Publication

HIGHLIGHTS OF UNION BUDGET 2024-2025

• Economic Highlights
• Indirect Taxes
• Direct Taxes

Major Reliefs in GST Path Breaking Changes in 53rd GST Council Meeting (22nd June 2024)

• Relaxation in Conditions of Section 16(4) for availing Input Tax Credit (ITC).
• No Interest on GST Paid from the balance in Electronic Cash Ledger (ECL).
• Amnesty Scheme for waiver of Interest and Penalty for SCN issued u/s 73.
• Recommendations related to filing of GST Appeal.
• Changes in GST Rates of Goods.
• Audit Approach
• Changes in GST Rates of Services.
• Other Important Recommendations.
• Clarifications proposed.

Reporting on Audit Trail – [under Rule 11(g) of the Companies (Audit and Auditors) Rule, 2014]

• Introduction
• Management’s Responsibility
• Auditor’s Responsibility
• Applicability
• Preservation of Audit trail
• Audit Approach
• Illustrative Wordings for Reporting
• Special consideration in case of fraud scenarios
• Reporting under Rule 11(g) vis-à-vis Reporting under Section 143(3)(i)
• Obtaining Written Representations
• Audit Documentation
• Glossary
• Frequently Asked Questions (FAQ)

Practical Handbook for Performing Bank Branch Audit

• Business Understanding
• Audit Planning
• Pre-commencement of Audit
• Audit Documentation in Bank Branch Audit
• Special Considerations in a CBS Environment
• Audit of Cash
• Audit of Balances with RBI, SBI & Other Banks (For Branches with Treasury Operations)
• Audit of Money at call and Short Notice (For Branches with Treasury Operations)
• Audit of Investments (For Branches Outside India/Auditors of Treasury Operations)
• Audit of Agriculture Advances
• Audit of Advances and NPA related matters
• RBI GUIDELINES ON INCOME RECOGNITION, ASSET CLASSIFICATION, PROVISIONING AND OTHER RELATED MATTERS
• Audit of Fixed Assets and Other Assets
• Audit of Borrowings & Deposits
• Audit of Other Liabilities & Provisions
• Audit of Gold, Bullion & Security Items
• Audit of Inter Branch/Office Accounts
• Audit of Incomes – Interest on Advances, Dividend, Commissions, fees, etc.
• Audit of Expenses – Interest expended and provision thereof, brokerage legal  charges, provision, etc.
• GST Compliance
• Fraud
• Books and Records
• Audit of Financial statements
• Audit Report & Certificates
• Recovery of Non-Performing Assets by Asset Recovery Branches
• Clearing House Operations by Service Branches
• Audit of Foreign Exchange Business
• Annexure 1- letter to Branch Management seeking initial information
• Annexure 2- Illustrative list of documents to be maintained in Bank Branch Audit
  specified under Chapter 3 of Guidance note on Audit of Banks (2024)]
• Annexure 3- Checklist of applicable SAs for Bank Audit specified under Chapter 4 of Guidance note on Audit of Banks (2024)]
• Annexure 4- Illustrative checklist of special purpose /exceptional reports in CBS prescribed under Chapter 5 of Guidance Note on Audit of Banks (2024)]
• Annexure 5 – Audit Approach, Procedures including Regulatory Considerations
  prescribed under Chapter 11 of Guidance Note on Audit of Banks (2024)]

Understanding the Impact of Section 43B(h)

• Brief Explanation of section 43B(h)
• FAQs related to section 43B(h)
• Applicability of Section
• Disallowance
• Tax treatment of ‘Provision’
• Action points of buyer

Emerging Opportunities – Valuation and Role of CAs

• Valuation Basic Concepts and Places where Valuation is required
• Valuation Application under Various Laws
• Valuation Under Income Tax Act (including New Methods of Valuation notified under Income
  Tax Act)

Handout Notes
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