How to perform audit of the companies by using their tally software ??
Most of the times- provisions , service tax , vat , tds , excise duty , custom duty are some of the topics in which very much problem is arising while auditing.
May be my problem is arising due to my non-commerce stream but after ca-ipcc most of the concepts are now clear to me.
i am new in articleship and there is no senior with me while auditing so i have to perform audit on my own ....
please sir help me ...................

Dear all,

A company has unclaimed bonus for the period of more than 3 years. What are the procedure to pay it to the govt.

Dear Sir / Ma'am,

I use Tally 9, but dont understand why does it show in balance sheet "DIFFERENT IN OPENING BALANCE"...

1. What should I do about it?
2. How to do the adjustments?

If you can let me know then I would be obliged..

Need to know what entries should I pass in order to get rid of tht statement in Balance Sheet.

can cash credit facility be availed on cenvat ?????
if yes what would be the exact working??

Is it Mandatory to get Previous Auditor's Clearance Cirtificate as far as Audit(44AB) is concerned?

Dear Members,

Kindly, explain me in the simplest manner the specified number of audits a CA can handle including the exemptions also??

Dear Members,

Whether CA propreitorship firm can apply for bank audits or not? If yes, then what is the procedure?

Dear Sir,

Our Company is listed Company and engaged in manufacturing of Sponge Iron and Pig Iron.

Please suggest us whether the appointment of cost auditor is required for the year 2012-13 or F.Y. 2011-12.

With reference to the MCA Circular dated 24 Jan 2012, we are confused whether to appoint for F.Y. 2012-13 or for F.Y. 2011-12.

Please suggest us.


Regards,
A.N.Khatua

Hello,

Can a Chartered Accountant undertake Cost Audit of a Company as per Sec 233B of the Companies Act?

As per the reading it says: "The Cost Auditor shall be a cost accountant withtin the meaning of the Cost and Works Accountants Act, 1959. However a Chartered Accountant possessing the prescribed qualifications may be appointed as the cost auditor if the Central Government is of the opinion that sufficient number of cost accountants are not available for conducting the cost audit and a notification is issued to this effect. At present, no such notification has been issued." What is the current situation?

In the case of a Sinagapore based subsidiary of an Indian Parent company, during the course of statutory audit of subsidiary by Singapore based auditors, it was observed:

1.It’s the first year of operation of the company;
2.there are no multiple bank accounts rather there is a single bank account;
3.books of accounts of the company are properly maintained;
4.bank balances are properly reconciled on a monthly basis,in fact there are no pending entries even as per a single monthly reco,i.e.bank balance as per books & state are duly tallied;
5.all such recos are duly provided to statutory auditors;
6.full bank statements are also provided for audit;
7.not satisfied with above, auditors even themselves verify the transactions appearing in bank statements through online mode (with clients user id & pass);

Even after above, finally auditors decided to qualify the audit report merely due to non-production of bank balance confirmation certificate from bank with following remark:

The company has cash at bank of US$52,483 as disclosed in Note 4 to the financial statements
as at 31 March 2012. During the course of our audit and up to date of this report, we were
unable to obtain the bank confirmation. In this regard, we were unable to obtain sufficient
appropriate audit evidence and carry out alternative procedures to satisfy ourselves on the
existence, accuracy and valuation of the balance and possible effects on the financial
statements had we obtained the bank confirmation.


In my personal opinion:

1.obtaining the bank balance confirmation certificate from bank is one of the audit procedures & merely non-receipt of such certificate can not make the balance in doubt when all other evidences are available regarding its existance;

2.Even in case of sundry Debtors, Creditors & other balances with third parties, it’s a standard point to put in audit report that-“balances of sundry debtors & creditors are subject to confirmation from parties.”
Above point is much lesser impactful than specific qualification written in present case.

3.such qualification not only places the question over the client, but also with the Bank & even the auditors themselves as despite of so many evidences, they are unable to form an opinion whether such balance is existing with bank or not.

4.such uncalled qualification may be taken very seriously by the investors, financers of the company under audit.

Thus, based on above, such qualification should be avoided.
PL COMMENT ON ABOVE.