- Private and public limited companies in India must undergo annual audits of their financial statements by a chartered accountant. This process ensures compliance with legal requirements and proper accounting practices.
- The statutory duties of an auditor include giving an independent opinion on the accuracy of the company's financial statements and assessing if they were prepared according to accounting standards. The auditor must also check for compliance with relevant laws.
- Company directors are responsible for preparing accurate financial statements according to International Financial Reporting Standards and for making sure proper accounting records are maintained. They must also safeguard company assets and take steps to prevent fraud.
- Regular audits provide several advantages like ensuring compliance, improving business systems, enhancing credibility with stakeholders, detecting
THERE ARE SO MANY STANDARDS OF AUDITING, HERE IN THIS PDF, I HAVE EXPLAINED ANY 10 STANDARDS ON AUDITING WITH FLOWCHARTS, PICTURES FOR BETTER REFERENCE OF THE TOPIC
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.
THERE ARE SO MANY STANDARDS OF AUDITING, HERE IN THIS PDF, I HAVE EXPLAINED ANY 10 STANDARDS ON AUDITING WITH FLOWCHARTS, PICTURES FOR BETTER REFERENCE OF THE TOPIC
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.
Financial accounting is a method by which a company records and reports revenue, expenses, and income for a specific period. We follow strict guidelines to ensure that our financial statements are accurate and comply with statutory, financial, legal and regulatory requirements. The data in these reports helps outsiders perform a comprehensive financial analysis of company operations and allocate resources more effectively to business owners, investors, and creditors.
Corporate Accounting: its Meaning, Importance and Process | Academy Tax4wealthAcademy Tax4wealth
The main objective of corporate accounting is to ensure that companies comply with statutory and regulatory requirements, while also providing accurate and reliable financial information to stakeholders such as shareholders, creditors, and regulatory bodies. Corporate Accounting is considered a special branch of accounting dealing with the accounting for companies.
For more information, visit us at:-
https://academy.tax4wealth.com/public/blog/corporate-accounting
Corporate Accounting: its Meaning, Importance and Process | Academy Tax4wealthAcademy Tax4wealth
The main objective of corporate accounting is to ensure that companies comply with statutory and regulatory requirements, while also providing accurate and reliable financial information to stakeholders such as shareholders, creditors, and regulatory bodies. Corporate Accounting is considered a special branch of accounting dealing with the accounting for companies.
For more information, visit us at:-
https://academy.tax4wealth.com/public/blog/corporate-accounting
Corporate Accounting: its Meaning, Importance and Process | Academy Tax4wealthAcademy Tax4wealth
The main objective of corporate accounting is to ensure that companies comply with statutory and regulatory requirements, while also providing accurate and reliable financial information to stakeholders such as shareholders, creditors, and regulatory bodies. Corporate Accounting is considered a special branch of accounting dealing with the accounting for companies. Enroll now.
For more information, visit us at:-
https://academy.tax4wealth.com/blog/corporate-accounting
This article tells you about how the Audit to Enterprises of all sizes is an important aspect.
With essential features of auditor like independence,
professional skepticism, documentation skills, and continuous knowledge up-gradation any
Chartered Accountant can make a name for himself in the field of the Audit profession.
Maroof HS CPA Professional Corporation is an accounting firm registered with CPA Ontario & Alberta to perform Compilation of Financial Statements engagements for businesses in both Canada and the United States. They have sufficient industry-level expertise and work to keep their clients out of any disputes or discrepancies related to accounting, bookkeeping and tax filing.More info visit https://www.maroofhs.com/compilation-of-financial-statements-notice-to-reader/
Why is the process of financial reporting important.pdfRathnakarReddy17
Financial reporting gives information and openness about the operations and financial health of an organisation. It is meant to provide our stakeholders with the right information in the right quantity to make better informed decisions. This applies to external investors, tax authorities or internal controls. Good Financial Reporting & Compliance in Delaware puts various parties on the same page with a single version of the truth and gives credibility to the company and management. On the other hand, fraudulent or inaccurate financial statements can damage a company's reputation and values.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
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Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
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Explore our most comprehensive guide on lookback analysis at SafePaaS, covering access governance and how it can transform modern ERP audits. Browse now!
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Memorandum Of Association Constitution of Company.ppt
Reason for the audit letter
1. To: Mr. Sheridan
Managing Director
Sheridan Audio Visual Ltd
Dear Mr. Sheridan
Good day! I’m writing to discuss about the legal requirements for audit of both a private limited
company and a public limited company listed on the stock exchange, the statutory duties of the
auditor, the statutory duties of the directors for reporting the financial results of the business and
the advantages of having an audit.
Regardless of size, stature or nature of the business, all private limited companies have to maintain
books of accounts audited by a practicing Charted accountant before the conclusion of the
Financial Year. This process of meeting the compliances also involves the appointment of an
auditor. Auditor will evaluate the accounts and produce Audit report and Audited financial
statements which they will file with the registrar of companies of the relevant area.
The auditing process is an annual procedure which comes under compliance requirements of
companies. And the following are the compliance requirements in addition to the auditing process:
• An auditor will be appointed within one month of company incorporation. Tenure of
Auditor will be 5 years.
• Companies shall prepare their financial accounts for an annual compulsory audit by a
practicing Chartered Accountant
• Private Limited Companies shall file their Annual returns for the Financial Year
according to form MGT-7 within 60 days of conducting their Annual General Meeting
• All Pvt. Ltd companies are to file their Balance Sheet, Profit and Loss account Statement
along with Director’s report included in the form to be done 30 days within conducting
their Annual General meeting
•Company will hold an Annual General Meeting (AGM) at least once per calendar year. It
is required to hold an AGM 6 months prior to the conclusion of the financial year.
•A Director’s report has to be prepared with all relevant information in accordance with
Section 134
2. And next, the following are main statutory duties of an auditor:
•To give report on the accounts which are audited by him.
•To give audit report of balance sheet and profit and loss account.
• To audit the documents which are attached with balance sheet and profit and loss account
of company.
It is the statutory duty of an auditor that he should express his true opinion in his report. His opinion
should not be affected from management and other agents' opinion. His opinion should be free.
Auditor should ensure that balance sheet and profit and loss account have been made on the basis
of accounting books and evidences. Sometime, honest accountant wrote truth in accounts books
without any voucher. For example, accountant of any company has recorded the journal entry of
bribe. At that time, chartered accountant should trust on his recorded mobile voice of corrupted
party or his own tongue. Auditor should give all information in the prescribed manner.
Auditor should make his audit report on the basis of available information. Auditor should also his
own brain and common sense. If there are many important information which are required but not
available, then he should mention this fact in his audit report.
Auditor should see whether company fulfills all legal compliance. He should read all related laws'
provisions updates.
The above statutory duties are fixed by Law but company can increase his duties by passing the
resolution in annual general meeting.
Speaking of statutory duties of the directors for reporting the financial results of the business, the
directors are responsible for keeping proper accounting records which disclose with reasonable
accuracy at any time the financial position of the Company, for safeguarding the assets, for taking
reasonable steps for the prevention and detection of fraud and other irregularities and for the
preparation of a directors’ report and directors’ remuneration report.
The directors are responsible for preparing the financial statements in accordance with applicable
law and regulations. Prepare financial statements for the company in accordance with International
Financial Reporting Standards (IFRSs) and accounting standards.
International Accounting Standard 1 requires that financial statements present fairly for each
financial year the Company’s financial position, financial performance and cash flows. This
requires the faithful representation of the effects of transactions, other events and conditions in
accordance with the definitions and recognition criteria for assets, liabilities, income and expenses
set out in the International Accounting Standards Board’s ‘Framework for the Preparation and
Presentation of Financial Statements’.
In virtually all circumstances, a fair presentation will be achieved by compliance with all
applicable IFRSs. Directors are also required to:
3. •Properly select and apply accounting policies;
•Present information, including accounting policies, in a manner that provides relevant, reliable,
comparable and understandable information;
•Provide additional disclosures, when compliance with the specific requirements in IFRSs is
insufficient to enable users to understand the impact of particular transactions, other events and
conditions on the entity’s financial position and financial performance; and
•Make an assessment of the Company’s ability to continue as a going concern.
And now let’s move to the advantages of having an audit. Through operating a business, you may
run the risk of errors or irregularities occurring within. It is also desirable to check and deter fraud
by carrying out a regular audit. The following are the major benefits that an audit provides:
•Compliance - obviously this is one of the main reasons to conduct an audit: to meet the
statutory requirements and regulations in your industry. An audit provides complete peace
of mind for business owners and shareholders that the organization is 100% compliant with
all of its current statutory obligations. Non-compliance runs the risk of incurring heavy
fines, loss of customers and a tarnished reputation – damage that far outweighs the cost
and any minimal, temporary inconvenience that may be caused by an audit.
•Business Improvements / System Improvements
A thorough, in-depth audit takes an impartial look at your organization’s internal systems
and controls. This means it’s an ideal opportunity for the auditing experts to suggest
improvements that can make your business more efficient. Ways to improve internal
controls, business systems, accounting practices, efficiencies, governance and culture can
all be identified through the audit process.
•Credibility
An audit provides independent verification that the financial statements are a true and fair
representation of the entity’s current situation. This provides invaluable credibility and
confidence to your organization’s customers/clients, stakeholders, investors or lenders and
even potential buyers. It is confirmation that financially everything is as it appears to be.
•Detect and Prevent Fraud
Based on a study, up to 30% of businesses are subject to fraud, error and corruption.
Workplace fraud can occur for years without being detected and can be so substantial that
some businesses never recover financially or repair their reputations. An audit can be an
effective tool for identifying fraud and opportunities to commit fraud. Experienced auditors
are skilled at pinpointing weaknesses in an organization’s systems and controls and
suggesting ways to strengthen these to prevent fraud occurring.
4. •Better Planning and Budgeting
An audit confirms the accuracy of an organization’s financial statements by analyzing its
financial transactions. It’s a detailed process and can result in certain types of income,
expenditure, assets and liabilities being scrutinized. This critical examination, coupled with
the auditor’s financial expertise, can then be used by business owners for better financial
planning, budgeting and financial decision-making for the future.
(The Auditor)
Acknowledged on behalf of Sheridan Audio Visual Ltd
By:
(signed)
......................
Name and Title
Date