PK CHOPRA

Auditing Internal Controls

In response to the large corporate financial scandals like energy firm Enron Corp, telecommunications giant WorldCom and Tyco International, Sarbanes-Oxley Act (SOX) was introduced, in the USA, in year 2002. Purpose of the Act was to improve accuracy of financial reporting by establishing formalized system of checks and balances and protect shareholders/ general public fromContinue reading “Auditing Internal Controls”

Need of Internal Audit

The purpose of auditing internally is to supply insight into an organization’s culture, policies, procedures, and aids board and management oversight by verifying internal controls like operating effectiveness, risk mitigation controls, and compliances with relevant laws or regulations. Reasons why there’s an importance of Auditing InternallyInternal auditing programs are critical for monitoring and assuring thatContinue reading “Need of Internal Audit”

Inventory Audit in India

Inventory audit or stock audit refers to physical verification of a corporation or institution’s inventory assets. There are several sorts of stock audits depending upon the aim and each stock audit would require a special approach. Every business institution a minimum of must perform a stock audit once during a year to update and assureContinue reading “Inventory Audit in India”

Internal controls and Audit of Fixed Assets

Fixed assets, in an organization represent the long-term tangible assets which are used, -to produce and deliver its products or services, and -to manage its operations. They are assets held for the purpose of providing or producing goods or services and are not meant for sale in the normal course of business. Therefore, an assetContinue reading “Internal controls and Audit of Fixed Assets”

Complete Guide on Internal Audit in India

Internal Audit in India is one of the major areas which aid the organization in enhancing business performance by identifying the growth areas with greater scope for improvement. The process of Internal audit helps in reviewing the existing systems and their effectiveness by benchmark the audit processes and procedures against the best industry practices toContinue reading “Complete Guide on Internal Audit in India”

TCS Under Income Tax - Provisions Applicable from 01.10.2020

Tax Collected at Source Under Income Tax — New Provisions Applicable from 01 October 2020 IntroductionFinance Act, 2020 introduced 3 new provision under Tax Collected at Source (“TCS”): TCS on foreign remittance through LRS; TCS on selling overseas tour packages; and TCS on sales of any goods TCS unlike TDS is required to be collected additionally alongContinue reading “TCS Under Income Tax - Provisions Applicable from 01.10.2020”

Income Tax Audit in India

What is a Income Tax Audit in India?Under Section 44 AB of the Income Tax Act, 1961, provision of Income Tax Audit is covered. Income Tax Audit is a way to examine an individual’s organization tax returns by any outside agency. Income Tax Audit done to verify all income, get the deduction information or aboutContinue reading “Income Tax Audit in India”

The Process of Due Diligence Services in India

If you happen to be an entrepreneur or a sale one that has his/her sights on the acquisition of a business, it’s your right to examine the financial records, and research that’s company activity related. Due diligence services in India enters the image at now and ensures that related information is compiled. It also seesContinue reading “The Process of Due Diligence Services in India”

General Financial Rules (GFR Rules)

The General Financial Rules (GFRs) are the general rules of Government of India (GOI) which are applicable to all Government Ministries/Departments. Exceptions are provided in the Rules. These rules are applicable in matters relating to Public Finance, that is, Matters relating to Revenue and Expenditure of Government. These rules were first introduced in 1947 andContinue reading “General Financial Rules (GFR Rules)”

New Valuation Regime under Companies Act, 2013

Till now, only an ad-hoc framework for valuation professionals was in place, which is basically governed by the Companies Act, and the government has designated the Insolvency and Bankruptcy Board of India (IBBI) as the authority to implement the new regime of registered valuers. The move came at a time when stressed companies worth thousandsContinue reading “New Valuation Regime under Companies Act, 2013”