Is it permissible for a person who is himself a CA and a partner of an audit firm, to serve as a professional consultant in his individual capacity and receive professional fees, from a Company, which is being audited by the same audit firm where the said individual is also a partner, on the plea that the audit firm is a different legal entity from the individual ?

1.Can we carry on both tax audit and statutory audit for an organsiation?

2.The major issues to be considered while carrying on the statutory audit?

3.While carrying on the statutory audit if we come across the tax related issues such payment made in cash exceding Rs.20000 and tds related issues how should we consider it?

Is it possible to carry on both tax and statutory audit for an organisation?

2.Whats is the major issues to be considered to carry on a.Tax audit
b.Statuory audit?
C.Sample of audit report?

May i know which one is the best material to
study for Audit in PCC May 2010
attempt??


Please tell me as soon as possible.
Hoping for a better than the best reply
from all the Experts!

Do we need sign of chartered accountant on form no.2 for applying mebership no.
2.If i didnt get attested on PE-II certificate is it ok.

Thanks in advance.

Can you please refer me the book for Company Audit (Statutory and Internal audit)

Respected Sirs,
I have a query regarding Tax audit:

"A client whose total turnover is Rs.89 lacs in PY and get his account audited with a Chartered Account, but he not file the return/report till now. Is he liable to paid penalty u/s 271B?"

Please suggest.

Hello friends i need some clarification regarding verification of loans against fixed assets. Whether the WDV of Fixed assets should always be equal to or more than O/s amount in respect of loan. The problem is mainly posed due to charging of high depreciation as per IT rates. Or can we rely on the valuation certificates. If any other way please throw some light on this subject.

I know there are three conditions spelt out in CARO, satisfaction of which will exempt the CARO applicability to pvt.companies. But my query is that all the conditions are to be satisfied or even one or some conditions satisfied is enough for exemption?

for example if a pvt company has more than 50lakhs paid up capital and reserves, has more than 25 lakhs loans from banks but has less than 5 crores of turnover. Now for this company will CARO is applicable? From my view CARO is not applicable as turnover is less than 5 crores. But i am not sure of my answer.

Please any body clarify my query?

what is the date for export sales accounting ( date Bill of lading or Shipping bill.

Which rate of foreign Exchange has to be applied ( whether RBI, Customs as mentioned in Shipping bill)

Thanks & regards
Mahendra M