Hello members,

As per CARO, the auditor is to report on the regularity of depositing undisputed statutory dues as at the last day of of the financial year concerned for period of more than six months from the date they become payable.

So, whether non payment of advance tax is also to be reported under this clause which are due before 30.9.2010 for the financial year ending 31.3.2011?

Hello

I am a software engineer and leading a team of 7 software developers. I have permanent shop act license and I have a bank account with my firm name. So i assume my profession/business belongs to sole proprietorship.

I am confuse with the audit limit. Some people say that I am a professional so audit is compulsory because my receipt is around 20 lakhs. Some one say no need of audit because I am a sole proprietor and limit is 40 lakhs.

Can any one please help me to get this right.

Thanks
Arun

Dear Friends / Experts,

Please see the following and clarify :

Query

What is the Ceiling on number of audits for a practising CA ?

Ans : .................. (30 as per ICAI should be considered. Is it right)


Suppose as on 01.01.11 (as required by MEF 2011-12), a member had done 29 Statutory Audits of private companies for FYE 31.03.10 and the member has got 3 more Statutory Audits of defaulted private companies for the same FYE 31.03.10 after 01.01.11.

whether he can accept the same and consider the ceiling for 01.01.12 or is there any violation. Please clarify.

Ans : ..............

I shall wait for your views.

Thanks.

Suppose partner Mr.X is earning interest of RS.65.00 Lacs from the firm during a particular financial year then is he liable for Tax Audit under section 44AB

Can u please specify the foll. queries.
1. Can TDS needs to be deducted on paying of Liquidated damages.
2. Whether Such damages allowed as Business expenses for Audit Purpose.
3. Can payment of Liq. Damges can be capitalised and WIP Transferred.

Regards,
manish

Dear Experts:
If any company falling in cost audit records rules as per new notification issued in may 2011 fist time
a) in this case can company will receive the cost audit order letter from central govt or not ?

b)either company have to wait for cost audit letter from the central govt.?

pls clear the my confusion on this , what are the rules applicable .

thanks
Ravi

in one of my clients , i have noticed that the some of the expenses is appearing in rates and taxes and professional charges relating to a new project which is all together a new line of business in comparison to the present business.

My doubt is whether the expenses can be booked in the normal business P &L or should the same to be shown under expenditure during construction pending allocation as per the guidance note.

Dear Expert,
One concern engage in manufacturing activities and having turnover more than Rs. 100 crore but not listed in stock exchange,
1) here rules of cost audit will applicable or not?
2) can company have to mainatain the cost records under rule 2011.
pls clarify.

thanks
ravi

As an auditor, what are the things to be seen while doing a statutory audit of a big company

There is a Non-Deposit Accepting NBFC (Company).

Accounting Standard -3 Cash Flow Statement is applicable for Level 1 Enterprises only.

The company does not have the 50 crores turnover in the preceding Accounting period for applying AS3.

Is my NBFC a "Financial Institution" for getting applied AS-3.

What is "Financial Institution" for applying AS-3?