is there any provision related to late audit. actually a person who is liable to get his a/c audited by 30 sep. 2011 not yet audited his A/c's what are the consequences and what can be done now.

what are the queries be raised for doing internal audit of Term Loan?

Dear All,

Please advice to us about the Income Tax Audit, If TOR cross the 60 lacs its required to audit of income tax file, but TOR not cross to above 60 lacs its required to audit the file. Another thins Its any fixed % of P & L income have to show i.e not below 8% on TOR, other wise its required to audit.

Pl. advice the on the same

Thanks in advance to all.

Regards
Bhagwan

I M DOING FOR FIRST TIME MIS AUDIT CAN SOMEONE GUIDE THAT HOW TO APPROACH AND CONDUCT THE AUDIT.

does internal audit not include audit of accounts, income tax related, co. law related issues?
what is process audit?
does it not include accounts, finance?

please suggest me a good book for audit to prepare for CA-IPCC that possess an easy language as i am preparing by myself.

Suppose a person carries on a retail trade having a gross turnover Of 250000/- and a wholesale business having turnover of 5800000/-. Is he liable to get his books of accounts audited u/s 44AB. If Yes, Then please reply soon and also refer to any case law, if any.

An oil company proposes to install a pipeline to transport crude oil from the wells to the refinery. Investment and
operating costs of the pipeline vary for different sizes (diameter) of pipes. The following details have been
collected:
Pipeline diameter 3" 4" 5" 6" 7"
Investment required (Rs lakh) 16 24 36 64 150
Gross annual savings in operating costs 5 8 15 30 50
before depreciation
Estimated life of the installation is 10 years. Tax rate is 50%.
Questions:
1. Calculate the net saving after paying tax and generating the cash flow. Recommend the largest pipeline to be installed if the company desires 15 per cent profit after tax return. Also indicate the proposal that has the shortest payback. Assume the company follows the straight-line method of depreciation, and there is no salvage value of pipeline after ten years.
2. Why is the Net Present Value method of evaluation superior in evaluating capital expenditure decisions?

I have started my practice as proprietor firm recently and i am also interested in simultaneously joining as a partner in a firm.
I would like to know whether i will be disqualified for bank audits at the time of empanelment

Thank you

what is the procedure for numbering of fixed assets for audit by physically verification.

if any specified format for numbering of fixed assets, then provide me that format.

it's urgent.

your frnd
Ram