Corporate Social Responsibility (CSR) implies a concept, whereby companies decide voluntarily to contribute to a better society and a cleaner environment – a concept, whereby the companies integrate social and…
NPV assumes that the cash flows come in equal time intervals. XNPV assumes that the cash flows don’t come in equal time intervals.
FSA is an extremely important tool for enabling the management to: ▪ Evaluate business performance on all the key parameters such as profitability, solvency, efficiency, and wealth building. ▪ Determine…
Reporting of fraud by an Auditor: ❖ Reporting to CG: As per Section 143 of Companies Act, 2013 if auditor has reason to believe that offence of fraud involves an…
SA-570 deals with the auditor’s responsibilities in the audit of financial statements relating to going concern and the implications for the auditor’s report. Under the going concern basis of accounting,…
If the financial statements have been prepared using the going concern basis of accounting but, in the auditor’s judgment, management’s use of the going concern basis of accounting in the…
The auditor’s responsibilities are to obtain sufficient appropriate audit evidence regarding, and conclude on, the appropriateness of management’s use of the going concern basis of accounting in the preparation of…
As per SA 570, under the going concern basis of accounting, the financial statements are prepared on the assumption that the entity is a going concern and will continue its…
You need not cover all, but know at least 6-8 points from this As per SA 570, Events or Conditions That May Cast Significant Doubt on the Entity’s Ability to…
DEFINITION OF ASSERTION: It refers to the representations by management, explicit or otherwise, that are embodied in the financial statements, as used by the auditor to consider the different types…
Audit risk means the risk that the auditor might give an inappropriate audit opinion that Financial Statements are free from material misstatements when in fact the financial statements are materially…
This is one of the most commonly asked questions of all time, and irrespective of domain. It is as important as the "Tell me something about yourself question". You must…
An operating lease is treated like renting - payments are considered operational expenses and the asset being leased stays off the balance sheet. At the end of the operational lease…
Ind AS 17 classified leases as finance leases and operating leases. Ind AS 116 does not make this distinction. When compared to Ind AS 17, Ind AS 116 requires detailed…
Lessee Accounting: 16 Ind AS 116 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than…