Home Highlights January 2018 Year 2018 This

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1. Powers and duties of auditors and auditing standards - required to report whether the company has adequate internal financial controls with reference to financial...

2. New and Revised Auditors’ reporting standards (w.e.f. accounting periods starting 01/04/2018)

3. Adoption of special auditor's report only in part - estimation made on the assessment - validity of audit report based on sampling made by the Auditor - Auditing and...

4. Professional misconduct by CA - Liability of the Engagement partner with audit firm - Acceptance of the Audit Engagement - The NFRA concluded that the audit firm and the...

5. Penalty u/s 271B - the books of account of the Assessee have also been audited only on 30.09.2011, however it seems that somehow due to inadvertent or otherwise mistake...

6. TDS u/s 194J - Audit fees - Disallowance made u/s 40(a)(ia) - non deduction of tds - the name of the payee (i.e the auditor) is very well known to the assessee in order...

7. Professional Misconduct by CA - Liability of the Engagement Partner (EP) with Audit Firm - The NFRA found that the auditors did not adequately report the non-recognition...

8. Audit of accounts u/s 44AB - delay in appointing auditor and getting audit report - Penalty u/s 273B - assessee justified the delay - no penalty - HC

9. Buy-back of shares - calculation - where the audited accounts are more than six months old, the calculations with reference to buy back shall be on the basis of...

10. Power of SEBI - Charge of conspiracy and involvement in the fraud against CA firm - if the appellant had not carried out the statutory audit as per the accounting...

11. Penalty u/s 271B - assessee failed to get his account audited and furnish report u/s 44AB even after release of documents where were seized by the authorities - If the...

12. Levy of penalty u/s 271B - failure to get the accounts audited and furnished the audit report before the specified due date - Statutory auditors appointed by the CA&G -...

13. Special audit report u/s 142(2A) - An admitted fact on record that the AO had no occasion to examine the books of accounts furnished by the assessee, which were actually...

14. Validity of special audit of the accounts u/s 142(2A) - petitioner has not made any objection regarding procedure followed by the AO or by the Pr. CIT, in the entire...

15. Power to conduct service tax audit - Thought, Rule 5A only providing access to the registered premises as also to the documents demanded for scrutiny by the Audit party,...