March 3, 2022

Auditor’s Responsibility to Evaluate the Risk of Material Misstatement (ROMM)

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 […]

General
March 3, 2022

CLOUD GOVERNANCE & SECURITY

“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 […]

General
January 10, 2022

Use of Artificial Intelligence in Audit

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 […]

Department
December 8, 2021

Internal Audit and Big Data

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 […]

General
November 11, 2021

Financial Guarantee under IND AS: All you need to know for practical implementation

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 […]

Assurance
November 9, 2021

Roll out of the new Annual Information Statement (AIS)

Important Judicial Precedents RNM was established by Late Mr. R.N. Marwah in the year 1946. RNM India is one of the top ca firm in Delhi.  Commencing from the pre-independence era to the modern age of science and technology, RNM has loyally stood as a witness to the sequence of events that have gradually molded the nation and led to […]

Direct Tax

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