Even when risk identification is primarily a management responsibility, internal auditors play a pivotal role in risk management by evaluating the process controls highlighting critical risks in achievement of business objectives as well as providing assurance regarding adequacy of controls in respect of existing and emerging risks. A regular and effective risk-based audit program is essential to achieve these objectives. […]
Data giant S&P Global Inc has agreed to buy IHS Markit Ltd in a deal worth $44 billion, creating a heavyweight in the increasingly competitive market in financial information. The mega deal, which includes $4.8 billion of debt. Deals touched a record high in the September quarter, with more than $1 trillion worth of transactions, mostly focused on coronavirus-resilient sectors […]
FAQs on manufacturing and other operations in bonded warehouses The sealant aspects of FAQs are as under: Judgement CESTAT, Mumbai reject assessable maintains that companies are artificially created to maintain lower selling price for payment of excise duty between two Indian subsidiaries of an overseas parent. Facts • The assessee was engaged in manufacturing and production of two car models […]
Accounting treatment of waiver off of interest on the loan from Directors Entity A, which prepares its financial statements as per Ind AS obtained a loan from one of its directors during the year 2015-16 which is still outstanding as at the end of year 2018-19. The loan is not related to a qualifying asset and is repayable on demand. […]
While data analytics serves as a powerful tool used in organization to gain insight into operations, they may also be a source of risk. Feasibility to reveal secrets hidden in voluminous data makes use of the data analytics difficult to resist. There are tools enabling the organization to bring efficiencies in operations, improve decision, enhance agility, identify market potential etc. […]
In this edition we have tried to bring to your notice the latest amendment that followed in the month of October, 2020 issued by MCA, RBI and SEBI. Amendments issued by MCA Amendments issued by RBI Amendments issued by SEBI
The concept and implementation of e-appeal mechanism is a welcome move as it would not only curb corrupt practices as intended but also reduce the time and cost for getting justice. The Faceless Appeal Scheme, 2020 provides discretionary video-call hearing in selected cases where the tax authority feels that issues are complex. Considering that the right to decide which case […]
Mubadala Investment Company will invest Rs 6,247.5 crore ($853 million) in Reliance Retail Ventures Ltd, making the Abu Dhabi sovereign wealth fund the fourth investor in the unit. This investment will translate into a 1.4% stake in Reliance Retail Ventures on a fully diluted basis. The investment values Reliance Retail at a pre-money equity valuation of Rs 4.285 trillion. Here […]
Several entities have been impacted by the COVID-19 pandemic. As per accounting prospective both Ind AS 36, ‘Impairment of assets’ and AS 28 ‘Impairment of Assets’, require that management consider at each report date whether there is any indication that an asset may be impaired. Ind AS 36 and AS 28 include both internal and external indicators to identify if […]
Introduction: The Three lines Model helps organizations to identify the framework and processes that best suits the objectives of the organization and simplifies Risk Management and Governance. A governing body is eventually responsible for governance, which is achieved through the actions and activities of the governing body as well as management. A Governing Body in any organization receives periodic reports […]