Respected Experts,
I read through the internal control questionnaire issued by ICAI in order to ensure that the internal controls in the organisation is good or needs to be improved further. I am not able to understand the following questions , it will be a great help for me if the experts are able to guide me in this issue.
(Given under the heading of Purchases,Receipt of Goods and Payment of Goods)
1.Are purchase orders pre-numbered and strict control exercised over unused forms?
a)Why the purchase orders should be pre-numbered?
b)Why there should be strict control over unused forms?
2.Is a list of pending purchase orders complied by the Purchase Department atleast once every quarter ?
a) In what circumstances pending purchase orders has to be made?
Thanks & Regards,
Rajesh.

CAN CA IN PRACTICE DO THE TAX AUDIT OF HIS FAMILY BIZ..?

sir,
plz clarify me about the turnover limit for tax audit purpose in the case stated below:
if an organisation has a turnover of Rs. 56 Lakhs (excluding all taxes)in the f.year 2011-12, but the turn over including sales tax (i.e. VAT) is Rs. 61 Lakhs and the n/p is more than 8% of Sales, then is the organisation required to be Audited u/s 44AB.

So plz guide me in understanding the term Turn over for Tax Audit purpose; is that including taxes or excluding taxes.

one of my friend having business of milk distribution /supply. but he done turnover of 1.5 cr in last year. as we know there is a 3-4 % profit margin in said business. is there any relaxation given in tax audit to such kind of business.

need your valuable feedback !

Dear Experts ,
There is one bank account which has credit balance , pls tell me where should i classify the same in revised schedule vi.
I will be very grateful if you help me to solve this problem..

"Reliance Power Ltd.(RPL)

Share Price on Aug 17, 2012 Rs 87.70
Market Capitalisation (Rs Cr) Rs 24,600.73
Total value of Reliance Power Ltd. is Rs 24,600.73 Crores as on Aug 17, 2012

Company have not paid any Dividend from incorporation,

How can due to Coal & Land allotment, Loss to Govt is Rs 29, 000 Crores as per CAG Audit Report when present Market Price of Total RPL is 24,600.73 ?

Pl explain?

Note: - RPL sold 26, 00, 00, 000 Equity Shares (19.58 % of total equity) of Rs. 10 @ Rs 430 per share via IPO on Jan 2008 to small investors & Rs 450 per share to others.

RPL collected Rs 11, 440 Crores from IPO"

what is the scope of statutory audit and tax audit and what is the difference between the same
can a co.appoint two different auditor i.e one each statutory and tax auditor
how i will compute the ceiling limit in this case
as per ICAI GUIDELINES the ceiling limit of audit is 45.can any one explain this how much co audit and tax audit a ca can sign.

Hello,

I want to audit Co-operative Housing Society in Maharashtra. I've heard that a Chartered Accountant has to attend a 3-4 hours lecture on the same and get a certificate only after which this is possible. Where can I attend this lecture and is it really required? Please give me insights.

hi can u ans 1 question pls ...if a co located india wants to get balance confirmation from associate enterprise located outside india ..in which currency it will provide confirmation..in INR or the currency prevailing in respective country.

dibn2710@gmail.com

i am having turnover of 30 lac in 11-12. my business is to provide security servicess. can i need to do audit as i give only service.