Golden Rules of Accounting: 1 Debit The Receiver, Credit The Giver 2 Debit What Comes In, Credit What Goes Out 3 Debit All Expenses And Losses, Credit All Incomes And Gains Different types of Accounts: ❖ Personal: Personal Accounts are the ones that are related with individuals, companies, firms, group of associations etc. Eg Veer’s …
For Consolidation of company A and Company B we should check the relationship among the companies such as:- a. If company A holds more than 50% shares in company B, then Holding subsidiary relationship is established. b. If company A holds more than 20% shares in company B, then company A is an Associate of …
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 amount Rs 1 Cr or more by Companies employee, it is to be reported to the CG. ❖ Reporting to Audit Committee: In case of …
To enhance the scope of the audit, the MCA in consultation with the National Financial Reporting Authority (NFRA) released the CARO 2020. It lists out the subject matters on which the applicable companies are mandatorily required to report. CARO 2020 is applicable for all statutory audits commencing on or after 1 April 2021 corresponding to …
