Knowledge Base

The Accounting Cycle

Accounting is a system meant for measuring business activities, processing of information into reports and making the findings available to decision-makers. The documents, which communicate these f

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Introduction to Inventory

An inventory is defined as an itemized list of tangible goods or attributes an organization has at any given point of time. It is a current asset and includes tangible personal pro

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IT Systems Audit

The dictionary defines a ‘system’ as a set of things, principles, or procedures working cohesively to achieve a common objective. As far as an organization is concerned, there are many

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History of Taxation in India

The word ‘tax’ is derived from the Latin word taxare or taxo. It means ‘to assess the worth of something’. Taxes are imposed by government for the use and service of the S

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Internal Audit

What is Internal Audit?

The International Auditing Standard, ISA 610 (2007) defines internal audit as ‘an appraisal activity established within an entity as a service to t

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COBIT for IT

COBIT is a benchmarked framework, designed, developed and continuously updated by the Information System Audit and Control Association (ISACA) for effective IT governance and management. It is a co

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Outsourcing Accounts and other Services

Outsourcing services has almost become a norm now. Almost all companies outsource one or another service – from maintenance to R&D and everything in-between. When it comes to outsourcing, every

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