This statement is correct that the auditor is a watchdog and not a bloodhound. To understand the meaning of this statement we must know what is the difference between a watchdog and a bloodhound. A watchdog keeps a strict vigil on the house of the owner and the does not allow any outsider to enter [...]

There are certain basic principal that should be followed while doing an audit. They are as follows:- • Skill & Competence • Confidentiality • Independence • Objectivity • Responsibility Skill & Competence The basic principle of audit is that a competent and skilled person should conduct it. only a qualified for an auditor is that [...]

The Central Council of ICAI is planning to grant regulatory relief on compliance with certain ICAI Accounting Standards to Small & medium Enterprises (SMEs). This is a much awaited and welcome step from the institute as certain Accounting Standards should be applicable to organisations only where there is separation of mamangement from ownership. rahul