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Sr Particulars DIVISION I DIVISION II 1 Applicability Applicable for a company whose financials are prepared in compliance with Accounting Standards as per Companies ( Accounting Standards ) Rules, 2006. Applicable for a company whose financials are prepared in compliance with IND AS  as per Companies ( Indian Accounting Standards ) Rules, 2015. 2 Disclosure based on materiality No such disclosure based on materiality stated. The items individually or collectively influence the economic decision of the user are material items and such items shall be disclosed. 3 Disclosures by other Acts No specific requirement. The disclosures required by any Act or Regulation shall be in addition to disclosures specified in this schedule. 4 Components of  Financial Statement Financial Statement component specified  – (1) Balance Sheet (2) Statement of P&L (3) Notes Financial Statement component specified  – (1) Balance Sheet (2) Statement of Changes in Equity (3) State...

Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who is not claiming deduction under section 10A, 10AA, 10B &10BA or deduction under Chapter VI A under the heading ‘C -Deductions in respect of certain Incomes’ and derives income from any business except business in respect of plying, hiring or leasing goods carriages referred to in section 44AE is less than Rs. 2 Crores, then 8% of the turnover shall be deemed to be the income from Business, unless he declares more than that and any deduction allowable under sections from 30 to 38 shall deemed to have been allowed. Up to Asst Year 2016-17 in the case of Firms interest and salary were specifically allowed as deduction subject to limits specified under section 40(b). Once the Assessee has offered income under this scheme and if in any subsequent year if lower income is offered he shall not be eligible to claim the benefit of this section for next five ...

Internal Audit Audit technique underlying internal auditing is derived from management consulting and public accounting professions, the theory of internal auditing was conceived primarily by Lawrence Sawyer (1911-2002), often referred to as "the father of modern internal auditing"

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What are Auditing Standards? The Standards on Auditing is an area which requires greater focus of CA in practice as well as our administrative bodies who are updating our members. The Companies Act 2013 has discussed it in detail which was absent in erstwhile act. As per Sec 2 (7) “auditing standards” means the standards of auditing or any addendum thereto for companies or class of companies referred to in sub-section (10) of section 143. Sec 143 (9) reads “Every auditor shall comply with the auditing standards.”                 As per Sec 143 (10) The Central Government may prescribe the standards of auditing or any addendum thereto, as recommended by the Institute of Chartered Accountants of India, constituted under section 3 of the Chartered Accountants Act, 1949, in consultation with and after examination of the recommendations made by the National Financial Reporting Authority: Provided that until any auditing standards ar...