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This Query has 1 replies

This Query has 1 replies

24 March 2021 at 16:19

Revenue recognition-sales

My company exports goods on FOB basis and CIF basis. At the time of year ending, goods will leave factory compound before 31st of March but the bill of lading date will be after 31st March.
My query is can I show the goods as "sales in transit" and form part of sales.71EA

This Query has 2 replies

This Query has 2 replies

20 March 2021 at 21:19

Bank branch audit

I got an offer of statutory branch audit from a PSB in which i am a concurrent Auditor. Hence I refuse the same. Will I get offer from some other PSB in this year?

This Query has 4 replies

This Query has 4 replies

14 March 2021 at 12:35

Professional Misconduct

Mr. A is a CA holding certificate of practice, is also holds directorship (by virtue of being a minority shareholder) in a private company (Company X). He appoints his junior Mr. B, who has passed CA and holding a separate certificate of practice, as an auditor in the Company of holding directorship. All the finalization of books, closing entries, preparation of financial statements has been made by Mr. A and Mr. B puts his seal and signature on the Financial statement without verifying the authenticity of the financial statement and without the approval of the board. The other Board member of X company not informed of the signed financial statements and later efforts are made to convince the signed financial statements. There are many irregularities that have been observed in the preparation of financial statements like lack of carrying out inter-company reconciliations, failure to get the bank confirmations, adjustment is made to related party books with the approval of the board, etc.
Now, the Majority shareholder wants to have a legal remedy for the above problem. Whether the above members (A & B) can be punished for the above wrongdoing.

Gudipati Roja
This Query has 3 replies

This Query has 3 replies

06 March 2021 at 17:33

15 months audit


Can a statutory auditor conduct audit for 15 month period at the request of client. If so what are the tax & legal consequences??
Generally everytime we conduct audit for accounting year of 12m April to March.
This assignment is in addition to it.

vishal kadam
This Query has 1 replies

This Query has 1 replies

05 March 2021 at 15:01


Good After noon All,
Please suggest that, Security deposit given should be mentioned in Tax invoice also or should be return separately ??

Manasi Nayak
This Query has 1 replies

This Query has 1 replies


For an Indian Private Limited Company, if you have appointed an auditor, can that same auditor give services like GST payment/Return filing and TDS payments/Return Filing etc? Does law restricts that?



R S Sai Kumar
This Query has 1 replies

This Query has 1 replies

05 February 2021 at 17:36

Digital signature

Dear All
I have a doubt, Instead of physical signature on annual accounts, is it permissable to sign the same with digital signature?

This Query has 5 replies

This Query has 5 replies

05 February 2021 at 12:00


I have a Building Construction Company and i give construction for contractors who will recruit the daily wage workers and the daily wage workers are not constant throughout year .
Is ESI & PF is applicable ? if Yes ,
Who is liable to Deduct "Building Construction Company" Or "Contractors"

Thanks in Advance.

This Query has 1 replies

This Query has 1 replies

05 February 2021 at 11:15

Recognition of income accrual

-Contract contains rate escalation Clause which is calculated and paid in next reporting period.
- historically rate escalation is recognized when paid
-policy changed from current reporting period and income is accrued based on robust estimation
-this results in income recognition of previous period and current period in same year
- auditor is challenging this and insist on resatatement of previous period
-we argue that this is change in estimates and no need to restate previous year account
Pls. advise

This Query has 3 replies

This Query has 3 replies

24 January 2021 at 22:45

Revision in tax audit report

Can we revise tax audit report on the basis of clerical mistake in the depreciation rate?
If yes, what will be the date of furnishing audit report in the ITR, original one or the revised one as revised date will be after the due date.
And we will need to revoke UDIN and take new one.
Please advise.


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