The Auditing and Assurance Standards Board of the ICAI has on 28.02.2014 released a Guidance Note on Audit of Banks, 2014 Edition. The revised Guidance Note deals with all the recent important developments that have taken place in the banking sector. It incorporates the guidance for the statutory auditors at branch as well as central level w.r.t. the various circulars of the Reserve Bank of India as well as important pronouncements of the Institute. The Guidance Note has been totally revamped to make it more reader-friendly.
Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards.
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the "specified number of tax audit assignments" for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60.
ICAI issued the Guidance note on audit of Banks, 2013 edition. It can be downloaded by clicking here download.
tax 'N' accounts people
Tarun Kumar Gupta
Life style Post