“Behind every good company is a great accountant.” Entrepreneurs must often learn and perform a number of business activities while starting a business. Accounting is a crucial business function to use when establishing a small firm. Despite the fact that many entrepreneurs are afraid of sifting through countless stacks of financial records, accounting frequently delivers the clearest picture of a […]
SA 315, Identifying and Assessing the Risks of Material Misstatement through understanding the entity and its environment deals with the auditor’s responsibility to identify and assess the risk of material misstatement in the financial statements, through understanding the entity and its environment. A risk assessment procedure is performed for the identification and assessment of risks of material misstatement at the financial statement […]
In this edition, we have tried to bring to notice the latest amendment that followed in the month of February 2022 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA LLP (Amendment) Rules 2022: MCA has notified the Limited Liability Partnership (Amendment) Rules, 2022 which shall come into force with effect from April 01, 2022. The amendment […]
“Data is the new oil.” Being such a huge resource, it is important to protect it and also to keep it accessible, confidential and well-maintained. One such method of ensuring this is to maintain the data on the cloud. So, this shall be an appropriate time to ask ourselves how much are we aware of this new and emerging technique […]
In this edition we have tried to bring you notice the latest amendment that followed in the month of January, 2022 issued by MCA, RBI, SEBI, DIPP and others. Amendments issued by MCA Companies (Registration Offices and Fees) Amendment Rules, 2022: In exercise of the powers conferred by sections 396, 398, 399, 403 and 404 read with subsections (1) and […]
A Ltd. engaged in business of petroleum refining and sold its product to oil marketing companies. During the year company issued non-convertible redeemable PSC on private placement basis to its holding company B ltd. It is stated that this PSC are mandatory redeemable at face value at any time on a call/put option exercised on mutually agreed terms. So, contractual […]
Background Auditing can be transformed with machine learning leading to increased productivity and accuracy. Historically, audit is done on sample basis to identify risks. This approach does not take into account the total information available and relies mainly on manual processing. Audit firms can automatically process large volumes of data to identify anomalies and high risk transactions which can be […]
Today we are going to discuss about – Ind AS 109: Treatment of dues recoverable on account of invocation of bank guarantee in the balance sheet Query: Company X Ltd. provides financial assistance for procurement of raw material to Y Ltd. Wherein Y Ltd. defaulted in repayment of dues to X Ltd. Subsequently BG was invoked by X Ltd. However, […]
What exactly is “Big Data?” Big data is the term used to describe the massive portfolio of data that is growing exponentially. Big data includes data that is unstructured & machine-generated, as well as data that resides outside of corporate boundaries. Analytics is the process of analysing data with the objective of drawing meaningful conclusions. Big Data analytics (BDA) means […]
Financial Guarantee: Meaning: A contract that requires the issuer (Guarantor) to make specified payments to reimburse the holder (loan giver) for a loss it incurs because a specified debtor (loan taker) fails to make payment when due in accordance with a debt instrument. Condition for classifying an instrument as financial guarantee: Payment to be made to holder only if: If above […]