IND-AS Framework

The Indian Accounting Standards (Ind AS), as notified under section 133 of the Companies Act 2013, have been formulated keeping the Indian economic & legal environment in view and with a view to converge with IFRS Standards, as issued by and copyright of which is held by the IFRS Foundation. - (Ministry of Corporate Affairs)

Ways in which IND-AS Is Impacting The Users

IND-AS application has provided better insights into the financial affairs. IND-AS based financial statements reflect the underlying economics of the transactions in a clear and unbiased manner. It has improved the quality of financial reporting. IND-AS brought financial statements closer to economic reality.

Standards of auditing in India

 
Standards Of Auditing IND-AS - AuditorsDesk
CARO-Checklist - AuditorsDesk

CARO checklist

Use the CARO checklist listed in the software to enhance the overall quality of reporting by the company auditors. CARO 2020 is applicable for all statutory audits commencing on or after 1 April 2021 corresponding to the financial year 2020-21. AuditorsDesk ensures detailed reporting under various clauses like Compliance in respect of a loan to directors, Compliance in respect of deposits accepted, Maintenance of costing records, Deposit of statutory liabilities, Unrecorded income, Default in repayment of borrowings, Funds raised and utilisation etc.

Audit Documentation

 
Audit Documentation | AuditorsDesk
Audit Completion Checklist | AuditorsDesk

Audit Completion Checklist

A list of items to be checked by the audit team to ensure that the financial statements being audited give a true and fair view. With AuditorsDesk audit management software, one can conduct the key audit procedure by identifying areas of accounts which are important because of their size and highlighting unusual or unexpected figures or relationships in the accounts. There are certain expectations of ICAI regarding the quality of audits, and AuditorsDesk makes sure to meet those expectations and assist auditors to conduct high quality audits. The digital audit tools provide suggestive steps and ensure that auditors do not forget key components which can have a direct impact on quality.

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