Revised Instruction 16/2013 mandates internal audits before revenue audits, updates major audit objections, effective Nov 15, 2013.
The revised Instruction No. 16/2013 addresses concerns over delays in settling audit objections in the income tax sector. It mandates that internal audits precede revenue audits and enhances the roles of supervisory authorities and CIT (Audit). CCIT/DGIT must review regional audit objection settlements monthly, and CsIT/DsIT are tasked with ensuring internal audits are completed before revenue audits. CIT (Audit) must maintain records of audit objections and facilitate quarterly meetings with C&AG. The definition of major audit objections is updated to a revenue effect of Rs. 2,00,000 or more. The instruction is effective from November 15, 2013.
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