Attestation of Prospective or Provisional Financial statements/ Information – Is it allowed? (a) Attestation of Prospective Financial Statements /Information? As per clause (3) of part-I of Second Schedule to the Chartered Accountants Act, 1949, a member in practice will be deemed to be guilty of professional misconduct if he engages in estimation […]
Quick Summary of Compliance Relaxation Measures announced by Finance Minister Union Finance Minister Nirmala Sitharaman today announced various statutory and regulatory compliance relief measures amid a complete shutdown almost all over the country to control the spread of the coronavirus. FM has extended compliance deadlines and provided various relief measures in Income […]
Generation of Unique Document Identification Number (UDIN) is made mandatory for all other audit, assurance and attestation functions by ICAI w.e.f. 1st July, 2019. Therefore this is first year where the statutory auditor of companies (including private limited company) has to ensure generation of UDIN and to mention after every signature […]
Auditor Report Format (Applicable for the financial year 2019-20) CLICK ON BELOW LINK TO DOWNLOAD (Word Format): 1. AUDIT REPORT FORMAT (F.Y. 2019-20) 2. ILLUSTRATIVE AUDIT REPORT OF PVT. LTD CO. (F.Y. 2019-20) SPECIAL ATTENTION REQUIRED (Due to Covid-19): 1. Going Concern (a) If there exists material uncertainty related to going […]
Ind AS 116 is effective from 1st April 2019 for all companies preparing their financials in compliance with Indian Accounting Standards by replacing Ind AS 17. New standard requires Lessees to follow single accounting model for all leases. For lessors, there is little change to the existing accounting under Ind AS […]
Dear All, Creating a Common Pool of Materials/ Presentations/ Checklists / Circulars useful for Statutory Bank Audit : Now next few weeks are crucial for practicing Chartered Accountants who have been allotted the statutory audit of Bank. The time is short and enormous responsibility is cast upon as auditor. In this scenario, […]
We are honored to have received Two Awards at the Intuit Quickbooks Excellence Awards 2013 in association with Bloomberg TV India at Delhi on 21st November 2013. Naresh J Patel & Co, Chartered Accountants received “ACCOUNTANT OF THE YEAR” and for NRI Advisory received “CUSTOMER CENTRIC BUSINESS OF THE YEAR”. At the event, total […]
Lok Sabha (Lower House of Indian Parliament) passed a very important Companies Bill, 2011 on 18th December 2012. Once passed by Rajya Sabha (Upper House) and signed by the President, it will replace Companies Act 1956. Following is the summary of TOP 20 important changes included in the passed Companies Bill 2011. All […]