Our Statutory Auditor marked in Audit Report that for purchase of Fixed Assets their should be minimum 3 quotation taken from different vendor

i wana to ask that under whihc law or rule this is mentioned to take minimum 3 quotation

AS per the Constitutional amendment 111 The auditor of a Cooperative society has to be appointedby its genenral body from 15/2/2013. At present audits are c arried out by departmental auditors appointedd by Registrar of co-operatiuves societies in several satates, State co-operative acts sttes that the accounts of a coperative society should be audited by Registrar . My question is wethet the audit by charted accountates will replace the audit by departmental auditors appointed by Registras. What all will be the role of Director of Co-operative audit in the States whether they have to be eliminated in a phased manner Please air your views

Let me know that under section 269T the language mentioned is repayment of loan or deposit but if we give loan & advances to other person then it's means only payment of loan not repayment of loan so whether we have to mentioned these in our tax audit report u/s 44AB in 3CD or not. Am I wrong or not please clarify

Dear experts,
Can you please share me the procedure to get concurrent audits of a private banks (Icici Bank, Hdfc Bank)
Apart from the above what kind of work a private bank can give to a CA firm for outsourcing.

Thanks

Dear Members I joined in an Audit firm as a full time paid assistant....can i take full time COP now and do some TAX Audits in my name?? can i train any article clerk?? I heard that ther s a exception if we r working in a Audit Firm and can hold full time COP....is it correct???? Please post u r views

Sir,

I have received an offer for conducting Tax Audit of a proprietorship concern. I have communicated with previous auditor for NOC and I have been informed by the previous auditor that dues of previous year are pending. I asked client to clear dues of previous Tax Auditer. In return client says that the fees payable to previous auditor is in dispute.

So, I would like to know what further action needs to be taken by me.

CA S Santwani

Should related party transactions be disclosed net of taxes or at gross.

XYX KPO IS PROVIDING OUTSOURCING SERVICE, IT ISSUED INVOICE OF $12000 FIXED ON 1ST OF EACH MONTH, AND AFTER THAT CLIENT TRANSFER THAT AMOUNT VIA WIRE, WHICH IS RECEIVED BY XYZ KPO ON NEAR BY 10TH OF MONTH. IN THIS SITUATION AT WHICH PRICE REVENUE SHOULD BE BOOK?? AND WHAT SHOULD BE FOREIGN EXCHANGE GAIN OR LOSS???

pls reply me my mail id is smparmar1412@gmail.com

FRIENDS IF DURING THE HALF YEAR PROPRIETOR OF BUSINESS CHANGE BECAUSE OF DEATH AND HIS SON IS NOW THE PROPRIETOR FROM 1ST OCT .SO MY QUERY IS HOW MUCH AUDIT REPORTS SHOULD BE PREPARE IN THIS CASE.

Mr.A is prop. of Business B at Delhi with Gross turnover of Rs. 40,00,000/- and Mr. A is also Prop. of Business C at Chandigarh with Gross turnover of Rs. 80,00,000/- for F.Y. 2011-12. now my querries are as under:-

1) if NP rate of business B at Delhi is below 8% than whether a consolidated P&L and Balance Sheet would be made for two businesses and would be got audited or separate audit of both the P&L and B/s. would be preferable.

2) If NP rate of business B at Delhi is 8% or above than whether the turnover for audit purposes of A would be treated only 80,00,000/- of business C and if only audit of business C will be sufficient or audit of both the businesse with total turnover of Rs. 1,20,00,000/-would be made.

3) If the turnover of business C is also 40,00,000/- and NP rate of both the businessses is 8% or above than whether or not audit is must.