A proprietorship business is converted into partnership business in 1.10.2011.Assuming financial year 2011-12.

How an auditor should certify the financial reporting period in both cases, If in both situation same auditor is appointed ?

in a trading organisation where the company is operating all india basis and having the warehouses in every state. should the freight paid on stock transfer from one branch to another against form-F be included in the cost of inventory.

Sir
What is the rate of Employer & Employee contribution in EPF AND ESIC. Please describe the limit of wages and salary in which case ded is mandatory. Pl also describe tax implication on non ded of it on both employee and employer under which sec of it act.

http://220.227.161.86/12766Council_General_Guidelines.pdf

pls read this carefully and tel me...doesnt the point mentioned in it regarding branch audit mean that the branch audits are included in the ceiling of audits as per ICAI although it is not included as per companies act....but v maximum branch audits can only be 30 nd not more than that?please reply asap.

can any one give a explaination of sa 220 quality control what it tells as terms n defination is tough.even if any1 has any link to these sa plz send me.

Do provisions of section 224A- (Appointment of auditor by special resolution) applies on appointment of first auditor also?

Hello Sir,

One of my client, Pvt Ltd, had not included one bank in the accounts and even the auditor did not check that.

Though all the receipts and withdrawals were shown as cash receipts and withdrawals. The previous auditor might not have checked the same.

Now this year, the directors are under doubt as to show the account or not.

In my opinion, it should be shown as it contained huge transactions affecting business.

At the opening, we may create a ledger of bank through crediting cash and debiting the new bank as per the opening balance of Bank.

I have doubt as to what consequences will it have.

-Do we need to specify in to notes about this?
-In future IT Assessments, what kind of penalty/consequences?
-Any other solution.


Thank you

AS-3 APPLICABLE TO PVT COMPANY?AS PER ONE CONDITION OF LEVEL-1 ENTERPRISES
All commercial, industrial and business reporting enterprises having borrowings, including public deposits, in excess of Rs. 10 crore at any time during the accounting period.

PVT LTD CO HAVE BORROWED UNSECURED LOAN FROM DIRECTOR MORE THAN ABOVE LIMIT.THIS CASE FALLS UNDER THE ABOVE CONDITION.

a public company redeme preference share in year1984-85.
As on current period this redeem preference share has been unclaimed.
So, what will be treatment in books regarding unclaimed redemption of preference share.

I am narendra doing my third year articleship in a firm... In one of my company which iam auditing, the company have started a new line of business for which the construction has started in the same factory.For that business they have ordered a machine.As at March 31, 2011 the machine has not entered the company premises but the company based on a completion certificate from the vendor have taken the cost of machinery into CWIP.
I am not satisfied saying the asset has to be taken into books only when it entered the premises and is not when it is with vendor and not on the based on the completion certificate at the vendors premise.I argue that it should be taken only when GRN for the machinery is raised.
For taking into books they passed the following entry:
CWIP ...Dr
to Vendor A/c



Kindly suggest me whether my arguement with the client is right or is there any other option for treating the same.