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.

If normal debtors are reinstated at TT buying rate at year end, then whether debtors with closing credit balances should be revalued at TT selling rate?

Kindly clarify which rate is to be used for reinstatement of debtors with closing credit balances??

Hi,
i am currently on a audit of a private limited company having various branches all over India, i wanted to know the important points which i should cover in Tax Audit. The suggestions would be really helpful as i wont miss on anything important......

How do we come to know the last date for application for Bank Audit?

From ICAI.org or will it be updated on other site?

Dear Friends,

Statutory auditor of one of the companies has joined hands with directors of company to cook up books of accounts. Audit report is being prepared on manipulated books of accounts.Bank's and customer's lot of money (in crores)is being put at stake.
we talk about integrity, independence,corruption free society and what not.But it hurts me when few people for the sake of money maling the name of profession.
what should be done from my end.Should i just mind my own work and donot interfer or should i do something about it.

IS SERVICE SECTOR LIKE
1. BEAUTY PARLOURS,
2. HOTELS,
3. CONSULTANCY SERVICES
4. BROKERS,
ETC,
ARE COVERED UNDER SECTION 44AD FROM A.Y.2011-12?

MY CLIENT IS A RATION AS WELL AS NON-RATION DEALER. HIS TOTAL TURNOVER DOES NOT EXCEED 60 LAKHS FOR A.Y.2011-12. HIS RATION SALES IS APPROX 40% OF TOTAL TURNOVER. IS HE LIABLE FOR AUDIT U/S 44AB IF HIS NET PROFIT MARGIN IS LESS THAN 8%?
ALSO WILL HE BE COVERED UNDER 44AD?

I want to get exposure in Tax Audits and Statutory Audits...
Please advice which Firm of CA is best for me.
Location : Mumbai

Career Objective : To start own Practice.

which book should i use for financial reporting.. m having paduka it has good sums but no concept clarity....m looking for m p vijay kumar ....i have to complete FR by self study in 50 days....

please advise mpvijay kumar+ practise manual + dsrawat(as) enough to get 70+ in financial reporting....

Do we have to make any disclosure in the Notes to Accounts of a company that has no activities & is hence dormant [Co Law filing of Annual Returns, Balance Sheet, etc are done regularly].
This also does not fall within the scope of 'Discontinuing Operations' as no activity has been formally discontinued.