Checklist for Internal Audit of GST

Checklist of internal audit

GST is new for everyone. It came to effect from 1st July 2017. As the corporate industry has implemented GST in their business, audit for the same is a must. We here came up with some of the checklists for newly implemented GST. Following are the general GST matter checklist for Audit Purpose:   For Apr to June 17 Transactions: 1.       Input credit reflected in ST 3/ VAT / ER 1returns for all purchases Up to Jun 17 2.       Capital goods received before Jun 30, 17 -has 50% credit been…

Read More

INTERNAL AUDIT: THE THIRD LINE OF DEFENSE

Internal Audit defence

INTERNAL AUDIT: THE THIRD LINE OF DEFENSE As proposed by The Institute of Internal Auditors, “The Three Lines of Defense” model provides a simple and effective way of explaining risk management and internal control by clarifying essential roles and duties and guides how responsibilities should be divided. In this model, the first line of defense refers to management control, the second line of defense refers to the various risk control and compliance oversight functions established by management and the third line of defense refers to the independent assurance. Each of…

Read More