CPT V24P7-Art1 (Content).pmd - Taxmann
CPT V24P7-Art1 (Content).pmd - Taxmann CPT V24P7-Art1 (Content).pmd - Taxmann
Accounts & Audit 706 Principal Interest (` crore) Name of the bank Amount Due from Jan-Mar 12 Feb-Mar 12 Mar 12 Total Axis Bank Ltd. 20.00 1-Feb-12 2.11 2.30 2.43 6.84 EXIM Bank 14.25 20-Mar-12 3.17 3.00 3.39 9.56 Canara Bank 60.00 22-Dec-11 4.21 3.95 4.27 12.43 State Bank of Travancore 7.50 26-Dec-11 0.17 0.15 0.17 0.49 State Bank of Travancore 7.50 26-Mar-12 - - - - Bank of Maharashtra 6.25 26-Dec-11 0.33 0.30 0.33 0.96 Bank of Maharashtra 6.25 26-Mar-12 - - - - Punjab National Bank 50.00 29-Dec-11 1.00 0.92 1.00 2.92 United Bank of India 100.00 30-Mar-12 2.62 2.47 2.68 7.77 CONCLUSION 6. Though a step in the right direction has been taken by the Ministry of Corporate Affairs by improving presentation aspects of financial statements, get urgent steps need to be taken to mandate the Accounting Standards on August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 86 Financial Instruments for companies in India. Complex capital structures in a globalized environment call for international best practices in corporate reporting. India needs to take the necessary steps urgently. The time to act is now! •••
ACCOUNTS & AUDIT IN BRIEF A Fortnightly Analysis of Changes in Accounts & Audit Accounts and Audit, like all fields today, register new developments frequently. Here is a synoptic view of such recent changes which one cannot afford to miss. 1. REVISED PREFACE TO THE STANDARDS ON QUALITY CONTROL, AUDITING, ASSURANCE, REVIEW AND RELATED SERVICES 1.1 Background - The Preface to the Standards on Quality Control, Auditing, Assurance, Review and Related Services rendered by the Cost Accountants (‘CMA’s) (the “Preface”) is a document which was issued to help gaining clear understanding of the scope and authority of the pronouncements issued by the Cost Audit and Assurance Standards Board (‘CAASB’) of the Institute of Cost Accountants of India (‘ICAI’) (formally known as ICWAI). The existing preface is revised by ICAI to bring more clarity to the subject-matter. 1.2 Summary - The preface summarizes the discussion on the following topics: u Standards issued by the CAASB under the authority of the Council of the ICAI; u Compliance with the Standards; u Guidance Notes; u Technical Guides, Practice Manuals and other papers; u Constitution of the CAASB; ACCOUNTS & AUDIT u Composition of the CAASB; u Objectives and Functions; 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 SARIKA GOSAIN 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 CA 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 123456789012345678901234567890121 u Procedure for issuing the Standards; u Procedure for issuing Guidance Notes; u Procedure for issuing Technical Guides, Practice Manuals and other papers; u Procedure for Revision of the Standards, Guidance Notes, Technical Guides, Practice; u Manuals and other Papers. Source: www.taxmann.com 2. REVISED COST AUDIT AND ASSURANCE STANDARDS 101, “PLANNING AN AUDIT OF COST STATEMENTS” - JULY 17, 2012 2.1 Background - To achieve audit objectives of any audit of cost statements and other related information, planning is considered to be the most important key. Therefore, to achieve this August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 87 707
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ACCOUNTS & AUDIT<br />
IN BRIEF<br />
A Fortnightly Analysis of Changes in Accounts & Audit<br />
Accounts and Audit, like all fields today, register new<br />
developments frequently. Here is a synoptic view of such<br />
recent changes which one cannot afford to miss.<br />
1. REVISED PREFACE TO THE<br />
STANDARDS ON QUALITY CONTROL,<br />
AUDITING, ASSURANCE, REVIEW AND<br />
RELATED SERVICES<br />
1.1 Background - The Preface to the Standards<br />
on Quality Control, Auditing, Assurance, Review<br />
and Related Services rendered by the Cost<br />
Accountants (‘CMA’s) (the “Preface”) is a<br />
document which was issued to help gaining<br />
clear understanding of the scope and authority<br />
of the pronouncements issued by the Cost Audit<br />
and Assurance Standards Board (‘CAASB’) of<br />
the Institute of Cost Accountants of India (‘ICAI’)<br />
(formally known as ICWAI). The existing preface<br />
is revised by ICAI to bring more clarity to the<br />
subject-matter.<br />
1.2 Summary - The preface summarizes the<br />
discussion on the following topics:<br />
u Standards issued by the CAASB under<br />
the authority of the Council of the ICAI;<br />
u Compliance with the Standards;<br />
u Guidance Notes;<br />
u Technical Guides, Practice Manuals and<br />
other papers;<br />
u Constitution of the CAASB;<br />
ACCOUNTS & AUDIT<br />
u Composition of the CAASB;<br />
u Objectives and Functions;<br />
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SARIKA GOSAIN<br />
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CA<br />
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u Procedure for issuing the Standards;<br />
u Procedure for issuing Guidance Notes;<br />
u Procedure for issuing Technical Guides,<br />
Practice Manuals and other papers;<br />
u Procedure for Revision of the Standards,<br />
Guidance Notes, Technical Guides, Practice;<br />
u Manuals and other Papers.<br />
Source: www.taxmann.com<br />
2. REVISED COST AUDIT AND<br />
ASSURANCE STANDARDS 101,<br />
“PLANNING AN AUDIT OF COST<br />
STATEMENTS” - JULY 17, 2012<br />
2.1 Background - To achieve audit objectives<br />
of any audit of cost statements and other related<br />
information, planning is considered to be the<br />
most important key. Therefore, to achieve this<br />
August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 87<br />
707
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