Tag Archives: #AuditReview

Prepares financial statement: Who prepares the financial statements ?

Prepares financial statement

Prepares financial statement The financial statements are typically prepared by the company’s accounting and finance department or by professional accountants and auditors. These individuals have the knowledge and expertise to accurately compile and analyze financial data in accordance with accounting principles and standards. It is mandatory to Prepares financial statement.  In smaller businesses, the financial… Read More »

Fund utilization certificate by CA?

Fund Utilization

CA certification for fund utilization Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient’s Name] [Recipient’s Designation] [Organization Name] [Organization Address] [City, State, ZIP] Subject: Fund Utilization Certificate Dear [Recipient’s Name], I, [Your Name], a Chartered Accountant (CA) duly registered with [Certifying Authority], hereby provide this Fund Utilization Certificate for the… Read More »

LLP accounts signatory: Who signs LLP accounts ?

LLP without partnership agreement

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 »

When LLP is required to audit ?

LLP is incorporated

When LLP is required to audit     The requirement for LLPs to undergo an audit varies based on the jurisdiction and the specific regulations in place. Here are some general guidelines regarding when an LLP may be required to undergo an audit:  Size Criteria: In many jurisdictions, LLPs are required to undergo an audit… Read More »

Q23.9 Making Turnover Certificate: How to make turnover certificate ?

Turnover Certificate

        Making Turnover Certificate  Making Turnover Certificate, you can follow these general steps: 1.Gather Financial Information: Collect the necessary financial information related to the turnover you want to include in the certificate. This may involve reviewing financial statements, sales records, revenue reports, or any other relevant documents. 2.Determine the Time Period: Specify… Read More »

What is internal audit?

Audit Date of Parlor and Spas

Definition of Internal audit: This is a process of evaluating and reviewing an organization’s operations. It is including its internal controls, risk management, financial and accounting systems, and compliance with laws and regulations. The primary objective of internal audit is to provide independent and objective assurance to the organization’s management and stakeholders.  That the organization’s… Read More »

What does an internal auditor do?

Internal auditor

Internal auditor An internal auditor is responsible for evaluating a company’s internal controls, processes, and financial reporting to ensure that they are accurate, efficient, and compliant with relevant laws and regulations. They examine and analyze financial and operational data, identify risks, and recommend improvements to processes, controls, and policies. They also review company practices to… Read More »

How to check TDS compliance in audit?

Check TDS compliance in Audit Check TDS compliance in audit, To Check TDS compliance in audit, you can follow these steps: Obtain TDS Returns: Request the auditee to provide copies of filed TDS returns (Form 24Q, Form 26Q, etc.) for the relevant assessment years. These returns contain information about the TDS deductions made by the… Read More »