I have done numerous statutory audits but this is my first internal audit. So I dont know the extra steps which should be taken on every particular area.
However, I am doing internal audit of a leasing company for the period 1/4/10 to 30/9/10. So i need to know what extra steps do i take to verify the rental income for the same.
Also, this company has changed its accounting package on 1st July 2010. So, half the entries are in one package & half the entries in other package. So, i have to perform an internal control system audit as well. So, how do I proceed for this?? can i have the checklist for this as well??

I have done numerous statutory audits but this is my first internal audit. So I dont know the extra steps which should be taken on every particular area.
However, I am doing internal audit of a leasing company for the period 1/4/10 to 30/9/10. So i need the checklist on how do i go on to verify the rental income for the same.
Also, this comapny has changed its accounting package on 1st July 2010. So, half the entries are in one package & half the entries in other package. So, i have to perform an internal control system audit as well. So, how do I proceed for this?? can i have the checklist for this as well??

As we know when auditor is appointed u/sec 224(1) in AGM then within 7 days Co. has to inform the auditor.But if Co.delayed in informing the auditor then what will be the consequence..??..
thanx in advance...

Respected Sir B.Chackrapani Warrier and other experts, in our case as advised by you, same procedure was followed, but in our case outgoing/refusing CA was telling on telephone to our present CA your appointment is void, as section 224(3) was not followed, because in this case appointment should be done by Central Govt. When outgoing CA was asked about any objection, he did not reply withing stipulated time. Our firm was audited and all other formalties was complete. Now I want to know even if the New CA should be appointed by the Cent Govt, but new CA was appointed as following the procedure shown by you also. What are the consequences on Company Audited and on new Auditor. Please reply after going through the section 224(3).

I am doing first time audit of a Tample trust. how should I value land and bulding trust.


1. Land is bought 70-80 years ago and now trust has no documents of purchase. I have got a B-1 Khasra copy of government record which shows only ownership of land. but no documents avalable related to cast of purchase. whether I can value it at current value for the purpose of stamp duty valuation authority.

2. building also built 25 years ago now trust has no records related to cost. how can I estimate it.

3 Can you provide me mandir trust audit format.

Dear all,

My client is Govt co. We have done the Tax audit of the said co. After that CA&G had done statutory audit. Now there is some difference in P&L accounts between Tax audit & Statutory Audit. What will be the treatment of said difference in next Tax audit or Statutory audit ?? Should we have to revised our tax audit report ???

MY CLIENT IS A BLDG. DEVELOPER ,

1)DURING THE YEAR WORK COMPLETED IS MORE THAN 40 Lac, But no sale agreeement is made with any body as no flat is sold. Whether he is liable for Tax Audit.

2) Can he follow Completed Method for Taxation Purpose.

a doctor have a salary income of 6 lakhs and professional income of 7 lakhs ,whether he has to do tax audit.

Sales of a proprietory concern has increased from 35 lakh to 65 lakh and corresponding Gp margin has declined from 6.4% to 4.4%.Assessee is wholesaler in cloth.Whether decline in GP margin is justified?

Also tell whether significant accounting policies form part of audit report u/s 44AB

please provide me some details about the treatment of CENVAT credit available on input material and services used in production of FG. How it should be shown in Balance sheet?
what adjustment needed in opening and closing stock in this respect vis-a-vis Income tax act?