We all live in a dynamic world, which keeps on changing and evolving every moment. Among all other facets of life, these dynamics affect the way, we do business. Accordingly, there is a need for businesses to adapt to the changes and to constantly upgrade their systems and procedures in accordance with the changing times, to ensure their growth and survival.This, in turn, involves availability of manpower resources with necessary experience and expertise to guide the enterprise through the transformation
Month: September 2020
The GST finding its place in jurisprudence on pertinent issues
AAAR Karnataka held supply of goods and services under warranty contract as composite supply, as principal supply being services and “recipient of supply” to make payment to under the contract to the supplier. Elaborative: Facts: The appellant provides warranty and other after sales support services on supply as a distributor of branded trucks on a principal-to-principal basis to its customers in India. , it gives a standard warranty of one to two years on the truck sold to its
Audit Quality Review Report & AS queries
NFRA issues Audit Quality Review Report of the Statutory Audit of IL&FS for F.Y. 2017-18 In pursuant to section 132(2)(b) of the Companies Act, 2013 and NFRA Rules, 2018, The National Financial Reporting Authority (NFRA) has issued the Audit Quality Review Report (AQRR) of the Statutory Audit of IL&FS Financial Services Ltd. for the financial year 2017-18. This AQR was conducted to ensure the compliance with relevant accounting and auditing standards and to assess the need of any disciplinary proceedings
Recent Amendment by MCA, SEBI, RBI: August 2020
In this edition we have tried to bring you notice the latest amendment that followed in the month of August issued by MCA, SEBI, RBI and others. Amendment introduced by MCA Amendment of item no. (ix) In the Schedule VII of the Companies Act, 2013 In exercise of the powers conferred by sub-section (1) of section 467 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following further amendments in Schedule VII to the said
Fighting Fraud Using COSO: A Practical Approach by Internal Auditor
Fraud is a significant threat to organization, especially a complex global organization operating with multiple businesses and geographies. The situation gets more complicated now as opportunities and justification are enhanced during COVID-19. An ACFE report says, organizations typically lose 5 percent of revenues to fraud annually. COSO framework may be used to develop a comprehensive mechanism to mitigate frauds effectively and proactively. Frauds in the organization would have an adverse impact on operations, profitability, employee morale and reputation. Internal audit
Honoring the Honest – Transparent yet faceless system
Recently, the Prime Minister of India launched the ‘Transparent Taxation – Honoring the Honest’ platform to honour the honest taxpayers of the country. The key highlights of the Transparent Taxation Platform are faceless assessment, faceless appeal and taxpayer charter. The aim of a faceless system is to eliminate bribery and corruption so that the justice be available to all taxpayers equitably, whether rich or poor, influential or not. That is, the taxpayers would not be required to meet with the income tax
Electronic Commission – On the way: August 2020 Financial News
The Government recently announced an Rs 40,000 Crore Production-Linked Incentive Scheme for electronics. It is working upon setting up an Electronics Commission to push electronics’ manufacturing and reducing its import dependence on China. Here is some latest financial news of private equity, venture capital and mergers & acquisitions: Private Equity PAG to buy 51% stake in Edelweiss Wealth Management: Hong Kong private equity firm PAG has struck its second India related transactions as it inked an agreement to pick up