can a private company issue shares on premium in case of losses during the previous year

Respected Experts,
My boss have assigned me the job of doing internal audit of sales of a company. Please tell me what are all the points that i should consider while auditing sales. I will tell u the process of sales followed in that company.

Marketing (or customers directly mail to )--> Customer Sevice Department --> provides work order to the Production Depatment -->Production Department provides Production Completion certificate---> Customers Service Department--> Customer Service Department issues Invoice ---> Accunts Department and Despatch Section.

Please tell me what are all the internal control i have to verify that it exists?

Please provide me the answer...instead of giving me a general link. Last time while i posted this question one expert gave a link which says something about internal audit. I want direct answers pls.

Thanks and Regards,
Rajesh.

is it necesary to value asets s on bal sheet date at net realisable value if on the date of signing audit report the business operations are discontinued or notes mentioned in this regard will be sufficient ????????????????kindly advise

HI,

I HAVE ONE QUERY THAT IF ONE FIRM OR COMPANY IS UNDER TAX AUDIT FOR A PARTICULAR YEAR BUT IF IN NEXT YEAR ITS SALES DOES NOT CROSS 60 LAKHS , THEN IT ACCOUNTS ARE REQUIRED TO BE AUDITED OR NOT?

Respected Sir,
I am going to do an internal audit for a company, please tell me what are all the points that i should concentrate or verify as an internal auditor of a company which is important from INTERNAL AUDIT point of view. My boss is going to check how i am doing it. So all your suggestions will be greatly valid for me.
Thanks & Regards,
Rajesh.

FORMAT OF REPORT

who fall under defination of relative for audit purpose.whether i am audited my uncle books of account and uncle son books.

clause 8 of second schedule of the act states that : a ca in practise will be held guilty if he fails to obtain sufficient info which is necessary for expression of an opinion or its EXCEPTIONS ARE SUFFICIENTLY MATERIAL TO NEGATE THE EXPRESSION OF AN OPINION.. Kindly explain the line in caps

What is due dilligence? can any one send me a link to get overview of due diligence? Please..

Can anybody tell me, how to write off the unpaid salary / wages from last 3 year in b/s. What will be the accounting entry in books of account.