can a CA who has adopted due care n skills while performing audit be held as guilty if later on (say after1-2 yrs) some frauds,errors are detected?
or he may be left free on the ground that he adopted due care n skill?

What are Level I, Level II & Level III enterprises for qualification of exemption for reporting compliance of Accounting Standards?

In case of Pvt. Ltd Company, suppose loans outstanding in preceding year i.e on 31.03.2009 is more than 10 Crore. However at the end of previous year i.e on 31.03.2010 loan outstanding is 8 Crore. Please suggest whether the company qualify for exemption under AS -18 in the previous year 09-10 for the related party transaction.

One PSU has received FC Loan out of an international agreement for developmental purpose. In the notes to accounts, it said that it had not considered forex diff. in borrowing cost due to non-confirmation of balance by the foreign lender? Is this treatment correct? Interest had been calculated considering day balances?

What shall be the format of Company Accounts of a PSU during Construction Period? Whether Income Tax is required to be considered?

Dear Experts,
I have been assigned the task of ledger scrutiny of a tax audit firm which is a manufacturing unit.
1) Please let me know how i should carry out the ledger scrutiny?
2) Please inform me what are the important ledgers that i have to go through to ensure that the books are maintained as per the statute.
With regards,
Rajesh.

What is Adjustment Entry,Of Defrred Tax Assets Made By Concern On Unabsorbed Dep., But No Convincing Evidence that sufficient Taxable Income Will Be available.

cipating preference shares.In such situation,as per para 13 of As-20, the Company must reduce the same from PAT only for the purpose of compliace of As -20. Can you explain the same is compulsory or not to comply para 13 of As-20 for companies or not ? The decision will affect indinan corporate history

I have raised the same in context para 4(e) of As-16.As per para 4(e)exchange rate fluctuation in relation to foreign currency loan to the extent of interest adjustment cost is capitalised and the excess over the interest cost should be given effect as per AS-11.If the company has exchange gain in relation to foreign currency loan for asset under consturction, should the same reduce the cost of asset under construction or credited to P & L Account ? The same case happens in majority of companies during the F.Y 09-10 in case foreign loan for asset under construction,as the exchange rate reduces as compared rate as on 1/04/09. The decision will affect indian corporate history to large extent.Can you please immediately reply considering para 4 (e)of As-16 and notification of As-11 issued on 31st March,2009 in above situation

Dear Experts, My question is concerned with the maximum no. of audits appilcable to a Practising CA.

A Practising CA is a partner in one firm. Now he joins another partnership firm while continuing with the existing partnership firm i.e now partner in two firms.

The question is that how the no. of audits will be bifurcated.

1. Will all audits in the first firm will be counted?
2. Will all audits will be counted in the 2nd firm?
3. The respective audits in both firms will be counted within the overall audit limits.

Pls. Reply with the provisions regarding the above.

Regards