Hello Sir,

One of my client, Pvt Ltd, had not included one bank in the accounts and even the auditor did not check that.

Though all the receipts and withdrawals were shown as cash receipts and withdrawals. The previous auditor might not have checked the same.

Now this year, the directors are under doubt as to show the account or not.

In my opinion, it should be shown as it contained huge transactions affecting business.

At the opening, we may create a ledger of bank through crediting cash and debiting the new bank as per the opening balance of Bank.

I have doubt as to what consequences will it have.

-Do we need to specify in to notes about this?
-In future IT Assessments, what kind of penalty/consequences?
-Any other solution.


Thank you

I wnat IT SM GOOD NOTES & AUDIT
PLZ SEND MY EMAIL ID 7 suggest how i prepare for this 2 exam

AS-3 APPLICABLE TO PVT COMPANY?AS PER ONE CONDITION OF LEVEL-1 ENTERPRISES
All commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess of Rs. 10 crore at any time during the accounting period.

PVT LTD CO HAVE BORROWED UNSECURED LOAN FROM DIRECTOR MORE THAN ABOVE LIMIT.THIS CASE FALLS UNDER THE ABOVE CONDITION.

I am doing due diligence for a laboratory. can some one give me a draft due diligence report and some major points which should be covered in the due diligence report

Dear friends

I wish to clarify on the matter regarding the Auditor reporting requirement U/s 44AB of Income Tax Act, the fact of the case is as below:

1. In FY 2009-1o the assesse has not maintained the books of account U/s 44AA & submitted I.T.R under presumptive taxation scheme of the IT Act.

2. Now in the FY 2010, same assesse is covered under the Tax Audit U/s 44AB.

Query:
1. What is the reporting requirement of Auditor regarding "OPENING ACCOUNT BALANCE", in ANNEXURE-I & Notes to the account.

2. What precaution should auditor take in such case?

3. What are the Auditor responsibility regarding the matter?

Your earliest reply/suggestion in the matter is highly appreciated and thankful.


Regards

Dear Experts,

Please let me know what is the procedure for change of auditor in Private company

Please do reply


Regards,

Neha Dwivedi

DEAR SIR,

I WANT TO KNOW ABOUT HOW MANY AUDIT DONE BY CA IN WHOLE YEAR.I AM HEARD ABOUT SOMETHING 20 IN HOLE YEAR SO WHAT'S HAPPENED IF CA HAVE MANY MORE COMPANY AND PENDING FOR AUDIT.

THANKS

a public company redeme preference share in year1984-85.
As on current period this redeem preference share has been unclaimed.
So, what will be treatment in books regarding unclaimed redemption of preference share.

MY QUERY IS IF A PARTNERSHIP FIRM HAVING TUR. 41L IN F.Y 2010-11 IS AUDIT REQUIRED FOR A.Y 11-12 AS THE PROFIT OF THE PIRM IS BELOW 8% AND THE FIRM ALSO MAINTAIN THE BOOKS OF ACCOUNT U/S 44AA (AS THE 44AB CHANGED IN 11-12)

an pvt ltd co. has given interest free loan out of surplus fund to its group co. (mentioned in register maintained u/s 301).whether this will be treated as Prejudicial to the interest of the comapany for CARO Report [i.e. The companies (auditor's report)order 2003]