Can anybody tell me what points should keep in mind while making audit of Insurance Company (Division Audit). How to vouch Premium, claims etc..

Dear Sir,
I am writing my ICWA final exam in Dec 2011. Please help me to know whether the Cost Accounting Records Rules 2011 and Cost Audit Report Rules 2011 and the amended Sec 233B are applicable for the Dec 2011 exam for the paper "Cost Audit and Operational Audit".

Thanks.

Q.1 CAN CA WHO IS ENGAGED IN FULL TIME SERVICE ( EITHER GOVT. OR PRIVATE) IS ELIGIBLE TO HOLD CERTIFICATE OF PRACTICE , IF YES THEN CAN HE ENTER INTO PARTNERSHIP WITH OTHER CA FIRMS, CAN HE PERFORM ATTESTATION FUNCTION AND TAKE SHARE IN PROFITS OF PARTENERSHIP BUSINESS

please provide the types and full detail of audit report . how we should read it . how we can take benefit of audit report.

I have a query in AS 12. Government Grants

A Co. have Claimed exemption from Entertainment Tax for a period of 5 years. As per exemption notification Company can collect entertainment tax from the puble to the extent of Rs. 15 crore ( Cost of Multiplex theatre) by selling Movie tickets. i.e.
Ticket - Ts. 75
Entertainment tax - 25
Total Amount to be paid by a person - Rs. 100/-.
Company under the exemption notification is not required to deposit Rs. 25 with Government Authorities. At present company is taking Rs. 25 to its Profit & Loss Account.

My query is, Why Company is not deducting Rs. 25 from the cost of Multiplex theatre by assuming Rs. 25 as Government Grant. ..???

Is it right that comapny is crediting the entire amount to its Profit & Loss on receipt basis.

If the paid up capital of the company is Rs.10,00,000, reserve and serplus is Rs.25,00,000, Secured loans from banks are 15,00,000. Turnover is Rs.2,50,00,000. Unsecured loans are 51,00,000. wheather the CARO will be applicable to this company?

dear expert,
can auditor sign on project report made by him ? give any link regarding this matter if possible.
i am getting mixed opinion from my friends and seniors.

kya kisi k pass pce audit exam nov 2011 ka probable sollution h.........

which book should i refer for deeds, communication and ethics for IPCC.. for law m refering munish bhandari.. and also for audit??

If co. does provision for gratuity each year and any employee left co before completing the 5 year, then co what will do of the previous gratuity provision ?

please help me.