As an auditor, what are the things to be seen while doing a statutory audit of a big company

There is a Non-Deposit Accepting NBFC (Company).

Accounting Standard -3 Cash Flow Statement is applicable for Level 1 Enterprises only.

The company does not have the 50 crores turnover in the preceding Accounting period for applying AS3.

Is my NBFC a "Financial Institution" for getting applied AS-3.

What is "Financial Institution" for applying AS-3?

sir, as w know one ca can accept 45 tax audit maximum..
today i read kamal garg book..i read same line with ..." maximum 30 audit u/s 224/228 can be accepted"

sir, as per my knowledge ca can accept 45 audit...of whoich only 20be companies..subject to limit of public co. having. 25 or more paid up share capital be 10.

please clarify the matter....

my question are as follows:

Why private company choose to conduct internal audit of its financial statements and spend money as it is not mandatory.

Further they also choose to conduct statutory audit of its financial statements and spend huge money on it.As we know that statutory auditor reports to shareholders and in private company there is only max 50 members and they are relatives and friends,so why spend money in conducting st audit they can know there internal control weakness when they have conducted Internal audit of their financial statements..Please help me out, having difficulty with above.

Dear Sir,

pls advice me
As per Sec.44AD
my clients are running a Medical stores business Partnership Firm - if partnership firm income is loss can audit is complusary

if yes or no pls advice

regards
praveen

The profit in proprietary concern is about 0.80%, is it mandatory to get the book of accounts audited by a CA. (may be Section 44ab)

The total turnover (net of sales) = 18,35000.00
Profit = 15000.00

15000/1835000 = 0.81%

please help.

The company had a contract for purchase of Capital Goods with the related Party. The contract Value is morethan Rs.5 Lakhs, my Query is whether we have to disclose that Under Clause4(v)(b) of CARO?

I want an appointment letter sample that the company will issue to new auditor after removal of previous auditor u/s 224(7).

What is the meaning of Turnover for Audit Purpose? Does it only mean Sales, Turnover and Gross Receipts or we should also consider Puchases for this purpose?

Hello friends, i m doing audit of a car dealer company in which they are purchasing car from the mfg and among those cars they are purchasing some car for test drive purpose. They capitalise those assets which is right but the issue is date of capitalisation....
For Exp they pur car on 1.10.2010 at that time management has not decided to use it for test drive, after magt decision in the month of jan11 they reg the car in thier name and use it for test drive. In this case tell me the date of capitalisation whether it is 1.10.2010 or 1.1.2011