FAQs and Limitations of Secretarial Audit

FAQs on limits of Secretarial Audit1. What is the limit for the issue of Secretarial Audit Reports for financial year 2016-17?The Council of the Institute at its 235th meeting held on February 11, 2016 reviewed the existing limits for the issue of Secretarial Audit Reports and decided as below:– 10 Secretarial Audits per partner/ PCS, … Read more

Main Changes in Revised CARO

MCA issues CARO, 2016, effective from FY 2015-16, excludes applicability to banking co./insurance co./OPC/small co. MCA issues Cos. (Auditor’s Report) Order, 2016 (‘CARO, 2016’); States that CARO, 2016 is applicable to every co. including foreign co., except banking co., insurance co., Sec. 8 Co., OPC, Small Co. and prescribed class of private company (thresholds prescribed);States … Read more

Main Check List of Bank Audit

Call for the following information / records / details / evidences for the purposes of Statutory audit of Bank : 1. Closing circular issued to the branch / reference in their website to download the same.2. The extent, size and specialization of the branch3. The profile of the branch and performance in the past two … Read more

Respective Audits Documentation after completion

For CompaniesChecklist for Statutory Audit Documentation 1. Cover Page2. Independents Auditors Report3. CARO if required 4. Financial Statements– B/s– P&L– CFS if required– Accounting Policies– Notes forming part of Financial Statements– Trial Balance duly certified5. Certificates of Director Disqualification6. Certificates of Cash7. Auditor Consent Certificate for qualification8. Letter u/s 134 of submission of 3 sets … Read more

CARO 2015 learning table

1. TITLE Companies (Auditor’s Report) Order 2015 2. APPLICABILITY Applies to every company [Including a foreign company u/s 2(42) of Companies Act 2013]However CARO 2015 would not apply on the following:-Banking Company Banking company as defined u/s 5(c) of Banking Regulation Act 1949Insurance Company Insurance company as defined under Insurance Act 1938Section 8 Company Section … Read more

Bank Audit Manual E Book Download

INDEX OF THE EBOOKKey Points 3Asset Classification & Provisioning – a readyreckoner 4Income Recognition & Asset Classification Norms– at a Glance 5-9Asset Classification – at a Glance 10Important Audit Checks 11-13Draft Management Representation Letter 14-16Format of Letter to Branch 17-20Checklist for Audit of Advances accounts 21-23Checklist for Audit of LFAR 24-29Remuneration to Auditors 30-32Overall Audit … Read more

Procedure for e-filing of Tax Audit Report

The procedure of e-filing of tax audit report can be broadly divided in few steps as mentioned below: Chartered Accountant is required to create his account on E-filing site This would be a special logi Designed for ‘Chartered Accountants’. A separate log-in as ‘Chartered Accountant’ is required for e-filing of Audit report although auditor may … Read more