I want to pursue a career in System Audit...what are the necessary qualifications i need part from CA (m currently preparing for CA Final for May2012) do i need to do software testing courses or computer language courses???

Hi Friends

I am giving my group 4 CMA final (formerly known as ICWA) exams in the coming June 2012 term. As we know the cost audit has undergone number of changes and our institute's study notes appers to be outdated. Hence can somebody suggest me the best text book or a material for cost audit covering Cost Audit report rules, Cost Accounting records rules etc?

a listed public ltd holding company does not wish to consolidate the accounts of subsidiaery can it do it?

Dear all,

I have a doubt that, while auditing a company which has inventory, what are the methods or techniques normally followed by the auditors ? How can we assure about the figures in Accounts and its valuation?

I have given interest free unsecured loan of Rs. 50.00 lacs but i have paid interest on unsecured loans which have taken.

I want to know whether any problem will arise in future due to above transaction at the time of scrutiny of income tax departmen. if yes

what i have to do

CA Kusum Sorathia

Sir One of the assessee is a builder.He done some Fabrication Work in the sample Flat.The Party has given the Bill consisting of Material & Labour Without any TIN No. or Service Tax Registration No.

Whether my assessee shoud book the bill under URD Purchases and should pay the tax on the same or ask the party to give Bill with VAT TIN No. or Service Tax Reg No.

Guide me.

DEAR SIR,

WHAT ARE THE PROCEDGER FOR CHGANGE OF PREVIOUS AUDITOR & APPOINTMENT OF A NEW AUDITOR IN A PROPRIOTERSHIP FIRM

Is demanding audit engagement letter from the company mandatory for the auditor? if Yes, under which law and section?
And is it the obligation of the company to sign the letter. And who will have to sign the letter as the Auditors are appointed by the shareholders.

Dear Members,

If audit firm appointed as internal audior of Parent company,shall the same firm eligible for appoint as Statutory audit of any subsidiaries company..?? please give me answer with support of code of conduct.....

Thanking you

Ankeet Dalal

As per the notifications published dtd 11.4.2011, by Cost Audit Branch; Cost auditor should be appointed within 90 days by e-filing form 23-C on www.mca.gov.in

Now what is the procedure if company has not filed that within 90 days? From where can i get that detailed procedure ?

Is there any procedure that we can perform back dated / by paying penatly ?