Hello,

A CA wants to audit a co-operative housing society in Mumbai, Maharashtra and have the following questions in this regard:

1) Under which act will the audit be done? Will be under Maharashtra Co-op Societies Act, 1960 or The Co-op Societies Act, 1912?

2) Which ITR form is used to file return of a co-op society?

3) Please also show me what is the audit format(like B/S, P/L etc.)

4) Any other fact that maybe important.

5) Can a person other than a CA audit a housing co-op society in Maharashtra? In some states, Govt does authorize some kind of officers to do so. So what is the law in Maharashtra?

Chapter XII of CA Act regarding Minimum Audit fees is repealed from 07/06/2011.
Does this mean that the minimum Fees chapter would be applicable to Assignments before 07/06/2011 and not there after?

(Please google Amendments in Council Guidelines 2008 for notification as i am unable to open the pasted link here)

Or it would not apply to assignments even before 07/06/2011 ?

Thanks

Rohan

Dear All,

I have query regarding minimum Fees to be charged by CA. I have pasted the notification below.

All the members of Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of the Council decision taken at its 306th Meeting held on 7th - 8th June, 2011, the Chapter-XII (Minimum Audit Fee in respect of Audit) of the Council General Guidelines, 2008 appended to the ICAI publication titled “ The Chartered Accountants Act, 1949” has been repealed with effect from 7th June, 2011

Source:
(http://www.icai.org/new_post.html?post_id=7493&c_id=219)

My Queries are as follows.

1. Repealed means cancelled so will the notification 93/2006 (link provided below:please open the link as not suitable to paste the table)

http://wirc-icai.org/wirc_referencer/CA%20ACT%20&%20Regulations/CA%20Act%20&%20Regulations.htm

The page has small table showing minimum fees to be charged

also stand cancelled?

If it stands cancelled than w.e.f which date ? Will notification 93/2006 be applicable for assignments before 07/06/2011 and not there after.?

Thanks,

Rohan

A particular proprietorship firm has received a letter from a public sector branch for appointment as SBA and requiring the firm to reply as to whether it would be compliant with RBI rules. however the appointment is pending RBI approval. can the firm start the audit right away or can it do so only after approval by RBI.

What all documents are required (to be documented)in case of granting a loan...viz all types..term loan, CC, vehicle, housing..(like title deed, EC etc...pls give the list)

Anyone can explain about broken period encumbrance?

When does it become necessary to appoint an Auditor under the Companies Act 1956?

When does it become necessary to appoint an Auditor under the Companies Act 1956.

1.Debtors backed by Bank guarantee or letter of credit can be considered as secured debtors? if not pls mention the reason.

2.whether old schedule VI requires bifurcation of debtors into secured and unsecured?

Any 1 can just help me out in figuring whether Auditor can send Direct communications (Balance Confirmation Letter) to Third parties i.e. Debtors or Creditors of Auditee for confirming their balance as per books of Auditee...!!

If yes then is there any specified format for such letters then please give me a proforma of such letter..!!