Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: VAT Audit :: list of goods taxed at 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: cpt :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: empanelment
 
 
ICAI »
 Multipurpose Empanelment Form for the year 2017-18
 Notification CPT - June, 2017
 Notification Final - May, 2017
 Result of the Chartered Accountants Final Examination held in May 2017 and Common Proficiency Test (CPT) held in June 2017 declared.
 Invitation for expression of interest from software development companies for providing software relevant to the Practitioners & CA Firms of ICAI by 31 August, 2017.
 Alternate website for CA Final and CPT May/June 2017 Results
 CPE Events 17th July - 22th July 2017
 Result of the Chartered Accountants Final Examination held in May 2017 and Common Proficiency Test (CPT) held in June 2017 are likely to be declared on Tuesday, the 18th July 2017.
 Result of the Information Systems Audit [ISA] Assessment Test held on 24th June 2017 is likely to be declared on 18th July, 2017.
  Ind AS Transition Facilitation Group (ITFG) Clarification Bulletin 10
 Announcement for revision in fee of Expert Advisory Committee (applicable with effect from July 1, 2017)

ICAI issues guidance note on internal financial controls
October, 12th 2015

The apex body of chartered accountants\' ICAI has issued detailed guidelines on audit of internal financial controls over financial reporting as required under the new companies law.

According to the guidance note, the auditor needs to obtain reasonable assurance to state whether an adequate internal financial controls (IFC) system was maintained and whether such internal financial controls system operated effectively in the company in all material respects with respect to financial reporting only.

Under the Companies Act, 2013, auditors are required to separately opine whether the company has adequate internal financial controls system in place and the operating effectiveness of such a framework for the year ending March 31, 2016.

In foreword to the more than 200-page guidance note, the Institute of Chartered Accountants of India (ICAI) has said the requirement under the Act has \"cast onerous responsibilities on the statutory auditors\".

This is because reporting on internal financial controls is not covered under the standards on auditing issued by the ICAI and also because of the fact that no framework has been prescribed under the Act and the rules thereunder for the evaluation of internal financial controls, it said.

According to Sumit Seth, Partner at Price Waterhouse & Co, the note explains that for auditor reporting, the term IFC is restricted to internal financial control over financial reporting only (ICFR) as of the balance sheet date.

\"It (note) also makes clear that such reporting will be applicable for both listed and unlisted companies, including standalone and consolidated financial statements (to the extent of Indian companies within the group),\" Seth noted.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Portal Design Website Design Portal Designing Website Designing Web Design Professional Portal Design Professional Website Design Professional Web Design Portal Design India Website Design India Portal Designing India Website Designing India Web Design India Professional Portal Design India Professional Website Design India Chicago Professional Web Design New York Professional Web Design California Website Design Florida Website Design New Jersey Website Design Britain UK Website Design London Manchester Website Design

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions