A) What are the cases when proforma invoices and what are the cases when normal invoices are used?

B) For implementation of a project (service tax applicable) 50% is payable in advance. Rest in stages- 20%, 20%, 10%.

i)For collecting advance payment 50% with service tax, whether to submit proforma invoice or normal invoice?

ii) If proforma invoice is used whether or when it will be supported by further normal invoice?

how to learn auditing standards ? mere understanding and reasoning is sufficient or necessary to by memorise concepts ? just guide me how to learn them pls friends

define paid up capital for a pvt ltd firm

Can some one provide me a good format for fixed assets verification report

Thanks.

Dear Members

one of our CA is giving audited balance sheet without proper auditing, he is finalized. now he is given balance sheet but its not correct like fixed assets balance, Sales details,even without bank reconciliation.

since he is doing the same from 1999-2000 to till including current year. for his mistake client is taken notice from sales tax Dept and Income Tax dept for assessment every year. from his mistake client loss around 25 lakhs in this case is there any law we can file a suit against him. if yes give me under which we can suit him

Inherent Risk - The susceptibility of an assertion about a class of transaction, account balance or disclosure to a misstatement that could be material, either individually or when aggregated with other misstatements,
before consideration of any related controls.


pls. give easier translation.

thanks in advance.

which are the SAs i should focus more on in audit?

In 'Indian companies Act,1956', Section 619 is overriding Section for Sections 224 to 233;does that mean auditor of government companies can be a person other than CA ?

Please can some one explain whether we have any governing rule either under India AS or under US GAAP or SOX which narrates the process or any approval work flow for cancelling an AP invoice which was booked in prior quarters.

For Example: I booked a Liability i Jan '11 and want to reverse it either by Cancelling or raising a Credit memo (This invoice is unpaid in system). Is this a questionable item from Audit front stating that liability is booked incorrect in one quarter for various reasons?

The assessee covered by section 44AB has filed return of Income before 30/09/2011, ie due date, but failed to discharge his MVAT liability before 30/09/2011, what will be the effect on his Audit Reports under Income Tax Act? and MVAT Act?