What is way bill? what its use & how to audit it.

We are doing the audit of a small comany.Here no systematic monthly remuneration is paid to directors.With the amount of Directors expenses like children school fees etc director Remuneration booked.Is this right?

Whether any objection can be raised on it?
Is any provision of Co. Law or Sch VI attracted?

is the auditor liable to prepare statutory audit report for the balance sheet from date of incorporation to the end of financial year?

1.X (Director) Holding substantial Shares in PQR Ltd and also X’s is a partner in XYZ firm during the financial year the Partnership Firm(XYZ) has supplied raw materials and rendered other services to the PQR ltd Co, in which X’s has no interest in such transaction. Company on his own interest had made the transaction with XYZ firm.


Query
a) From the above it Clearly shows as X’s has no interest in the transaction made by the company with the firm, Now whether the such transaction should be treated as related party and whether such transaction to be recorded in the 301 register of the company act 1956 or not?

b)In what way a transaction said to be related party transaction?




2.X (Director) Holding substantial Shares in PQR Ltd and also X’s is a partner in XYZ firm every year the Partnership Firm(XYZ) supplies raw materials and rendered other services to the PQR ltd Co, in which X’s had interest ,but during the year Firm has not supplied any raw materials to the firm.

a).Whether any thing should be written in the 301 register of the company act 1956?

Hi
Respected Member

Can any one help me?

I doing private co. tax audit in that case director's personal expenses is reimbures like conveyence and travelling etc.

SO what treatment should be done as auditor?

one company was buy a car value at Rs.1179527,loan amount is Rs.900000,road tax Rs.176930,initial amount paid to car angency Rs.279527,how to pass the journal entry please give me a valuable answer

Provision for salary payable made in 2008-09 Rs. 1,00,000/- .
Rs. 75,000/- paid in 2009-10.
Now company wants to reverse Rs. 25,000/- in salary & wages Account .

Nw the question arises that whether this Rs.25,000/- should be reversed in Salary & wages account or should be treated as Prior period income .
We can say that Rs.25,000/- was excess provision made.

i'm going to check the salary (epf and esi) calculation. i need to know what are the eligible amount of salary for epf like in esi its less than rs.6500.

i'm going to check the salary (epf and esi) calculation. i need to know what are the eligible amount of salary for epf like in esi its less than rs.6500.

i'm doing audit and found lots of cash payments more than 20000 in a single day. how to adjust these cash payments or action should be taken?