Emerging Areas Of

CA Articleship Experiences.
Group-5
Importance
GOOD AND SERVICES TAX(GST)

 The GST would be applicable on the supply of goods or services. – other

than alcoholic liquor for human consumption and five petroleum products.
 Destination based consumption tax
 Exports would be tax-free and imports taxed at the same rate as integrated
tax (IGST)
 Tax payers with an aggregate turnover in a financial year up to Rs.20 lakhs
would be exempt from tax.
 For special category states specified in Article 279A, the threshold
exemption shall be Rs. 10 lakhs.
 Tax payers making inter-State supplies or paying tax on reverse charge basis
shall not be eligible for threshold exemption.
 Small taxpayers with an aggregate turnover in a financial year up to Rs. 50
lakhs shall be eligible for composition levy.
 INTERNAL AUDIT

 Internal controls are processes and procedures implemented by a company

to ensure the integrity of its financial and accounting information, promote
accountability, and help prevent fraud. Examples of internal controls are
segregation of duties, authorization, documentation requirements, and
written processes and procedures.
 Internal audits also provide management with the tools necessary to attain
operational efficiency by identifying problems and correcting lapses before
they are discovered in an external audit.
 Internal audits may take place on a daily, weekly, monthly, or annual basis.
Some departments may be audited more frequently than others.
Establishing and communicating the scope and objectives of the audit to
appropriate members of management.
INDIAN ACCOUNTING STANDARDS
INFORMATION SYSTEM AUDIT

 An information technology audit, or information systems audit, is an

examination of the management controls within an Information
technology (IT) infrastructure and business applications. The evaluation of
evidence obtained determines if the information systems are safeguarding
assets, maintaining data integrity, and operating effectively to achieve the
organization's goals or objectives.
 IT audits are also known as automated data processing audits (ADP audits)
and computer audits.
 An IT audit is different from a financial statement audit. While a financial
audit's purpose is to evaluate whether the financial statements present
fairly, in all material respects, an entity's financial position, results of
operations, and cash flows in conformity to standard accounting practices,
the purposes of an IT audit is to evaluate the system's internal control
design and effectiveness. This includes, but is not limited to, efficiency and
security protocols, development processes, and IT governance or oversight.
PRIVATE EQUITY FUNDING
 BANK AUDIT

 The Statutory Auditors should ensure that the audit report issued by them complies
with the requirements of Revised SA 700 – Forming an Opinion and reporting on
financial statements, SA 705 – Modifications to the opinion in the Independent
Auditor’s Report & SA 706 – Emphasis of matter paragraphs and other matter
paragraphs in the Independent Auditor’s Report.
 Nowadays, all statutory auditors are given a time frame in which they have to
undertake the audit of the branches that are allotted to them. An auditor should
immediately accept the appointment send a formal communication to the branch
management and all other information that he would require in his audit.
 The auditor will have to ensure that their report should include the quantification of
advances, deposits, interest income and interest expenses.
 The important elements to check in the statutory audit of banks are:
 1.Cash Verification Procedure
 2.Tax-Related Items
 3.Verification of Loan Accounts
 Knowledge process outsourcing

 Knowledge process outsourcing (KPO) describes the outsourcing of

core information-related business activities which are competitively
important or form an integral part of a company’s value chain. KPO
requires advanced analytical and technical skills as well as a high
degree of specialist expertise

 Reasons behind KPO include an increase in specialized knowledge and
expertise,additional value creation, the potential for cost reductions,
and a shortage of skilled labor.

 KPO is a continuation of business process outsourcing, yet with rather
more of business complexity. To be successful in knowledge process
outsourcing, a lot of guide is required from interorganizational system.
 Continuation...

Types
KPO services include all kinds of research and information gathering ,e.g., intellectual property
research for patent applications; equity research, business and market research, legal and medical
services; training, consultancy, and research and development in fields such as pharmaceuticals
and biotechnology; and animation and design, etc.

Importance
The developing rivalry has brought about shorter time to market cycles, and clients are getting to
be more demanding regarding quality. This has constrained the firms to give operational
proficiency and increase the value of their products and services. The customer can launch an item
quicker and get to the market immediately. A company can lessen the complexities included in
overseeing and constantly constructing information in an extensive pool of human resources.

Businesses are constantly in search of reliable KPO service providers who have the ability to drive
the best business strategy by analyzing the available data and information in a specific case