Home Highlights March 2016 Year 2016 This

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1. Statutory Auditor (Chartered Accountant), Cost Auditor or Secretarial Auditor has to report the fraud in the company in the prescribed manner. - Notification

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

3. CENVAT credit - shortage of input - merely for smaller quantity found short by the internal auditor and reported in 3CD report, credit cannot be denied - AT

4. Valuation- inter-connected undertaking - related parties or not - applicability of doctrine of mutuality of interest - The fact that Appellant 1 and Appellant 2 were not...

5. NOTICE INVITING COMMENTS ON THE DRAFT COMPANIES (AUDITOR’S REPORT) ORDER, 2016

6. Independence of Tax Auditor - Rule 51A Notified by the CBDT to prohibit an Auditor (Chartered Accountant) to have business relationship with the client other than those...

7. Order under section 119 of the Income-tax Act, 1961 in respect of extension of due date for filing of Country-by-Country Report for reporting accounting year 2016-17

8. 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...

9. Amendment in Notification No. 131/2016 - Customs (N.T.), dated the 31st October, 2016 - Customs, Central Excise Duties and Service Tax Drawback Rules, 1995 - Notification

10. Stringent approach towards ensuring compliance with auditing standards - importance of auditors' responsibilities in maintaining the integrity and reliability of...