is it necesary to value asets s on bal sheet date at net realisable value if on the date of signing audit report the business operations are discontinued or notes mentioned in this regard will be sufficient ????????????????kindly advise

HI,

I HAVE ONE QUERY THAT IF ONE FIRM OR COMPANY IS UNDER TAX AUDIT FOR A PARTICULAR YEAR BUT IF IN NEXT YEAR ITS SALES DOES NOT CROSS 60 LAKHS , THEN IT ACCOUNTS ARE REQUIRED TO BE AUDITED OR NOT?

Respected Sir,
I am going to do an internal audit for a company, please tell me what are all the points that i should concentrate or verify as an internal auditor of a company which is important from INTERNAL AUDIT point of view. My boss is going to check how i am doing it. So all your suggestions will be greatly valid for me.
Thanks & Regards,
Rajesh.

FORMAT OF REPORT

who fall under defination of relative for audit purpose.whether i am audited my uncle books of account and uncle son books.

clause 8 of second schedule of the act states that : a ca in practise will be held guilty if he fails to obtain sufficient info which is necessary for expression of an opinion or its EXCEPTIONS ARE SUFFICIENTLY MATERIAL TO NEGATE THE EXPRESSION OF AN OPINION.. Kindly explain the line in caps

What is due dilligence? can any one send me a link to get overview of due diligence? Please..

Can anybody tell me, how to write off the unpaid salary / wages from last 3 year in b/s. What will be the accounting entry in books of account.

XYZ TRADING CO. IS AN TRADER IN MILK PRODUCTS. IF XYZ TRADING CO. IS CONSIGNEE OF ANOTHER FIRM AND IS SELLING THE GOODS ON THAT BEHALF THAN U/S 44AB WHETHER THE TURNOVER OF GOODS SELLED ON CONSIGNMENT SHALL BE INCLUDED FOR THE LIMIT OF 60LAKHS FOR A.Y 2012-13.

if a businessman income through commission on sale of a product and commission only 2%. than this man covered under 44AB or 44AD ? his total income based on this particulat percentage. how he raised his income 2% to 8% .