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???

Sir,
one of my client has his proprietorship firm and he is covered under tax audit.
Now he is also doing share business in his name(Not in the name of his Firm) and turnover from that business is 30 lacs.

Now while preparing tax audit report of his firm,whether we have to add turnover of share business? whether we have to audit accounts for share business also?

Please provide me the format of Balance Sheet of a construction company for the initial year, which is under construction process.

dear members,
i want to ask wether Audits under section 44AD are Covered in number of tax audits of chartered accounted or not??? because we have already 44 audits and 4 audits of 44 AD are pending so wether we are eligable or not for taking these audit, kindly reply

Assessee : Proprietorship Firm
Donation : Rs.6,000.00 to an approved institution notified u/s 80G(5)(vi).
Deduction : Eligible for 50% deduction
Money Reciept : In the name of the firm.

Treatment in the Audited financial statement: It has been shown as an expense(Rs.6,000.00) in P/L with a disclosure in 3CD as regards its deduction under chapter VIA.

Is the treatment correct?

Who can sign the quarterly Limited Review Report ?

Dear Members,

I have a query related to Cost Audit Compliance:

We are a real estate company, engaged in the business selling of properties. We generally hire outside firms and contractors to execute our projects and which they handover to us to sell the same. Neither have we employed any material, labour nor overheads.

We pay to these contractor firms sum equal to their construction cost + their margin. Since we are not employing any material, labour and overhead expenses, we don’t have any costing records related to these constructions. It all lies with these contractor firms.

Does our company cover under cost audit compliance? If not …

How can we claim exemption for these?

Your co-operation will be greatly appreciated.

Thanklng you.

I read through the ICAI publication with respect to internal audit control implementation. In the questionairre format i have the following doubts w.r.t the heading of PURCHASES, RECEIPT OF GOODS AND PAYMENTS FOR INVOICES:
1.Are persons connected with receipt of materials and the keeping of receiving records denied authority to initiate purchases or to approve invoices ?
a) why the receipt of materials keeping person and to approve invoices be denied?
2.(a)Are all suppliers’ invoices routed direct to the Accounts Department ?
Why the suppliers invoices routed direct to the accounts department?

(b)Are they entered in a Bill Register before submitting them to other departments for check and / or approval ?
Why that has to be done as said above?

(c)Are advance and partial payments entered on the invoices before they are submitted to other departments ?
Why it has to be done like the above?

Thanks & Regards,
Rajesh.