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Bharat Kulkarni
This Query has 4 replies

This Query has 4 replies

07 April 2024 at 16:03

Writing off trade payable

A company that has received a legal notice to pay money by from their creditor. the creditor claim is recognised as trade payable. The company wants to write off the debt to save liability. what process as auditor i should follow and is any declaration is required from company?


Shubhashri lakshmi
This Query has 1 replies

This Query has 1 replies

03 April 2024 at 17:09

General Query on Valuation

Can person holding COP from May 2024 sign the Valuation report for the period ended March 2024?


NANCY
This Query has 1 replies

This Query has 1 replies

If we are calculating profit prior and post incorporation.
Where will we consider audit expenses ?
Can we consider it a post incorporation expense ?


Pushpendra Kushwaha
This Query has 1 replies

This Query has 1 replies

If a Foreign Subsidiary Company takes External Commercial Borrowings (ECBs) from its Holding Company at a lower interest rate compared to the prevailing industry rate. In this scenario:
1. Is this considered a compound financial instrument, requiring accounting treatment as per Ind AS 109?
2. If so, what benchmark rate should be used for valuation, especially when a comparable rate is unavailable?
Further clarification:
a) The company has prepared its financial statements in accordance with Ind AS for the first time (First-time Adoption of IND AS).
b) The company has been in a loss-making position for the last 10-11 years. Therefore, the company is not in a position or eligible to take any borrowings from banks, financial institutions, or other non-related parties. So, what comparable rate should be used if Ind AS 109 is to be applied?

If any professionals or individuals have expertise or experience in handling this particular situation, please provide insights in the comments section below.


PANDIAN BRIGHT
This Query has 2 replies

This Query has 2 replies

05 March 2024 at 17:26

POWERS OF CERTIFIED INTERNAL AUDITOR

Respected Sir/Madam,
I am going to Study CIA Course (Certified Internal Auditor). Can a CIA attested on Financial statements of the assessee ? (Sec 44AD cases. Not tax audit)


Pawan Kumar Naidu
This Query has 2 replies

This Query has 2 replies

06 February 2024 at 16:54

Irregular availment of Input Tax Credit

Hi,
I filed my feb 2018 GST returns in March 2019 . As per the GSTR-3B
returns by violating the provisions of section 16(4) of CGST Act, 2017).I have received show cause notice, I have already closed my business. Further I can pay the principle liability but the interest amount is farfetched, can you tell me if I need to pay interest till date.Is there any way to avoid it


Meghna
This Query has 1 replies

This Query has 1 replies

30 January 2024 at 16:01

Clause 44 reporting under Tax audit

Under clause 44 one bill has two components Taxable supply and Non-taxable supply then Non-taxable value where to report under Exempt supply or other inward supply .

1. Exchange service bill of 100 but under GST taxable value is only 30 then 70 rupees supply how to report Exempt or other inward service .
2. One bill has reimbursement of expenses on which GST is not applicable then how to report reimbursement of expenses under exempt supply or Non-taxable supply under clause 44


0123456789@
This Query has 1 replies

This Query has 1 replies

30 January 2024 at 14:13

Provident Fund Audit Report Format

Please Provide a sample copy format of Provident Fund Audit Report


kishor paramar
This Query has 1 replies

This Query has 1 replies

ONE OF MY TRUST CLIENT INCOME BELOW 5 CR THEN FILLED 10BB DUE COURSE,THEN AFTER RS. 20LAKH INCOME NOT TAKEN AT THAT TIME NOW CONSIDER THAT INCOME SO MY TRUST INCOME IS MORE THAN 5 CR,CAN I FILLED NEW FORM 10B AND UPDATED TRUST RETURN


Abhishek.A
This Query has 1 replies

This Query has 1 replies

can anyone please say what are the errors we can face in physical verification of work in progress (wip) and how to slove that







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