Appointment of Auditor, Appointment of First Auditor, Appointment of Subsequent Auditor, Term of Auditor, Pre Conditions for Appointment of Auditor, Qualification of Auditor, Disqualification of Auditor, Role of Audit Committee, and Forms to be filed for Appointment of Auditor.
‘Secretarial Audit’ is introduced by recently enacted Companies Act, 2013. It is a process to check compliances made by the Company under Corporate Law & other laws, rules, regulations, procedures etc.
The document summarizes key provisions around the appointment, eligibility, duties, and reporting responsibilities of auditors according to the Companies Act 2013 in India. It discusses requirements for appointing auditors such as obtaining prior consent, filing notices, and auditor rotation. It also outlines auditor qualifications and disqualifications, powers to access company information, services auditors cannot provide, requirements for audit reports, and auditors' attendance at shareholder meetings.
A new provision relating to internal audit - Dr S. ChandrasekaranD Murali ☆
A new provision relating to internal audit - Article by Dr S. Chandrasekaran published in Business Advisor dated June 10, 2013 (http://www.magzter.com/IN/Shrinikethan/Business-Advisor/Business/54223)
Auditors' role Companies Act, 2013- Aadhit B BalajiAadhit B
At outset of Companies act, 2013, provisions related to Auditor‟s appointment, role and responsibility has given a significant shape comparatively to the previous act (Companies act, 1956). This presentation has focused on the provisions related to Auditors and the impact of the same in present scenario, which is applicable from 1st April, 2014.
Project_Secretarial Audit-Tool for Corporate GovernanceCS Vikas Mehta
The document discusses secretarial audits for companies in India. It provides details on:
- What a secretarial audit is and its objectives of ensuring legal compliance and protecting stakeholder interests.
- The regulatory requirements for secretarial audits for listed companies and large public companies.
- The process of conducting secretarial audits, including examining documents, applicable laws, and reporting requirements.
- Qualification and disqualification criteria for secretarial auditors, who must be practicing company secretaries.
- Consequences for non-compliance with secretarial audit requirements, including penalties for companies and auditors.
- The importance of secretarial audits for boosting corporate compliance and governance standards in India
Discussion on Chapter X - Audit and Auditors under the Companies Act, 2013Manoj Singh Bisht
In this presentation, i have tried my best to discuss various facets of provisions contained in Chapter X of the Companies Act, 2013. In few places, only relevant part of a particular section is quoted.
These are my personal views.
For feedback - you can reach out to me at csmanojsbisht@gmail.com
An auditor is a chartered accountant who is a member of the Institute of Chartered Accountants of India. They are authorized to review financial records and ensure compliance with tax laws. As per the Companies Act 2013, only chartered accountants can be appointed as auditors. Certain individuals are not eligible for appointment, including employees of the company, those with financial interests or debts with the company, those with business relationships, relatives of directors, and those convicted of fraud within the past 10 years. The auditor prepares an independent audit report on the financial status of the company.
Section 204 of the Companies Act 2013 mandates secretarial audits for listed companies, public companies with a paid up capital of over Rs. 50 crore or turnover over Rs. 250 crore. A secretarial audit verifies compliance with company law and other applicable laws, conducted by an independent company secretary. Non-compliance can result in fines from Rs. 1-5 lakh. Secretarial audits ensure management compliance and prevent penal liability. Fraud reporting and penalties for false statements are also outlined. Benefits include due diligence, risk avoidance, and regulatory assurance of compliance.
Secretarial Audit has been mandated by Section 204 of the Indian Companies Act, 2013 for every listed company and other class of companies.
This presentation talks about, introduction, historical background, Objective and Purpose, Scope, Benefits and Beneficiaries of Secretarial Audit. This presentation also talks about offences and penalties as prescribed in Section 204 and 143 of the Companies Act, 2013 for any default committed.
Secretarial audits are mandatory for listed companies, large public companies, and subsidiaries of public companies under the Companies Act, 2013. They must be conducted by a practicing company secretary to check compliance with corporate and other laws. The secretarial audit report provides an independent assessment of the company's compliance with legal requirements and is included in the board's report. Companies not required to conduct one may do so voluntarily for risk mitigation and corporate governance purposes. Practicing company secretaries can be penalized for false or misleading statements in a secretarial audit report.
The document provides an introduction to the Companies Auditor's Report Order (CARO) 2016 for auditors. Some key points:
- CARO 2016 was notified on March 29, 2016 and applies to financial years starting April 1, 2015. It consists of 16 clauses, with 7 new clauses added and 3 removed from CARO 2015.
- The eligibility criteria for exemption of private companies from CARO was increased, such as the paid-up capital limit rising from Rs. 50 lakh to Rs. 1 crore.
- New clauses require auditors to report on compliance with Sections 185 and 186 of the Companies Act regarding loans to directors and investments exceeding thresholds. Title deeds of properties must also be verified
Related Party Transactions by Dipti Mehta Partner Mehta & Mehta Company Secretary
Both under the 2013 Act , requirements concerning related party transactions may be divided into four key parts, viz., identification of related parties, related party transactions, approval process and disclosure requirements. It is clear from discussion below that in most cases, The definition of ‘related party’ under RC49 is likely to result in identification of significantly higher number of related party. Unlike the 2013 Act, RC49 does not exempt related party transactions from special resolution of disinterested shareholders based on criteria, viz., (i) transaction is in the ordinary course of business and at arm’s length, or (ii) prescribed threshold regarding transaction value and share capital are not breached.
Disclaimer: Disclaimer: This presentation is based on my internal research. It is notified that the presenter and any other person related to him shall be responsible for any damage or loss of any action taken based on this presentation. It is suggested to seek professional advice before initiating any action.
The document discusses new corporate governance norms introduced in the Companies Act 2013 that require Indian companies to establish internal financial controls, a risk management policy, an internal audit function, and outlines related responsibilities of management, directors, and auditors as well as penalties for non-compliance. It also provides an overview of Spire Advisors Pvt Ltd, a firm that assists companies with complying with the new regulatory requirements through risk management services.
Only chartered accountants can be appointed as auditors of a company. An individual or audit firm holding any securities in the company being audited would be disqualified from being appointed. The first auditor is appointed by the board of directors within 30 days for other companies and by the Comptroller and Auditor General of India within 60 days for government companies. The auditor holds office for a term of 5 years until the conclusion of the sixth annual general meeting and their appointment must be ratified annually. The same auditor cannot be appointed for more than one term of 5 consecutive years for listed companies or more than two terms of 5 consecutive years for audit firms.
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
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A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...PECB
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
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বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...