I have a query about disqualification of auditors.The firm where i am doing articleship gives consultation services in addition to statuatory audit to some of its clients .Some of the clients account show that we have credit balances from the clients.(say 10,000)(i.e.the firm owes the clients or the firm has the liability to pay or has got payments for future works).does this mean that according to companies act,section 226 we are disqualified for performing audit? Or should we ignore that amount(that we are owing to clients) taking them as transctions in normal course of business (assuming them as mere advances ). Please clarify (if there is any case of ignoring the indebtness)

when foreign currency purchased how is it recored in books of ac?

eg. foreign exchange ac dr. 109533
to abc pvt ltd 109533
being 1500 purchased for london tour from___ to ___


is above entry is coorect to pass in books of accouont?

hi
plz if any one had done the general insurance audit and has a knowledge about it so
plz give me the checklist of items to be checked and procedures dat should be followed for condusting the general insurance audit .

pls its very urgent and i will be thankful to u if some 1 help me out pls help me its very urgent .

my email id is:- ashish.jasuja1991@gmail.com

plss send me email or provide me any link please.

Dear Experts,
THERE ARE SO MANY EXPERTS AVAILABLE IN THIS FORUM. PLS CARE TO REPLY THIS.
Can anyone provide me the format of Bank Reconciliation Statement which has the opening balance debit in the bank statement.

Thanks & Regards,
Rajesh.

What are meant by the following?
1.Risk of under reliance,
2.Risk of over reliance,
3.Risk of incorrect rejection, and
4.Risk of incorrect acceptance.

If in partnership firm turnover is 30,00,000
and other income 3,00,000.
My Query is that u/s 44ad net profit should 8% of turnover i.e. 2,40,000 or 5,40,000 compulsory.

There is a Individual Assessee engage in Construction Business & it was incorporated in the year 2008-09. there was Tax audit in the year 2008-09,. while there was no Tax audit in the year 2009-10. while there was Tax Audit in the year 2010-11!! so vill be TDS Applicable for labour or any other section of TDS for the year 2010-11.

If a Pvt ltd company purchasing building for 50 Lakhs, whether 1) Land has to be accounted seperatly 2) whether wealth tax is applicable since the property value exceeding 30 Lakhs. Pls clarify. Thanks in advance

For example a bill shows Jet printer qty1*10000 and modem qty 1*500. total Invoice is 10500/- In this case can depn on qty 1*500 can be claimed 100% as per companies act since the cost is <5K. and chrge normal depn rate on qty1*10000.

Hi

Please suggest on the qualification of a Sox Auditor in India.

Is is necessary to have Chartered Accountant as Sox Auditor or an MBA from finance background is fine?

Regards