my firm may undergo for peer review next year. this being my 1st year of audit, i would like to know what all documents required to be maintained

My turnover of business is Rs. 58,00,000/- net of VAT for FY 10-11 and VAT on above is Rs. 2,32,000/- @ 4% . M i liable for tax audit U/s 44AB of Income Tax Act 1960?

Can SAD (Special additional duty ) for imports can be availed as credit completely during the same year both for materials and capital goods or whether the the SAD has to be carried forward 50 % for capital goods as in the case of CENVAT credit.

Dear Sir/Madam,


I'm trying for a new job, where they need us to know audit, could you please briefly explain me what is the meaning of auditing with an example.

Thanks and regards,

Ms. Nashme T.J

What is to be included in Finalisation of accounts?
Which process is to be Checked?
I know this is to be understood by practicle experience but want to know.
Can Anyone priscribe me about the same?

CIRCULAR NO. 57/2011, DATED 28-7-2011,All companies falling in Phase-I class of companies (excluding exempted class) are permitted to file their financial statements without any additional fee up to 30-11-2011 or within 60 days of their due date, whichever is later."
Can anyone clarify whether the above circular tells that whether the tax audit date also has been extended or not?

how to calculate adeqacy of insurance coverage.
Will there be any implication in audit report/ notes to accounts if insurance coverage is not adequate

Sir,
I have to conduct the audit of a pharma company. I have to check the procedure of Purchase of material. which way I can perform my duties and what will be my questionaries for it.

If any kind of Audit Plan or Procedure is there which can help me.... Please avail the same..



Thank You

Hello members,

As per CARO, the auditor is to report on the regularity of depositing undisputed statutory dues as at the last day of of the financial year concerned for period of more than six months from the date they become payable.

So, whether non payment of advance tax is also to be reported under this clause which are due before 30.9.2010 for the financial year ending 31.3.2011?

Hello

I am a software engineer and leading a team of 7 software developers. I have permanent shop act license and I have a bank account with my firm name. So i assume my profession/business belongs to sole proprietorship.

I am confuse with the audit limit. Some people say that I am a professional so audit is compulsory because my receipt is around 20 lakhs. Some one say no need of audit because I am a sole proprietor and limit is 40 lakhs.

Can any one please help me to get this right.

Thanks
Arun