May-2015

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AUDITING IT IS PRESUMED THAT THE TRANSACTIONS-DATA- SET FOLLOWS NORMAL DISTRIBUTIONS, WHICH IS TRUE IN MAJORITY OF THE CASES AND RESULTS ARE DERIVED ACCORDINGLY IN THE MODEL PROPOSED. HOWEVER, THE PROPOSED AUDIT MODEL IS USEFUL, IF THE AUDITED VALUE OF TRANSACTION DATA SET FIT INTO THE NORMALITY PRINCIPLE FOR DERIVING USEFUL CONCLUSIONS WITH LEAST EFFORT results are derived accordingly in the model proposed. However, in certain circumstances the normality principles may not be adhered by the transaction data set and in such circumstances the proposed model could not be adopted. The audit model described above consists three phases one being to identify the area where audit objections likely to occur and another being the estimation of the total book value of the particular class of transactions or accounting balance and third being the checking the effectiveness of the model. The principle of normality was adopted in the first two phases. It is presumed that the data-transaction-set follows normality and in the many circumstances, it is true and in certain circumstances it could not be true also. As an example, if the amounts in the data-transaction-set are uniform, the proposed audit model could not be adopted, as it could not fitted in the normal distribution and standard error and precision etc could not be calculated. However, the proposed audit model is useful, if the audited value of transaction data set fit into the normality principle for deriving useful conclusions with least effort. lkailasam@yahoo.co.in SALE OF OLD JOURNALS The Directorate of Research and Journal is selling out the old stocks of ‘The Management Accountant’ Journal (ISSN 0972-3528). The Journals would be available at 50% discount on the indicated printed price and would remain for sale till 31st August 2015 or till stocks last, whichever is earlier. You may mail us at journal.advt@icmai.in or contact the office mentioned below: Directorate of Research & Journal The Institute of Cost Accountants of India (Statutory body under an Act of Parliament) CMA Bhawan, 4th Floor, 84 Harish Mukherjee Road, Kolkata - 700 025 Board: +91-33- 2454 0086 / 87 / 0184, Tel-Fax: +91-33- 2454 0063 www.icmai.in 62 the MANAGEMENT ACCOUNTANT MAY 2015 www.icmai.in
INTERNAL AUDIT: ITS ROLE IN CORPORATE GOVERNANCE The effectiveness of internal audit depends on audit independence and resources (quantity and quality) allocated to the audit function. It is in Board’s interest to protect the independence of the internal audit and to allocate adequate resources to the internal audit function so that internal audit can be given its rightful place in the system of corporate governance CMA Dr Asish K Bhattacharyya Advisor, Advanced Studies, Institute of Cost Accountants of India Professor & Head, School of Corporate Governance & Public Policy, IICA www.icmai.in MAY 2015 the MANAGEMENT ACCOUNTANT 63
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SPECIAL FOCUS INSIDE ‘CMAs can id
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May 2015 Inside COVER STORY MAY 201
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FROM THE EDITOR’S DESK Greetings!
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PRESIDENT’S COMMUNIQUE Certificat
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PRESIDENT’S COMMUNIQUE a “Pract
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Page 38 and 39: TAXATION OF HOLOGRAMS, FREE WARRANT
Page 40 and 41: TAXATION present case, we are addre
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Page 46 and 47: TAXATION Non-resident taxation has
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Page 73 and 74: IN THE NEWS THERE IS ONLY TALK OF D
Page 75 and 76: while in the United States, it’s
Page 77 and 78: EMA EMA FOR SUSTAINABLE DEVELOPMENT
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Page 85 and 86: National Seminar on "Capital Market
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Page 93 and 94: pected to grow at 10-15% annually.
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Page 99 and 100: ECONOMY UPDATES Income Tax CBDT Not
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Page 107 and 108: ELECTIONS 2015 www.icmai.in MAY 201
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ISSN 0972-3528 Registered KOL RMS/1
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May-2015

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