CPT V24P7-Art1 (Content).pmd - Taxmann

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Accounts & Audit objective and to help the cost auditors, ICAI (formally known as ICWAI), has issued this revised standard. 2.2 Summary - This standard summarizes the following topics: 2.2.1 Objective - The objective of this Standard is to help the members of ICAI in planning for their audit of cost statements to achieve the excellence. 2.2.2 Scope - This Standard covers the auditors’ responsibility to plan an audit of cost statements and other related information. 2.2.3 Definitions - This standard besides other definitions, defines the following: Audit, Auditee, Audit Risk, Audit Strategy, Cost Audit, Cost Auditor, Audit Team, Misstatement. 2.2.4 Requirements - This section explains the prerequisites for a cost audit prior to entering into planning phase, post-planning stage and developing and executing the cost audit plan. 2.2.5 Application Guidance - This section explains the aspects related to cost audit planning in more detail so as to ease out the use of this standard for the members of ICAI. 2.2.6 Effective Date - This standard is to be applied for planning the audit of cost Statements for the period commencing on or after 1st April, 2012. Source: http://www.icwai.org/icwainew/ CAASB/docs/CAAS-101.pdf 3. REVISED COST AUDIT AND ASSURANCE 102, “COST AUDIT DOCUMENTATION” - JULY 17, 2012 3.1 Background - Documentation is the one of the most important steps of any audit. It is taken as: no documentation, no audit done. Therefore, considering the importance of documentation, the ICAI (formally known as ICWAI) has issued this revised Standard on Documentation. 708 August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 88 3.2 Summary - This standard summarizes the following: 3.2.1 Objective - The objective of this Standard is to provide guidance to the members of ICAI to prepare documentation with respect to the audit of the cost statements and other related information. 3.2.2 Scope - This Standard deals with the cost auditor’s responsibility to prepare audit documentation for the audit of cost statements and other cost related information. 3.2.3 Definitions - This standard besides other definitions, defines the following items: Audit, Audit Documentation, Audit File, Audit Working Papers, Cost Auditor. Source: http://www.icwai.org/icwainew/ CAASB/docs/CAAS102.pdf 3.2.4 Requirements - This section of the Standard states the requirements for a cost auditor for documenting and recording the audit procedures performed, relevant audit evidence obtained and conclusions reached. 3.2.5 Application Guidance - This section explains the aspects related to cost audit documentation in more detail so as to ease out the use of this standard for the members of ICAI. 3.2.6 Effective Date - This standard is to be applied for planning the audit of cost Statements for the period commencing on or after 1st April, 2012. 4. FILING OF COST AUDIT REPORT AND COMPLIANCE REPORT IN THE EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) MODE - JULY 26, 2012 4.1 Background - XBRL is a language for the electronic communication of business and financial data for business reporting. It is a new format of reporting providing major benefits in the preparation, analysis and communication of business information. In a way it helps in
cost savings, greater efficiency, improved accuracy and reliability of financial information to all. XBRL stands for eXtensible Business Reporting Language. It is one of a family of “XML” languages which is becoming a standard means of communicating information between businesses on the internet. 4.2 Summary - The Ministry of Corporate Affairs has decided that all cost auditors and the concerned companies will be able to file their Cost Audit Reports and Compliance Reports for the year 2011-12 with the Central Government in the XBRL mode, without any penalty upto 31st December, 2012. It may be noted that the reports which have become overdue with respect to any previous year(s) are also allowed to take advantage of this circular. Source: www.taxmann.com 5. FORM 23B FILING - JULY 23, 2012 5.1 Background - While filing documents with the Registrar of Companies through MCA portal, certain fee is to be deposited as prescribed. However, there are certain documents on which no fees has to be paid so far. MCA vide Circular Number 14/2012, dated 21st June, 2012, had decided to levy fees on certain forms at the rates prescribed in the circular. One of such forms is Form-23B (Information by statutory auditor to the Registrar of Companies pursuant to section 224(1)(a) of the Companies Act, 1956.) These fees had to be applicable with effect from 22 July, 2012. 5.2 Summary - MCA has extended the last date for filing Form 23B without fee for two weeks. Therefore, the fee shall now be charged on e-Form 23B filed on or after 5th August, 2012 as against 22nd July earlier. Source: http://www.mca.gov.in/ 6. IAESB PROPOSES REVISED STANDARD ON PROFESSIONAL VALUES, ETHICS AND ATTITUDES - JULY 27, 2012 6.1 Background - The International Accounting Education Standards Board (‘IAESB’) is responsible for developing education standards, guidance and information papers to be used by the international Federation of Accountants (‘IFAC’) member bodies. This has been done under a shared standard-setting process which involves the Public Interest Oversight Board. This Board oversees the activities of the IAESB and the IAESB Consultative Advisory Group, which provides public interest inputs for the purpose of development of the relevant standards and other guidance. IFAC is the global organization for the accountancy profession, dedicated to serving the public interest, having 167 members and associates in 127 countries and jurisdictions. 6.2 Summary - IAESB has issued an exposure draft on International Education Standard (IES) 4, Initial Professional Development-Professional Values, Ethics and Attitudes. IES 4 issued in 2004, prescribes the values, ethics and attitudes that professional accountants should acquire during the educational programme leading to qualification. This is primarily aimed for the IFAC member bodies; however, it will also be useful for educational organizations, employers, regulators, government authorities and other stakeholders who support the learning and development of professional accountants. A first revised draft of IES 4 was issued for public comment in May 2011. The comments on these were generally supportive; however, further clarifications were requested for the purpose of explaining the requirements on learning outcomes, assessment and reflective activity—the recurring process of reviewing experiences with a view to improve future August 1 to 15, 2012 u TAXMANN’S CORPORATE PROFESSIONALS TODAY u Vol. 24 u 89 709
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August 1 to 15, 2012 u TAXMANN’S
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Accounts & Audit 701 707 FOUNDER ED
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INTRODUCTION Vodafone story - 1. On
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and the capital gains on transfer o
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used to introduce new rules of law,
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for earning tax exempt income. Howe
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of the hearing before the Tribunal
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(P.) Ltd.’s (supra) before the IT
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the ITAT Rules, 1946, vis-à-vis th
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Two recent instances of such practi
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ut CIT(A) are not bothered by any s
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say, twice the latter amount or mor
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Taxing the Expenditure on Litigatio
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PENALTY CHARGES FOR BREACH OF LAW C
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Exclusive Owner v. Joint Owner DIRE
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to agree with the assessee’s cont
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Retrospective Amendments - Courts D
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Court and if such party is still ag
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CPT V24P7-Art1 (Content).pmd - Taxmann

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