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Posted On:  2 years ago


How to Audit Revenue

As part of a financial audit, the auditor must assess the inherent risk associated with the revenue cycle and perform tests to determine it is relatively free of error or fraud. The inherent risk for this cycle is related to the cutoff dates for particular types of sales and the pressures from management to misstate revenues. By conducting so-called substantive tests and tests of controls, the auditor can provide some assurance that the revenues of the company are recorded accurately.....

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Liabilities

A contingent liability is the possibility of a liability arising from a future event. The liability is contingent on whether or not the event occurs. The most common source of contingent liabilities are outstanding lawsuits and product warranties. Auditors usually ask management to write a statement acknowledging they disclosed all known contingent liabilities.......

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Cash and Bank Balances

Accounting and auditing procedures differ across companies and industries but audit procedures for cash are similar. The auditor must obtain reasonable assurance that the cash balances of the company are stated accurately and does so using mostly standard procedures. Knowing audit procedures for cash can eliminate any surprises for you and your company around audit time.....

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Debtors, Loans And Advances

During the process of verifying trade debtors, the auditors need to ascertain an adequate internal control on the clients accounting system. The auditor should study and evaluate the system of internal control relating to debtors, loans and advances, to determine the nature, timing and extent of his other audit procedures........

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Miscellaneous Expenditure

Miscellaneous Expenditure is a part of the auditing process for companies with various expenses. In addition, there are many complex accounting issues surrounding the topic of miscellaneous expenditure. Companies have a temptation to overstate miscellaneous expenditure and thus overstate expenses. This means that auditors should focus on proper checking of expenses......

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Inventories

Inventory is a large part of the auditing process for companies with physical goods. Inventory is a substantial portion of total assets for many companies. In addition, there are many complex accounting issues surrounding the topic of inventory valuation.....

article author CA Nikesh Sheth

Posted On:  2 years ago


How to Audit Investments

As an auditor you have to test security investments such as your client’s stocks and bonds. Testing investments during an audit is no different from testing any other financial account, such as cash. You must make sure that the amounts shown as investment assets aren’t materially misstated and that all income and changes in an investment’s value are properly recorded.......

article author CA Nikesh Sheth

Posted On:  2 years ago


Business funding for SMEs through CGTMSE

Collateral Security Free Loan for Small Businesses The SMEs sector in India has been booming for more than a decade now. India is a hub for innovation and entrepreneurship and this is proved best by the number..

article author SWETANG SHAH

Posted On:  2 years ago


Fraud Detection Questionnaire for Conducting Audit

That an auditor has the responsibility for the prevention, detection and reporting of fraud, other illegal acts and errors is one of the most controversial issues in auditing, and has been one of the most frequently debated areas among'st auditors, politicians, media, regulators and the public. So following are some questionnaire regarding fraud detection for conducting audit.....

article author CA Nikesh Sheth

Posted On:  2 years ago


What Auditor should about the Accounting Policy?

The auditing environment continues to change in dramatic ways, and professionals must be prepared for a high standard of responsibility, strategies, and policies. Changes in Accounting Policies must be applied properly. Here I have gathered some information regarding accounting policies to be known by an auditor......

article author CA Nikesh Sheth

Posted On:  2 years ago


What Auditor should know about client?

Obtaining an understanding of the client's business is key to an effective and efficient audit. Our knowledge of the client's business also helps us to develop and maintain a positive professional relationship with the client. So following are important ........

article author CA Nikesh Sheth

Posted On:  2 years ago


Format of Engagement Letter by Auditor

It is very important to keep engagement letter for every professional for all kind of professional work, but it becomes of higher importance in case of Audit work. Following is format for engagement letter to be kept by auditor....

article author CA Nikesh Sheth

Posted On:  2 years ago


Information to be Collected in case of New Audit by Professionals / Auditors

Difficulties with companies act, 2013 has increased liabilities for auditors for some good purpose by MCA and GOI. But auditors are now required to maintain enough information in case of new audit or existing audit. I have gathered data to be collected format of the same is as below.......

article author CA Chirag Chauhan

Posted On:  2 years ago


Borrowing rates to get lower immediately

RBI have reduced repo rate three times by a total of 75 basis point in last 2 months but on an average banks were able to pass on to end borrowers only 20-30 basis points. This is mainly because of calculation of base rate by the banks.......

article author CA Nikesh Sheth

Posted On:  2 years ago


Why you should file your income tax return before 31st august 2015?

Filing your tax returns before the prescribed deadline has many advantages. Ideally, one should not wait for the last date to file tax returns.

article author CA Chirag Chauhan

Posted On:  2 years ago


Freelance CFOs, the unsung startup heroes

Behind every successful startup, there is an unsung hero -the chief financial officer (CFO) and his team of number crunchers, whose..

article author Deepak Joshi

Posted On:  2 years ago


Will your Income Tax return get rejected?

Two out of three taxpayers dont know the tax rules and could be filing faulty returns. If you are falling in tax bracket of Rs 10 lacs or more it is always advisable to have professional advice and help before filing your returns to avoid any notice and its effect

article author CA Chirag Chauhan

Posted On:  2 years ago


EQUITY LINKED SAVINGS SCHEME (ELSS)

EQUITY LINKED SAVINGS SCHEME (ELSS)

article author Sanjay Pithadia

Posted On:  2 years ago


Everything you wanted to know about Health Insurance

Importance of buying adequate health insurance and precautions to be taken

article author Abhay Gadiyar