Expert Blogs
8+ practical guides on income tax, GST, audit, corporate law & CA careers
Auditing Related Party Transactions: Red Flags
TL;DR for CAs - Identify related parties beyond the disclosure list. - Test arm's length and approval compliance. - Companies Act and Ind AS/AS disclosure overlaps need…
Inventory Physical Verification: Audit Procedures That Work
TL;DR for CAs - Attend physical counts wherever inventory is material. - Test cut-off and third-party confirmations. - Evaluate NRV and obsolete stock provisions. What it is SA…
Bank Concurrent Audit: High-Risk Areas Checklist
TL;DR for CAs - Focus on advances, KYC, house-keeping, and income leakage. - Report irregularities with financial impact quantification. - Follow RBI/ICAI guidance and bank…
Internal Financial Controls (IFC): Reporting for Auditors
TL;DR for CAs - IFC reporting is required for certain companies under the Companies Act. - Focus on financial reporting controls, not all operational controls. - Deficiencies…
Ind AS Adoption Roadmap for Mid-Size Companies
TL;DR for CAs - Ind AS applicability depends on listing and net worth criteria. - First-time adoption (Ind AS 101) needs careful exemptions election. - IT systems and tax book…
SA 230 Audit Documentation: Quality Control Essentials
TL;DR for CAs - Documentation must show sufficient appropriate audit evidence. - Assemble final file within the assembly period. - Experienced auditor test is the documentation…
CARO 2020 Clauses: What Statutory Auditors Must Test
TL;DR for CAs - CARO 2020 expands reporting on loans, related parties, and fraud. - Applicability excludes certain private companies meeting conditions. - Working papers must…
Tax Audit u/s 44AB: Engagement Checklist for CAs
TL;DR for CAs - Turnover and presumptive opt-out drive tax audit applicability. - Form 3CA/3CB and 3CD disclosures must match books. - Report clauses on TDS, loans, and ratios…