PDM- Common errors in Financial Statements- Internal auditor perspective

Ind AS standards prescribe accounting treatment to be followed and mandatory presentation and disclosures to be provided by Companies in their annual financial statements. Some of the new Ind AS standards have enhanced the need for additional quantitative and qualitative disclosures. Accounting treatment followed has also been a matter of increased regulatory scrutiny in recent years. The discussion is intended to highlight common accounting matters which have been identified in the published Ind AS financial statements. Internal Auditors need to understand the requirements and the changes brought about by recent legislations and the consequent impact on internal controls at an enterprise and functional level.