What is the format for an engagement letter for issue of special purpose certificates (certificates in relation to an initial public offer) by the auditor?

Hi everybody,

Would somebody help me on the below query.

As per 139 of CA 2013 , first auditor should be appointed by BOD within 30 days from the date of registration. If board fails to do so, members should appoint within 90 days through an EGM.

Private limited company was incorporated in Jan 16 and BOD has appointed a firm as auditor within the time limit. But for some reason, company decided to remove the existing auditor and appoint new auditor. Can the company do so??If yes, plz let me know the procedure.

Also, the law is silent on from when the time limit of 90 days should start. Would you help me on the interpretation of the same as from when it should be taken into consideration.

Thanks a lot in advance

I have plenty of credits in my bank account in the last month and just 2 to 5 Debits for Credit Card Bill Payments. All these credits are - I Withdrawn my money from Wallets like Paytm, FreeCharge and many others. I loaded these Wallets with plenty of 1000's with my Credit Card. But now due to demonetization, all Wallets are providing Free Transfer to Bank So, i transferred Huge Amounts with Multiple ₹5000's as they don't allow single transaction more than 5000. Now, is this money treated as income and is it taxable. I can't even provide wallet statements because except Paytm not many has statements feature. However, I will provide Credit Card Statements as it will be more than 2 Lakhs.

how do i read SA's in study material ? is it sufficient to study practice manual and compilation qtns for SA ? is repeated qstns are always asked in Auditing and assurance paper ipcc ?

A Contract clause says 100% cost incurred plus 10% service charges reimbursible.
How much reimbursment one should get in below case.

Five employee salary is USD 50000 per month
Social Security deducted 5000 per month
Net salary paid 45000 per month

Social Security deposited USd 5000 (employee contribution )
In Addtion to USD 6000 (Employeer / Company Contribution )

Now, Invoice raised to main contractor for reimbursment

Net Salary USD 45000
Social Security (employee) USD 5000
Scoial Security (Employer) USD 6000

Total USd 56000 plus 10% service charges.

Main contractor rejects the claim and says it suppose to be

Net Salary USd 45000
and Social security (Compnay Contribution) 6000
Total USD 51000 plus 10% service cahrges only re-imbursible.

Reason given employee contribution is already recovered from employee.

In this case whether 100% cost incurred by contractor re-imbursed by main contract or not?
Or what is the actual claim suppose to be?

Dear Auditors

Please solve my blow problem

May we show gold as fixed asset? If it is fixed asset there is no depreciation. In our book have some other fixed asset, I have to maintain fixed asset table, in case there is no depreciation on gold I think it is not necessary to show this in fixed asset table

Bonus provision was made last year with amount for example 200000, now while paying the bonus it is found that provision was made will less amount and actual bonus amounts to 210000. now what are the implications according to the tax audit and how will the difference figure 10000 be adjusted.

Can first auditor be appointed as subsequent auditor?!
If yes, what are the rotation compliance to be followed?
whether 1+4 years which in total 5 years or 1+5??

As the wealth tax is not existing now, the today's announcement of Finance Ministry that "tax payers having excess gold than stipulated must have maintained Wealth Tax else, it would be taxable at 82.5% plus penalty" should be understood in waht sense,

in short,

"what is the tax liability of an individual as of today, if in possession of excess of limit of Gold as ornaments, including that purchased in recent past."
Thank you.

Someone please help me to join big 4 for articals