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IS THERE ANY STATUTORY LAW UNDER WHICH AUDIT IS COMPULSORY FOR SUCH TYPE OF NTC REGISTERED ASSOCIATIONS? AS ON DATE.


31 March 2021 at 11:28

Calculation of profit for firms @8%

Dear Sir,
For partnerships firm for audit u/s.44AB profit above 8% shall include interest & remuneration to partners or not.
Thanks in advance


24 March 2021 at 16:19

Revenue recognition-sales

Sir,
My company exports goods on FOB basis and CIF basis. At the time of year ending, goods will leave factory compound before 31st of March but the bill of lading date will be after 31st March.
My query is can I show the goods as "sales in transit" and form part of sales.71EA


20 March 2021 at 21:19

Bank branch audit

I got an offer of statutory branch audit from a PSB in which i am a concurrent Auditor. Hence I refuse the same. Will I get offer from some other PSB in this year?


14 March 2021 at 12:35

Professional Misconduct

Mr. A is a CA holding certificate of practice, is also holds directorship (by virtue of being a minority shareholder) in a private company (Company X). He appoints his junior Mr. B, who has passed CA and holding a separate certificate of practice, as an auditor in the Company of holding directorship. All the finalization of books, closing entries, preparation of financial statements has been made by Mr. A and Mr. B puts his seal and signature on the Financial statement without verifying the authenticity of the financial statement and without the approval of the board. The other Board member of X company not informed of the signed financial statements and later efforts are made to convince the signed financial statements. There are many irregularities that have been observed in the preparation of financial statements like lack of carrying out inter-company reconciliations, failure to get the bank confirmations, adjustment is made to related party books with the approval of the board, etc.
Now, the Majority shareholder wants to have a legal remedy for the above problem. Whether the above members (A & B) can be punished for the above wrongdoing.


13 March 2021 at 15:16

Empanelment of concurrent audit

Please share me the procedure&guidelines for applying for empanelment of concurrent audit of Pvt. sector Banks
CA S.Govinda Rajan,FCA


06 March 2021 at 17:33

15 months audit

Hi,

Can a statutory auditor conduct audit for 15 month period at the request of client. If so what are the tax & legal consequences??
Generally everytime we conduct audit for accounting year of 12m April to March.
This assignment is in addition to it.


06 March 2021 at 11:28

15 months audit

Hi,

Can a statutory auditor conduct audit for 15 month period at the request of client. If so what are the tax & legal consequences??
Generally everytime we conduct audit for accounting year of 12m April to March.
This assignment is in addition to it.


05 March 2021 at 15:01

Invoicing

Good After noon All,
Please suggest that, Security deposit given should be mentioned in Tax invoice also or should be return separately ??


04 March 2021 at 22:49

PF Trust Audit

Hi Everyone,
Kindly share the check list and draft Report of Third party audit of PF Trust .

ThanQs in advance.