I observed while doing audit for a listed company, the company with draws an amount of 10crores cash and it deposited after 3 months without using any purpose. Is it attracts Offence under any act to maintain such huge cash balance, if yes what is penal consequences? Please clarify me?

Sec 2(l)(ix) of the (Cost Accounting Records) Rules, 2011 says that (Cost Accounting Records) Rules, 2011 says-
(l) “Processing Activity” includes any act, process, procedure, function, operation, technique, treatment or method employed in relation to- constructing, reconstructing, reconditioning, repairing, servicing, refitting, finishing or demolishing of buildings or structures;

Does this mean construction companies have to maintain cost accounting records?

Moreover, ICWAI's 3rd FAQs posted on the Institute's website - Question 2 clarifies definition of Production overhead for site related activities not attracting excise duty. Does this imply application of the said Rules to construction Companies?

Requesting other professional friends to clarify ,please...
Thanks

Is Cost Audit Mandatory for Vanaspati Industries??
pls. help me.....

When the companies are required to audited their accounts by a cost auditor or when cost audit is compolsory .

suppose a bill for professional fees of Rs.30,000 is raised with 10.30% as service tax i.e,total bill amounts to Rs.33090/-.Now for deducting tds in this professional bill, my doubt is can i deduct 10% in 30000/- or 33090/-

why SA 501 talks only about 3 components viz., inventory, litigation & Claims and segment information??? I mean why not other significant components, as auditor is responsible to obtain audit evidence in every component that he conducts audit...

Please justify your answer by citing any authoritative pronouncement

ARE WE REALLY INDEPENDENT in conducting audit u/s 44AB of IT ACT?

because appointing authority and person paying our fee is one and same AND can we give bad report and ask for fees? and is he going to remain with us?

In future,with the introduction of jan lokpal
and using aadhaar for financial transactions,are we not going to face problems with IT authorities.

is it not time to consider by our ICAI to change rules in appointment to conduct audit u/s 44AB?

If third party appoints to conduct audit u/s 44AB,we will have more independence and
we can discharge our duty correctly.And i feel giving qualified report and asking same person of our fees is something difficult and we have to think and change rules of appoinmement of auditor in the interest of our profession.
your comments and suggestions.

Dear Experts,
Anyone here in the expert plz clarify me.
1) For calculating Provident fund what are the salary components to be considered?
2) Whats the maximum ceiling limit for calculating PF for an employee?
3) Whether we have to file PF return monthly or quarterly or annually?
4) Whats the last date for making PF payment?
Please clarify me as soon as possible it is very urgent for me sirs.
Thanks & Regards,
Rajesh

Sir/Madam,

While auditing the purchase of client we have seen that some paper is marked with "Challan" and some paper is marked with " Invoice/Tax Challan".

I want to know the difference between these two since both the challan and invoice contains the same information like consignor and consignee name, goods type, volume, value, duty , vehicle detail, Tin and ECC No. etc and same signatory.

Further I want to know Why the Challan is used?

plz suggest me that from which areas we can calculate revenue leakage during bank (concurrent)audit..