Shivendra Dwivedi

Libra
CA final student

[Shivendra Dwivedi @shivendra_iam]

"इस त्रासदी में कुछ पल जन्नत में ज़ियोगे क्या,
चाय बना रहा हूँ अदरक वाली, पियोगे क्या..?"

[हिन्दी सारथी @hindisarthi]

एकांत कई बार अपने आप से ही सच्ची बाते करता है, वो सच्चाई जो भीड़ आपसे कभी नहीं कहेगी.!

सूर्यभान

[Rayan Crypto @SheikhRonan]

छल, प्रपंच एवं धोखा करने वालों से बेहतर है कि आप उनसे दूर रहें... लोग आपको बेबकूफ बना देते हैं और आप कुछ नहीं कर पाते क्यूंकि आपको दुनिया के अधीक पैतरे नहीं पता... आप सच्चे हैं, मुख्य यही दिक्कत है आपकी...!!!

[Shivendra Dwivedi @shivendra_iam]

@sherinphilip66 @drmjabalpur @RailMinIndia @RailwaySeva look into matter we have to reach bhopal at 8:00 am as its NHPC exam reporting time. @RailMinIndia @PiyushGoyal
@RailwaySeva @drmjabal

[Wise Chimp @wise_chimp]

Maturity is

[Prof. Feynman @ProfFeynman]

Nobody figures out what life is all about and it doesn't matter.

Explore the world. Nearly everything is really interesting if you go into it deeply enough.

[Inspirational Quotes @SeffSaid]

Be careful

[CA. Keshav Garg @cakeshavgarg]

If ITR is filed under section 44AD, then the assessee must declare actual profit.

Profit of 6% or 8% is only minimum which you need to declare.

If your actual profit is higher than 6% or 8% then you need to declare that.

[Gary Goodridge @garyhgoodridge]

If you feel like ..

[CA Riddhi Baghmar @riddhi_baghmar]

CA FINAL Handwritten notes for SCMPE with memory technique.
Free access - https://t.co/6avbZsYh5b

Hope it helps!!

[तर्क साहित्य @tarksahitya]

सरकार शराब बेचकर जिनको गेहूँ चावल बाँटती है वही लोग गेहूँ चावल बेचकर शराब ख़रीद लेते हैं।

~ व्यंग्य

[उम्दा_पंक्तियां @umda_panktiyaan]

विश्वास पात्र मित्र जीवन की एक औषधि है।

~ रामचन्द्र शुक्ल

[CAclubindia @CAclubindia]

👨‍💻 Auditor's Responsibility in respect of Audit Trail effective from 1st April 2023

Requirement of the accounting software* having a feature of audit trail has been incorporated as a proviso to Rule 3(1) of the Account Rules and have been prescribed only in the context of books of account**. This is evidenced by the fact that as per the proviso to the Rule, the accounting software should be capable of creating an edit log of "each change made in books of account.".Applicability of Account Rules will commence on or after April 1, 2023.

Important definitions
*Accounting Software is a computer program or system that enables recording, maintenance and reporting of books of account and relevant ecosystems applicable to business requirements. The functionality of such accounting software differs from product to product. Every organization today employs multiple software for accounting, its operations and other requirements like consolidation, collection of data.

**Books of Account as per Section 2(13) of the Companies Act, 2013 includes records maintained in respect of -

(i) all sums of money received and expended by a company and matters in relation to which the receipts and expenditure take place;

(ii) all sales and purchases of goods and services by the company;

(iii) the assets and liabilities of the company; and

(iv) the items of cost as may be prescribed under section 148 in the case of a company that belongs to any class of companies specified under that section;

Any software that maintains records or transactions that fall under the definition of Books of Account as per section 2(13) of the Act will be considered as accounting software for purpose of Rule 11(g). For e.g., if sales are recorded in a standalone software and only consolidated entries are recorded monthly into the software used to maintain the general ledger, the sales software should also have the audit trail feature since sales invoices would be covered under Books of Account as defined under section 2(13) of the Act.

What if books of account are entirely maintained manually?
The assessment and reporting responsibility under Rule 11(g) will not be applicable and accordingly, same would need to be reported as statement of fact by the auditor against this clause.

In case of CFS (consolidated financial statements)
the principal auditor should apply professional judgment and comply with applicable Standards on Auditing, in particular, SA 600, "Using the Work of Another Auditor" while assessing the matters reported by the auditors of components that are Indian companies.

Statutory Requirement for Auditor
Section 143(3) of Companies Act, 2013 ("the Act") provides various matters on which auditors are required to report. Clause (j) of Section 143(3) states that auditor’s report shall also state such other matters as may be prescribed. These matters are prescribed under Rule 11 of the Companies (Audit and Auditors) Rules, 2014.

Rule 11(g) casts responsibility on the auditor in terms of reporting on audit trail by making a specific assertion in the audit report under the section ‘Report on Other Legal and Regulatory Requirements’.In addition to requiring auditor to comment on whether the company is using an accounting software which has a feature of recording audit trail, the auditor is expected to verify the following aspects:

- whether the audit trail feature is configurable (i.e., if it can be disabled or tampered with)?
- whether the audit trail feature was enabled/operated throughout the year?
- whether all transactions recorded in the software are covered in the audit trail feature?
- whether the audit trail has been preserved as per statutory requirements for record retention?

[Prof. Feynman @ProfFeynman]

• Study hard.
• What others think of you is none of your business.
• It's OK not to have all the answers.
• Experiment, Fail, Learn and Repeat.
• Knowledge comes from experience.
• Imagination is important.
• Do what interests you the most.
• Stay curious

[CA. Deep Koradia @DEEPKORADIA]

Thread:

'GTA' V/s 'Renting - Leasing of Vehicle' DECODED

When something is Transported from Point A to Point B, it's called 'Transportation Service'

WHEREAS

When the vehicle is Given On Time basis, that's Renting / leasing.

Here is exhaustive Comparison: ⬇️

[Gary Goodridge @garyhgoodridge]

First you change your thinking, then you change your life.

[Stock Precision @Stock_Precision]

The Samuel Brenner chart from 1875 which fairly accurately predicted market behaviour.

[Prof. Feynman @ProfFeynman]

It's not the lack of intelligence, it's the lack of focus that is stopping you.

[Aditya Ranjan 🇮🇳 @adityaranjan108]

हिम्मत मत हारिए चाहे मंज़िल कितनी ही दूर क्यों ना हो
क्योंकि पहाड़ों से निकलने वाली नदी कभी सागर का रास्ता नहीं पूछती..!❣️

[Morissa Schwartz 📚 (Dr. Rissy) @MorissaSchwartz]

How to solve https://t.co/hBZZ3pLyCG

[Photoshop Tricks! @gisellaesthetic]

How to create digital signature?