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Risk Based Internal Audit Plan - WIRC-ICAI

Risk Based Internal Audit Plan (Developing a Risk Based IA Plan and updating the Audit Universe) Milan Mody WIRC of ICAI Presentation on 18th August 2018 1 2 Table of Contents Backdrop What is Risk ? Challenges faced by Internal Auditor What is RBIA ? RBIA Plan Resources 3 4 Backdrop Need of a strong and robust Internal auditing and Internal control systems due to increase in the trend of frauds in the corporate sector Regulators have also become more vigilant towards the requirement of strong Internal control system [viz.]

Risk-based Internal Auditing (RBIA) allows internal auditor to provide assurance to the Board of Directors that risk management processes are managing risks effectively 5 . 6 1947 1981 1999 Independent appraisal activity within an organization for the review of accounting, financial and ...

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1-Issues under s. 270A

wirc-icai.org

(1) The Assessing Officer or the Commissioner (Appeals) or the Principal Commissioner or Commissioner may, during the course of any proceedings under this Act, direct that any person who has under-reported his income shall be liable to pay a penalty in addition to tax, if any, on the under-reported income.

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Amendments in Schedule III of The Companies Act, 2013

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M P Vijay Kumar FCA, FCMA, FCS • Changing needs of the business and ensure better compliance and governance. • Less Government and More Governance • More trust on Auditors by Government for better Governance • Powerful tool for Auditors to express opinion 7 (Retained) + 7 (Modified) 7 Newly Added Number of clauses Retained Clauses 7 Retained –with Changes 7

  Trust, Schedule, Companies, Changing, Amendment, Amendments in schedule iii of the companies

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