The question related to whether ICAI can initiate investigation regarding professional misconduct against it members on suo moto basis or not has arose in the recent professional misconduct proceedings initiated against the Joint auditors of Punjab National Bank in the matter of infamously known Nirav Modi Scam
A joint audit is an audit of financial statements of an entity by two or more auditors appointed with the objective of issuing the audit report. Such auditors are described as joint auditors.
Deficiency in internal control:-
This exists when:
a) A control is designed, implemented or operated in such a way that it is unable to prevent, or detect and correct, misstatements in the financial statements on a timely basis; or
b) A control necessary to prevent, or detect and correct, misstatements in the financial statements on a timely basis is missing.
1) Management:-The person(s) with executive responsibility for the conduct of the entity’s operations. (Eg:- Executive director, CEO, CFO etc)
2) Those charged with governance(TCWG):-The person(s) or organization(s) (e.g., a corporate trustee) with responsibility for overseeing the strategic direction of the entity and obligations related to the accountability of the entity. This includes overseeing the financial reporting process. (Eg:- Board of Directors, Audit committee etc)
Note:- In some entities both management & TCWG could be same (or) members of management could be members of TCWG
Management’s responsibility for Compliance with Laws and Regulations Management, with the oversight of TCWG, is responsible for ensuring that the entity’s operations are conducted in accordance with laws and regulations.policies and procedures an entity may implement to assist in the prevention and detection of non-compliance with laws and regulations: 1) Maintaining a register of significant …
SA 250:- Consideration of Laws and Regulations in an Audit of Financial Statements Read More »
Chartered Accountants have a wide range of career options available and can achieve a variety of roles in the financial and business world. These roles include:
The eligibility criteria for the CA course include passing the 10+2 exams with a minimum of 50% marks in the aggregate and appearing for a Common Proficiency Test (CPT) to assess basic accounting skills.