From Post‑Mortem Audit to Continuous Control Monitoring Audit
Introduction: Why finding issues later is no longer enough In many businesses, internal audit is still a post‑mortem exercise. Internal audit teams check transactions after the month, quarter, or year ends. They sample vouchers, test reconciliations, and issue a report. This work still helps, but it often comes too late. By then, the business has already […]
Tax Audit Report: Applicability, Formats, and Financial Statement Requirements for All Entities
Introduction If you run a business or practice a profession in India, you’ve probably come across the term Tax Audit Report (TAR) under Section 44AB of the Income Tax Act, 1961. This is one area where many people get confused: Let’s break it down step by step with simple examples so you can easily understand […]