Category: Uncategorized

“If he solicits clients or professional work either directly or indirectly” Explain

“If he solicits clients or professional work either directly or indirectly, by circular, advertainsyemotehnet; personal communication or interview or by means”. It is an elaboration of the principle propounded in the earlier nile, enjoining that for securing professional work not only the help of others should not be sought, but also advertisement in any forzi […]

Explain the expression “professional misconduct” under section 22 of the Chartered Accountants Act, 1949.

Section 22 of the Chartered Accountants Act, 1949, has defined cc Professional misconduct” as “any act or omission” on the part of a Chartered Accolthtant specified in the first two Schedules to the Act. In other words, the different types of behaviour on the part of a member of the Institute of Chartered Accountants which […]

TAX AUDIT

How would you define Tax Audit ? Under the Indian Income-tax an assessee (an individual or an enterprise), before submitting Income-tax Return to the Income-tax authority, is often required to get the accounts audited and the amount of tax liability computed by a qualified auditor in accordance with theprovisions of the Income-tax Act and other […]

Salient Aspects of Social Audit

The nerve-centre of social audit is the social responsibility. The social responsibilities are discharged by the performance of social activities. The social activities so performed are quantified and recorded in monetary terms. When an analysis is made, the progress and achievements are compared with the bestowed responsibilities. And a socio-economic statement supported by the Social […]

Financial Audit vs. Management Audit

Indicate the distinction between financial audit and management audit. Financial audit differs from management audit in the following respects: (1) The main purpose of financial audit is to conduct an independent review of the financial statements of an enterprise and express an opinion about their reliability in representing the financial condition and working results of […]

Why Management Audit is Necessary

The question why is management audit necessary is clearly a very practical question. It is necessary for the covetable purpose it serves, for attainment of its accomplished objectives for the benefit of the, business. Every science developed because our needs required so. it is a need-based normative discipline in auditing by imbibing the managerial behaviour—to […]

What do you understand by management audit ?

The concept of management audit and operational audit is really not capable of statutory definition since it is a continuously evolving concept arising from the needs of management. We can refer to some meaningful interpretations. “Management Audit is appraisal of managers as managers” (Harold Koontz, Cerill 0Donell) Management auditor may  be defined as comprehensive and […]