I am conducting an audit of a company and I have some doubt about the capitalisation of fixed assets.

The company purchased sand, cement and other building material for factory building and it has been capitalised.

It is not clear whether it is used for repair or addition in the factory. But we found an invoice of a contractor for a huge amt used for addition in storage area, that amount is capitalised and we found other invoices of building material of small amount.

So pls suggest whether the small amount of building material should be capitalised or charged to P&L account.

Some one can guide: Applicability of Internal Audit for which class of companies is a mandatory requirement??

case:-
Mr.A has estimate the stock valuation.That amt is recorded in tally by entering in value.He maintained proper records of quntity in no. .This is in prictice last 5 years.
But now Mr.A wants to exact valuation of inventory in no. as well as stock.For this finacial year they start to record purchase update by entering in updated software with qty detail & value?

my query:-
how to bring opening stock valuation with qty & value?
how practically it implemented?
pl guidence in detail?

hey frnz, please suggest me a book for AUDIT CA FINAL for self study as my attempt on nov 2013.

total turn over 4017500 net profit 341111 incl display income 206000 is reqd. to get accounts audited ? u/s. 44ad ??

my point is that net profit of Rs. 341111/- include display income rs. 206000/- assessee is retail trader looking to this profit down below 8% is audit required by law or not

i am doing a stock audit of a builder who has got land under sra scheme ?
what all documents are required to be maintained by the builder at the site ?
what is to be verified by me at my weekly visit to site ?

pls suggest if any suggestion

thank you

Can any one guide what are the requirements to become CDSL auditor. thanks in adavnce

Hi Friends..
I'm an employee of a firm.I need to get ready for stock & Credit audit. Can you please assist me what are all things i should prepare for that?

PLEASE TELL ME THE PENALTY FOR LATE FILING OF TAX AUDIT REPORT FOR A.Y. 2011-2012. TILL DATE IT IS NOT FINALISED.

How can we place reliance on actuary without checking the figures and calculations.
Auditing standard (SA-620) says that to place reliance on the experts by performing a basic checking about their qualifications, and comparing estimates with the previous years, i agree!! but my doubt is another standard on auditing (SA-540) was inserted which says to have testing for the fair value estimates.Whether this standard contradicts that other standard to rely on the third party (i.e, Experts) or does it tell the same to just place reliance on experts.Pls Clarify!!