Introduction Which Companies Require Secretarial Audit? : With evolving corporate governance standards and increasing regulatory scrutiny, businesses in India are required to comply with various legal frameworks. Secretarial Audit is a key compliance mechanism introduced under the Companies Act, 2013 to ensure transparency and adherence to corporate laws. This article provides a detailed overview of… Read More »
Introduction What is Secretarial Audit? : In today’s complex regulatory environment, businesses are required to comply with numerous laws and corporate governance standards. Secretarial Audit plays a vital role in ensuring that companies adhere to these legal frameworks. It helps organizations maintain transparency, improve compliance, and mitigate legal risks. Definition of Secretarial Audit A Secretarial… Read More »
Introduction Assurance vs Audit : In the corporate world, businesses rely on financial and non-financial evaluations to ensure their operations run smoothly and comply with regulatory standards. Two crucial concepts in this regard are assurance and audit. While they are closely related, they serve different purposes. Understanding their distinctions, benefits, and limitations is essential for… Read More »
Introduction In the modern business landscape, financial transparency and compliance with regulations are crucial for maintaining trust among stakeholders. The audit process plays a significant role in ensuring accuracy, efficiency, and legal compliance in financial reporting. Whether it’s a small business, a large corporation, or a government entity, audits help in assessing financial health, preventing… Read More »
Statutory Audit for Educational In Statutory Audit for Educational Institute such as schools, colleges, universities, and professional schools in India, several key financial statements are audited to ensure transparency and financial accountability. 1. Income and Expenditure Statement: This statement provides a comprehensive overview of the institution’s revenue sources and how funds can utiliz. It… Read More »
Auditing Firm Auditing Firm, Certain organizations mandated by regulations to undergo financial statement audits, whereas others choose to undergo such audits on a voluntary basis. If a company’s balance sheet audited, the auditor will be a certified public accountant (CPA) who is independent of the company. The auditor will review the company’s financial records… Read More »
LLP Accounts Signatory LLP Accounts Signatory: In the framework of a Limited Liability Partnership (LLP), the designated partners assume the crucial responsibility of signing and certifying the accounts of the LLP. This underscores their essential involvement in financial affairs, underscoring the significance they hold in maintaining financial transparency and accountability. Here’s an explanation of… Read More »
f Financial statements Financial statements, these are typically prepared at regular intervals, usually at the end of an accounting period. The most common accounting periods are: 1. Monthly: Some businesses, especially smaller ones or those with more frequent financial reporting needs, prepare financial statement on a monthly basis. This allows for more frequent monitoring… Read More »
Meaning of accountancy Accountancy is a field of study and practice that deals with the measurement, processing, analysis, and communication of financial information about a business or organization. It involves the recording, classifying, summarizing, and interpreting of financial transactions to provide useful information for decision-making.The meaning of accountancy is very clear. To visit: https://www.incometax.gov.in Accountancy… Read More »
Assurance and audit are not same Assurance and audit are not same Website link Assurance and audit are not same: Assurance and audit are related concepts but are not exactly the same. While audit is a specific type of assurance engagement, assurance encompasses a broader range of services. Assurance refers to the professional services provided… Read More »
