What is the criteria for deciding audit fees of Cooperative Society for the F.Y. 2015-16

One of my client has the inventory reported incorrectly in the balance sheet since incorporation in 2011. I have figured it out now (he's my client only now) and wish to rectify the old errors. The tax returns and ROC returns have been filed for all these past years. How do I rectify now as it involves big amount of losses being written back. Can we show it as a separate line item in P&L? Is it valid as per Income Tax Act? Also, would like to know is there any impact under Companies Act ?

Thanks
Mohan.

According to SA 560 that subsequent events are those that occur after balance sheet date but before the date of signing the Balance Sheet by BOD.This is what my coaching sir taught me.I have a doubt that -Is the date of signing of Balance Sheet same as the date of approval of F.Statement by BOD or date of signing of Balance sheet same as the date of issue of F.Statement to outsiders,bcoz in SA its written subsequent events are those between balance sheet date but before date of issue of F.Statement to outsiders(3rd parties).

Is date of approval of financial statement and date on which financial statement are issued to outsiders same? Subsequent events tells- Events between date of financial statement and date of auditors report and facts that auditor comes to know after auditor's report but before the "date the financial statements are issued". So is the date of financial statement being issued to outsiders and date of signing balance sheet by directors(approving financial statement)same? and are financial statement approved and signed by directors in AGM? if so then when are the financial statement issued to outsiders and third party,after AGM or in the AGM itself? please help ipcc student.

as per notification 25/2012 service tax, income was exempt from s.t. as per notification 20/2015 this exemption is withdrawan. Due to this service tax liability arises reducing income by 32 lacs. Does this needs reporting in 3 cd

provision made for service tax payable for the month of may,but payment made in june does krishi kalyan applies here..

Can you advise me what is the procedure for Audit of a Public Trust under the BPT Act 1950 and Rules there under.

I have been told that it is very different from Audit under the Companies Act.

I look forward to hearing .from the Experts.

if indian company receives amount in INR from the foreign entity towards service provded by Indian co. then indian co.'s bank will issue foreign inward remittance certificate...? p.s. 1. invoice is raised by Indian co. in INR 2. foreign co. converts the foreign currency (say usd) into INR from their bank..hence Indian company receives directly INR in it's bank.

Dear Experts,

It is required to take Balance Confirmation from bank from client at the time of audit. If client not have the Balance confirmation from bank than Bank Statement is sufficient for evidence.

Thanks

One of the assessee having a proprietorship business with a turnover of 50,00,000 & he is having a Income of Remuneration & Interest on Capital from one of his partnership business of 60,00,000 whether he is liable for Tax Audit?