Mr. A is a chartered accountant who his holding COP and practices as sole-proprietor with name M/s. A&co., chartered accountants. He is also a non-executive director in a Private Limited company. Now can the Pvt.Ltd.co., appoint Mr.A, as its internal auditor......In simple language can a director of a company be appointed as its internal auditor.....

I M WORKING AS AN ARTICLE CUM AUDIT ASSISTANT IN A FIRM...
RECENTLY AN INDIVIDUAL FILE CAME TO US FOR AUDIT PURPOSE...
THE FILE CONSIST OF THE PERSON SALARY SHEET...IN WHICH HIS BONUS IS SHOWN MORE THAN HIS SALARY...
HIS ACTUAL SALARY IS 9 LAC P.A
BUT BONUS IS 27 LACS...
HOW DOES IT POSSIBLE??

Hello sir,
i m discussing the situation as under that i have already discuss with lots of tax expert but no one is giving me the similar / right view.

The situation is: -
I m having a sale of 30lakh from Export sale of fabric & against this sale i am having a net profit as per books is 150000/-. I am also having some other income like as rental income, int. income, draw back etc. Sir, my main point is here that i want to consult to you, is it possible to file the ITR without audit (as per section 44-AB) and i also don`t want to go with section 44-AD of income-tax act`1962. Sir, some of the tax expert and also CA is saying to me that we can`t file our business profit below then 8% as my net profit is coming as per books is near 5.20% (approx).

Now, my main question to you sir is it possible to file the return in ITR 4 without audit in the above situation or not?
and i also don`t want to go with section 44-AD.

Hope for the best suggestion.

Thanks & Regards
sarbjit

A) What are the cases when proforma invoices and what are the cases when normal invoices are used?

B) For implementation of a project (service tax applicable) 50% is payable in advance. Rest in stages- 20%, 20%, 10%.

i)For collecting advance payment 50% with service tax, whether to submit proforma invoice or normal invoice?

ii) If proforma invoice is used whether or when it will be supported by further normal invoice?

how to learn auditing standards ? mere understanding and reasoning is sufficient or necessary to by memorise concepts ? just guide me how to learn them pls friends

define paid up capital for a pvt ltd firm

Can some one provide me a good format for fixed assets verification report

Thanks.

Dear Members

one of our CA is giving audited balance sheet without proper auditing, he is finalized. now he is given balance sheet but its not correct like fixed assets balance, Sales details,even without bank reconciliation.

since he is doing the same from 1999-2000 to till including current year. for his mistake client is taken notice from sales tax Dept and Income Tax dept for assessment every year. from his mistake client loss around 25 lakhs in this case is there any law we can file a suit against him. if yes give me under which we can suit him

Inherent Risk - The susceptibility of an assertion about a class of transaction, account balance or disclosure to a misstatement that could be material, either individually or when aggregated with other misstatements,
before consideration of any related controls.


pls. give easier translation.

thanks in advance.

which are the SAs i should focus more on in audit?