hi can anyone plz tell me that i have been trading in future segment in share market as an indivdual.am i liable to tax audit?
wat r the conditions to be fullfilled for tax audit and how turnover is calculated?
plz mention the section number/circular /notifications if possible
i have read in some post that the difffernce of favourable and unfavourable diferences r taken as turnover so is it true .plz help me out

Dear All,
A PVT LTD COMPANY HAS APPINTED ITS PREVIOUS AUDITOR AS ITS AUDITOR IN AGM FOR F.Y.11-12. AND AUDITOR HAS ALSO ACCEPTED THE APPOINTMENT.
NOW THE BOARD WANTS TO APPOINT ANOTHER AUDITOR. WHAT IS THE PROCEDURE TO BE FOLLOWED? WILL THIS BE POSSIBLE?
THANKS IN ADVANCE FOR EARLY REPLY.

sir/mam,
What is the difference between statutory audits and internal audit? And can a CA conduct audit of those clients whose books are maintained by him? Is statutory audits are conducted only once in an year under companies act ?

if Mr.X have SB/CC or any other account in bank then is he qualified for statutary audit for that bank?
2.
if mr. X is a Partner of XYZ & Co. then XYZ & co. is qualified for that audit of bank?

Please suggest the journal entry for the following :

A charitable hospital spent amount of INR 32000/- for making a big wall photo of the founder of the hospital.

Hi..everyone...

pls if anyone has done audit of a general insurance company or has knowledge about it can

give me the checklist for the items to be checked and procedure of conducting the audit of general insurance company?



Pls its urgent..and i would be really thankful if u could help me out.

What can be included under "Donations received during the year from any source" of Sch. IX-C of the BPT Act, 1950?

Also explain whether all trusts can include all donations in cash or kind in this category.

Dear Experts,
Whoever is classified as experts in this website, please spare some time in the query section too and go thru the questions asked by the amaeteurs like us and guide us. Because this is the only website which is interactive and knowledge sharing portal as far as i know. IF you can help it will be a gr8 relief for us.

My doubt is

1)How should i start my internal audit with respect to petty cash expenses is concerned.

2) What are the records that i should verify to carry out petty cash expenses verification?

Thanks & Regards,
Rajesh.

Dear Experts,
With due respects to the experts here....I have posted this query yesterday itself but no reply from any of the experts here. Please do read this and i know that these are all just prelimnary questions in the internal audit industry. If you people can share this knowledge and ignite the amateur ppl. it will be gr8 help for ppl. like us, since the CA Club website is only for enlightenment.
Can anyone explain me in detail what are the documents i have to verify as far as purchases is with respect to a manufacturing company is concerned?

Please give me an elabarate answer and step by step which i have to verify and document the deviation if there is any.

The company comes under ancillary automobiles.

Thanks & Regards,
Rajesh

Dear Experts,
This query i have posted yesterday itself but still remained unanswered thats why i have again posted today so that being the new one some experts might see it and answer me. I know these are all fundamental stuff plsssssssss share ur knowledge with the amaeteur like us and so that we 2 are ignited. Pls. give the explanation elaboarately so that the meanest intelligent person can understand it.


My doubts on internal audit for a manufacturing company regarding purchases.

1) What are the internal checks should i verify to conduct an internal audit as far as purchase is concerned w.r.t manufacturing company is concerned.

2) What are the registers that has to be maintained and how it has to be checked to know whether proper controls are there?

3) What are the controls are there for purchases are concerned?

4) Should anything be affixed in the purchase invoice and whether is shd be serially numbered?

5) Please explain me stage by stage how purchase activities in a manufacturing company is carried out right from receiving quotation to issuing goods to production.

Because my boss gave just a glimpse or a vague prcedures to be followed, thats why asking from the experts here so that i can do my job satisfactorily.

Pls. excuse for the time taken and asking too detailedly.

Thanks & Regards,
Rajesh.