| It gives me immense pleasure to present before the readers the first edition of the book on "Auditor's Practice Manual". This book will serve as a ready referencer for the Chartered Accountants, Company Secretaries, Cost and Works Accountants, Corporates and other professionals involved, directly or indirectly, in the preparation and the audit of annual accounts.The unique features of this book are: 1. Each and every aspect of Part I and Part II of Schedule VI to the Companies Act, 1956, has been dealt extensively in separate chapters; 2. Gist of Accounting Standards (AS) including AS on Financial Instruments has been included at relevant places along with the Companies (Accounting Standards) Rules, 2006, alongwith AS Checklists and specimen Accounting Policies; 3. The opinion of Expert Advisory Committee and Guidance Notes issued by the Institute of Chartered Accountants of India (ICAI) have also been included for various relevant accounting aspects; 4. The book also contains extracts from the annual reports of some of the well known Indian corporates to have a practical insight of disclosure requirements; 5. A separate chapter has been devoted for Reporting under Micro, Small and Medium Enterprises Development (MSMED) Act, 2006; 6. It also contains a chapter on CARO with specimen checklist and reporting under its various clauses; 7. The Central Government notification dated March 31st, 2009 on AS 11 alongwith FAQs on this notification has also been included in this book; 8. The Gist of Auditing and Assurance Standards (AAS) has also been included as a separate chapter covering all the thirty five AAS issued by ICAI; 9. The book also contains case study based approach on various reporting/ compliance aspects under Companies Act, 1956 such as appointment and removal of auditors, investment and/or borrowings by companies, reporting aspects when directors are interested, distribution of dividends, various reporting/audit related requirements of producer companies and so on; 10. This book is also equipped with the requirements u/s 44AB of the Income-tax Act for Tax Audit alongwith Form 3CD checklist as well as the reporting requirements of Transfer Pricing u/ss 92 to 92F of the Income-tax Act; 11. Audit of Banks, NBFCs and Cooperative Societies are also included in the present manual; 12. A separate Chapter has been dedicated on FCRA requirements; 13. Every engagement for audit should preferably be made by way of ‘Engagement Letter’. Accordingly, this book discusses the essentials of ‘Engagement Letter’ alongwith a ‘Specimen Audit Engagement Letter’; 14. The role of Audit function has increased as a result of Corporate Governance requirements (such as Clause 49, SOX). A separate chapter has been dedicated towards discussing the relationship of audit function with corporate governance; 15. The above features are supplemented with illustrative Internal Control Questionnaires, Internal Audit Checklists and Illustrative Audit Programmes; 16. The Central Government is in the process of pronouncing New Schedule VI for SMEs and Non SMEs, the draft of which has already been issued. Considering the requirement of keeping abreast with this latest development, a separate chapter has been incorporated in the book discussing the requirements of the proposed code; 17. The present manual also incorporates the requirements of the Chartered Accountants (Amendment) Act, 2006 in a ready reckoner format. It outlines the various professional ethics requirements to be observed by the Chartered Accountants while carrying out their audit function. |
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