Major concerns during statutory audit of companies according to new companies act 2013.

Hello and Good Morning Everyone,

I have query regarding statutory audit of pvt ltd company engaging in education (coaching,etc.) sector.

I want to know the steps from the very beginning of stat audit of the said company. Also, let me clarify how to do this because I am only the article assistant in a ca firm and not done any audit before.

Please share your knowledge.

I had already uploaded 3CB & 3CD within 30 Nov 2014 but not approved till date.
1. what will be the consequences?
2. what will be our next step, whether approve now or not?

Mr X CA IS DIRECTOR IN SUBSIDIARY CO.CAN HE AUDITOR OF HOLDING CO.IS THERE ANY DISQUALIFICATION OR PROFESSIONAL MISCONDUCT IF HE ACCEPT

is the same rate of depreciation charged on remaining life of assets which we will calculated in this f.y 2014-15 on old assets?

Sir/Madam,


Please help me in the given situation---


A printer purchased as on 27/08/2008 for Rs. 11,076.00 useful life upto 31/03/2014 is 2043 days ,useful life as per Co Act'13 is 3 years so the remaining life is (948) days.

Now the co wants to change the method of depreciation from WDV to SLM basis.


As per Co Act '13 the remaining life of that asset is 'nil'. So the balance as on 01.04.2014 to be adjusted with retained earnnings.



My Calculation shows that the Value of the asset as on 31.03.2014 as per WDV method is Rs.652 and as per SLM method it is Rs.1027.




Now my question is what amount should be charged ??/

Rs.652 or (Rs.375) <--[1027-625]








Thanks in Advance

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