case:-
Mr.A has estimate the stock valuation.That amt is recorded in tally by entering in value.He maintained proper records of quntity in no. .This is in prictice last 5 years.
But now Mr.A wants to exact valuation of inventory in no. as well as stock.For this finacial year they start to record purchase update by entering in updated software with qty detail & value?

my query:-
how to bring opening stock valuation with qty & value?
how practically it implemented?
pl guidence in detail?

hey frnz, please suggest me a book for AUDIT CA FINAL for self study as my attempt on nov 2013.

total turn over 4017500 net profit 341111 incl display income 206000 is reqd. to get accounts audited ? u/s. 44ad ??

my point is that net profit of Rs. 341111/- include display income rs. 206000/- assessee is retail trader looking to this profit down below 8% is audit required by law or not

i am doing a stock audit of a builder who has got land under sra scheme ?
what all documents are required to be maintained by the builder at the site ?
what is to be verified by me at my weekly visit to site ?

pls suggest if any suggestion

thank you

Can any one guide what are the requirements to become CDSL auditor. thanks in adavnce

Hi Friends..
I'm an employee of a firm.I need to get ready for stock & Credit audit. Can you please assist me what are all things i should prepare for that?

PLEASE TELL ME THE PENALTY FOR LATE FILING OF TAX AUDIT REPORT FOR A.Y. 2011-2012. TILL DATE IT IS NOT FINALISED.

How can we place reliance on actuary without checking the figures and calculations.
Auditing standard (SA-620) says that to place reliance on the experts by performing a basic checking about their qualifications, and comparing estimates with the previous years, i agree!! but my doubt is another standard on auditing (SA-540) was inserted which says to have testing for the fair value estimates.Whether this standard contradicts that other standard to rely on the third party (i.e, Experts) or does it tell the same to just place reliance on experts.Pls Clarify!!

HI

RESPECTED MEMBERS

ONE OF CLIENT OF OUR OFFICE IS UNDER SCRUTINY ASSESSMENT AND IN SUCH OUR CLIENT DISCLOSED BY MISTAKE LESS COST OF ACQUISITION OF PROPERTY IN RETURN OF INCOME FOR CAPITAL GAIN,BUT IN ACTUAL COST OF ACQUISITION OF PROPERTY IS MORE THAN AS DISCLOSED IN RETURN OF INCOME.

SO CAN ASSESSING OFFICER ALLOW TO SHOW HIGHER COST OF ACQUISTION FOR HIS BENEFIT, AND I AM ARISING QUESTION BECAUSE IN IT INCOME TAX DEPARTMENT WILL LOSE BENEFIT OF TAX ALREADY PAID.

KINDLY HELP

THANKS IN ADVANCE.

Is cost audit mandatory applicable to an industry in manufacturing of textile yarn and thread.