As per section 139(1) of co. Act a company should obtain a written consent from the auditor before appointment. However, as per clause 8 of part 1 of first schedule to the chartered accountant act, 1949, a ca is required to communicate with the previous auditor in writing before acceptance of appointment. It seems there is a contradiction between these 2. Without providing written consent, the company cannot appoint you, and without communicating u cannot give consent. How to resolve this?

i have query regarding section 44ab. if the turnover of business assessee is less than 1 crore and also profit is less than 8% in the fy 16-17, than tax audit is complusory or not. pls answer this query

Can anyone pls provide format for Internal audit report

Can anybody share the information how cash transaction of the period from 8/11/2016 to 31/12/2016 to include in financial statement for the year 2016-2017

can a CFO as per law can be appointed as internal auditor of company

Hi,

Whether Special resolution or Ordinary resolution is required for the appointment of Auditor by shareholders after the recommendation of the Board? Please revert asap as filing of MGT-14 depends on this. It will be filed only if SR is required to be passed.

Also, Please tell whether ADT-1 is filed after appointment by the Board or by shareholders in the EGM?

Kindly revert asap.

if a ca in service is appointed as an internal auditor of any company then whether he is deemed to be a member in practice u/s 2(2) of ca act 1949?? and if yes whether he will be penalised u/s 24??

Dear Friends
Last year FY 2015-16 one of my client(individual assesses) had turnover above of Rs.1. Cr. and Audit was done as per section 44 AB
Now this year FY 2016-17 turnover is below 1 cr. and he has paid Car Hire charges to vendors of Rs. 50 Lakh
Whether he is liable to deduct TDS as current year turnover is below 1 cr and audit is not applicable in current FY .
Section only says TDS is applicable from next FY if prcedding FY turnover is above 1 cr and audit is done as per 44AB, but in my case audit is not applicable in current year.
Thanks
Jitesh

Dear Experts,

Those who are damn sure about this question with exact 100% sure answer then reply. If you are not sure about

answer then do not reply/discuss. Actually this one of questions which comes in Recruitment of Manager (Account & Finance).
This question has become controversial and this question has gone to High court.


Qus) Which term defines internal audit with clarity ?

(1) Internal Audit is an evaluation and analysis of the financial statements conducted by the internal audit staff.

(2) Internal Audit is an evaluation and analysis of operation of business conducted by external audit staff only.

(3) Internal Audit is an evaluation and analysis of the business operation conducted by the internal audit staff.

(4) Internal audit is an evaluation and analysis of the financial ststements only conducted by the external agency.

Can an internal after resigning act as a statutory auditor...for exmpl ABC did internal audit for FY 2014-15 and appointed as statutory auditor for FY 2015-16...is it possible... Nothing such mentioned in sec 141... does condition of cooling period of 5 years need to ne applied on it...?