I want to know whether there is any difference between the Internal financial controls(IFC) and Internal control over Financial reporting(ICOFR) in simple language and the applicability of both.

Can anyone please guide/tell me what all should be seen in internal audit in hospital pharmacy???

if share capital is more than 1 Cr . whether Caro is applicable for private limited company

Hii!!! Can someone please give me a clarity on internal audit of hotel industry ?? like the aging schedule and the rack rates to compare(Difficulty in getting info of other similar hotels)

I have two questions:

1. Can an LLP having CAs as partners, but not holding COP, be appointed as Internal Auditor under Section 138 of the companies Act? the Act does not require the CA to be in practice for being an internal auditor as per my understanding..

2. Can an LLP with a CA and Lawyer as partners, be appointed as Internal Auditor, provided the CA partner signs the internal audit report?

I am a newly qualified Chartered Accountant & want to pursue a career in Internal Audit.
I want to know the top Pure Internal Audit Firms in Mumbai.
Please suggest.

How to prepare standards on auditing for nov16 exam

Now i am doing an audit.
In that they have 2 term loans, For a TL they are paying only interest every month and the bank is deducting TDS for it, but for other TL they are paying EMI consisting both principal and interest as well. In the second case bank is not deducting TDS. Please help me is there any provision regarding this..?

Hi I am trading in Future and Option and also have investment in Shares.
I have loss of Rs 5.6 lacs from trading F&O and turnover is Rs 31.48 lacs (this is sum of profit or loss balance from trading, ignoring negative balance)

Eg: Bought 1 lot of reliance for Rs 1,00,000 and sold at Rs 1,10,000. so loss 10,000 and bought 1 lot of wipro for Rs 2,00,000 and sold at Rs 2,20,000 so profit of Rs 20000. What will be my turnover and total sales and purchase amount to declare in ITR form in this case.

Also I have income as follow
FNO (560,000)
Interest from others 192,500.00
Dividend 22,000
Total income/(Loss) - -3,45,500

Do I need my book to get audit and do Section 44AB or 44AD or 44AA apply to me?
Thanks,
Biraj Patel

what is the difference between materiality and performance materiality with example.