What is the difference between statutory and Internal Audit? I just want to know the basic to be kept in mind while doing these audit the exact difference and not the difference related to mandatory nature and appointment and all that...
Like in an interview it is asked how would you audit the Legal Fees in Statutory Audit and Internal Audit?I just want to know the answer of such question i.e. the basic difference in conducting these 2 audits......

vat receiveable will be included or not in debtors while calculating drawing power of any company/firm.??

A company Created Provision of tax of Rs.5000 for F.Y 2010-11 and TDS for the same yr is Rs 10000 and tax payable is Rs. 7500 and in F.Y 2011-12 company got refund of Rs 2500 and still provision for tax of Rs. 5000 is showing in balance sheet in Current FY. so, I am not getting how should we treat it in Current FY if the profit in current FY is Rs.4500??
Experts please reply

I have a Proprietory Concern office for Software Development, My Gross Receipts from Sotware Development for the last year was Rs.30 lakhs, I want to know do I required to get my accounts audit as my books of accounts are showing a net loss of Rs.50,000/-, Please let me know whether to get my accounts audited or not.

Thanks

Please comment, when a company having negatie networth from continously 5 yrs, whether the Audit report should qualify the same in the report, if yes, please give the way how to qualify and any management letter is required to obtain from the management? Thanx

A company having paid up share capital Rs.52 lakhs,loan Rs.24 lakhs, and turnover is Rs.5 crores. In this situation CARO(2003) is applicable?

may i knw best books for ca- final audit and whether there will be much changes in 2014 attempt in audit?

Dear All,

Whether Cost Audit Report/Compliance Report to be circulated to members of private company or whether it is a part of directors report??

Kindly give your opinion.

Regards,

Abhijit

ADVANCED AUDITING AND PROFESSIONAL ETHICS - By CA N. K. MORE
Free Soft Copy can be downloaded in three parts from the following link: https://groups.google.com/forum/#!forum/shivam-publication
Your independent comment on book on advance audit for ca final required by CA NITESH MORE
1(a). CA Sunil H. Talati, Past President, ICAI stated in his forward Page of this Book, “The present publication on this subject is not just another book for C.A. Final students but it is aimed at presenting the “Source Book” dealing with most essential aspect of auditing, which is fundamental to every Chartered Accountant. More than that the topics embodied and various issues covered on the subject of Professional Ethics are very applaudable” . He further stated, “Various provisions of Chartered Accountants Act and Regulations are covered in interesting manner as applicable to members in practice as well as members in services”.
1(b). CA Uttam Prakash Agrawal, Past President, ICAI stated in his Message Page of this Book, “I have gone through this book and found this to be very well presented with number of examples and illustrations. I think this will change the way my CA students study”.
2) I invite your independent comment and views. My book will be incomplete without your comment/ message .I request you to send me comment as early as possible. The book has been attached for you ready reference

About The Author:
CA NITESH KUMAR MORE
 Author of 4 Books: Handbook on Professional Ethics, Handbook on SAP, Handbook on Bank Audit, Advanced Auditing And Professional Ethics
 Has been a Co-opted Member of Permanent Research Committee of ICAI (EIRC).
 Has been a Co-opted Member of Internal Audit Committee of ICAI (EIRC)
 Has Contributed/Written more than 35 Write-ups/ Article in various magazines such as the Management Accountant, Suchitra Times, EIRC Newsletter, EIRC Members Ready Referencer, EIRC Conference etc.
 He is Providing Services to Many Corporate and Other Clients.
 Presented a Paper on Recent Changes in Direct Tax at CA Student Conference held at Kolkata.

Sir,
If we want to take up new assignment for tax audit then it is mandatory to send NOC to previous auditor. Now, my query is under which section/rules/regulations, A chartered accountant is required to take NOC from previous auditor? i.e., where it is written that NOC should be taken? And when we take NOC, by which mode we can take NOC(whether register post/speed post/in presence of previous auditor,etc)? And if previous auditor does not send reply of NOC, for what period of time we should wait? What type of objection can previous auditor take after we send NOC to him/her???