The tax audit of one firm was completed and Audit report and Statement of accounts were already filed to IT dept. Later on it is found out that certain entries relating to one of the bank account of the firm has not been incorporated in the books of the firm and hence the balances do not matches with bank statement.

Is it possible to reopen the Tax Audit and file a revised ITR and Tax Audit report? The fact that bank balances are subject to confirmation has been added as a comment in the original audit report by the auditor. The client failed to produce balance confirmation for the above accounts at the time and could only produce the same after the completion of audit and filing of IT return.

What are the legal, professional and other consequences that can arise now?

Thanking you in advance

FOR A PVT LTD COMPANY ..MY RETIRING AUDIT FOR 2012-13.. IS NOT WILLING TO AUDIT FOR 2013-14

PLEASE GIVE ME AUDIT'S UNWILLINGNESS LETTER FORMAT TO THE COMPANY ..THAT THE SAID AUDITOR IS NOT ABLE TO AUDIT FOR 2013-14 AND HE DOES NOT HAVE ANY OBJECT TO APPOINT ANY OTHER AUDITOR IF THE CO. APPOINTS..REGARDS

what is the meaning of 'LAST FRIDAY OF SECOND PRECEEDING FORTNIGHT' in audit of Banks

Hi,

one of my internal audit team would like to come & Audit at Sites (we are the Builders & Developers).

I would like know what exactly they are going to be Audit.

our turnover. is 86 lack and we show net profit. is 3.27 lack without tax audit so. now what can i do can i pay income tax as per net. profit. 8% or any suggestions

what to do when trust has no activities from the date of its registration and it has got notice to get its accounts audited.

1.Filing of Form 23B within due date (within 30 days of AGM), whether any fees to be paid or its free?

2.Whether Auditor has a right to claim the Fees paid for filing Form 23B with ROC from its Clients?

3. Who is primary liable for filing Form 23B with ROC Auditor or client?

4. IF Auditor Fail to File Form 23B with in due dates, who is liable to bear the Penalty or late fees - Auditor or Client?

Give examples of sa 720

Can you please explain the relationship between Materiality and Risk?

Dear all
plz help me....

Iam doing B.Com with CA. I got a project ( Stock Audit of a company)
Nature of Activity: whole sale distribution of stationary items such as printing paper and paper boards.

Prchasing papers from almost 15 manufactures and distributing to whole salers. I have discussed 15 minutes with their management representative and He said that the customers of the company need papers of different manufactures )

I have observed that Storage area have sufficient space but the stocks are not keeping well. the godown is not neat, stocks of seperate companies not sepreatly arranged.

It was very difficult to find out the company wise stock and it was not countable.

I want to fill the questions detailed..

1. Observation on the quality of stock (To include method of storage, safety and security protection from rain, sun, moisture, dust, pilferage, etc.)
`
2.Observation on market, demand / supply position, future prospects