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Category: Audit

An overview of Internal Audit Series 100 and 200

An overview of Internal Audit Series 100 and 200

Brief on Internal Audit Definition:-¬†Internal audit provides independent assurance on the effectiveness of internal controls and risk management processes to enhance governance and achieve organisational objectives What is key terms/features of Internal Audit Independence: Internal audit shall be an independent function, achieved through the position, organization structure and reporting of the internal auditor.An internal auditor is expected to evaluate the design and operating effectiveness of internal controls and risk management processes as designed and implemented by the management Organizational objectives…

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Companies Auditor Report Order (CARO) Rules, 2020

Companies Auditor Report Order (CARO) Rules, 2020

The MCA has issued the Companies (Auditor’s Report) Order, 2020 (CARO 2020), on 25th February 2020. This order has been issued in supersession of the Companies (Auditor’s Report) Order, 2016, and is applicable for reporting on financial statements of companies whose financial year commences on or after 1st April 2019. CARO 2016 was issued by MCA in supersession of CARO 2015. Now, the MCA has kept the applicability of CARO 2020 to companies same as CARO 2016. The CARO 2020…

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Tax Audit u/s 44AB limit increased upto 5 Cr. w.e.f. FY 2020-21

Tax Audit u/s 44AB limit increased upto 5 Cr. w.e.f. FY 2020-21

Tax Audit U/s 44AB limit has been proposed to increase up to Rs. 5Cr. from FY 2020-21 for MSME sector in Union Budget 2020 but several conditions apply. What is MSME? The full form of MSME is Micro, Small & Medium Enterprises. According to Micro, Small & Medium Enterprises Development Act (MSMED) 2006, there are two types of MSME such as, Manufacturing Enterprises. Service Enterprises. Click here to read the official definition of MSME Limits of Tax Audit (Sec. 44AB)…

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