Please can some one explain whether we have any governing rule either under India AS or under US GAAP or SOX which narrates the process or any approval work flow for cancelling an AP invoice which was booked in prior quarters.

For Example: I booked a Liability i Jan '11 and want to reverse it either by Cancelling or raising a Credit memo (This invoice is unpaid in system). Is this a questionable item from Audit front stating that liability is booked incorrect in one quarter for various reasons?

The assessee covered by section 44AB has filed return of Income before 30/09/2011, ie due date, but failed to discharge his MVAT liability before 30/09/2011, what will be the effect on his Audit Reports under Income Tax Act? and MVAT Act?

A private limited company’s paid up share capital Rs . 20,00,000.00 + Total of reserves (accumulative profits after adjusting profit/loss of current year )Rs. 31,00,000.00 = Rs. 51,00,000.00 , my interpretation CARO compulsorily applicable


A private limited company’s paid up share capital Rs. 50,00,000 + Total of reserves ( accumulative losses after adjusting current year’s profit/ loss) Rs. 29,00,000/- = Rs. 21,00,000/-, my interpretation CARO not compulsorily applicable

The same criteria applies to internal audit system as per paragraph 4(vii)of CARO order.

Assumption : The abovementioned company's turnover at any time during FY is not more than Rs. 5 crores and no outstanding more than Rs. 25 lacs towards bank/financial institution.

i want to any new notification about ceiling in case of no. of audits

Does the cost of depriciation should be included while calculating the cost of inventories ?

I WOULD LIKE TO THAT IF A COMPANY IS PVT LTD IS IT ENOUGH IF TAX AUDIT ALONE IS CONDUCTED ON YEARLY BASIS OR BOTH TAX AUDIT
AND STATUTORY AUDIT HAS TO CONDUCTED IN A YEAR?

Dear Experts,
Case-
A(landlord) is saying to his tenant(B) that he have given him room on lease but B is saying that he have taken it on the basis of rent.
Both parties i.e A & b were not having any document in support of..
Query-
So how their settlement can b made????

While carrying out a Limited Review for the quarter ended Sept'11 of a public limited company, we have noticed the following:
On the yearly closing for March i.e. accounts prepared under Schedule VI of the Companies Act, the company account for the liabilities of gratuity and leave encashment on the basis of acturaial valuation carried out.
On the quarterly accounts, the company is providing these two liabilities, on the basis expenditure debited to the Profit & Loss Account during the previuos year. The figures is being extrapolated for the quarterly results.

Is this procedure acceptable under AS 15 while preparing the financials on the quarterly basis?

Or they need to carry out the Acturial Valuation as at 31st March for the year the quarterly financials is being drawn up and the figures will be cahrged based on the time proportion basis?

Dear Experts

Please advise me on the following

According to companies Act and Read with ICAI Provisions a person can be auditor for 30 Companies.

My Doubt is whether these 30 are 30 companies are 30 audits. Because in the current year i have the audits of around 20 companies for the years 2009-10 and 2010-11 that means total audits coming to 40. Can i sign the total 40 in my individual capacity.

Please suggest me the provisions with reference to the concerned sections and case laws if any.

how to take sales cut off as @ 31st march
for every year please help any one