My primary source of income is salary of around Rs. 9 lacs. During FY 2010-'11, my share transaction (all short term) details are:

total purchase transactions: Rs. 72.37 lacs
total sale transactions: Rs. 72.26 lacs

total loss: Rs. 11 thousand


Now, please let me know the following:

1. My own capital was Rs. 60 thousand. Since I transacted on margin (i.e. on borrowed fund from brokerage firm) and there were around 100 transactions (45 purchase + 55 sale), total amounts of purchase & sale transactions both were above Rs. 72 lacs. In view of these details, is audit required for my share transactions?


2. Considering the above (& that 99.9% of my income came from salary), shall I consider the loss of Rs. 11,000 as Short Term Capital Loss? or, it is to be considered as loss from business?


Thanks

according to SA 320,audit materiality will be checked by auditor but if users' view of material information is different from auditor' view that means one thing is material according to auditor but by view of user that is immaterial , then What will happen?

Sir, what is the importance of journal vouching in internal audit and what the main issue which we should keep in mind while auditing journal vouchers.

Hi all

one of the joint auditors resigns from the auditorship and creating casual vaccancy, now question is that is it necessary to fill the casual vaccancy in general meeting or the company can continue with the existing auditors by resolving in the Board that the company can go ahead with the single auditors.

kindly suggest.

Anybody please Clarify that, Auditors Report (IT) for LLP is required or not?

If Yes, then Is there a separate format for that or as usual with CARO?

i want to know about internal auditor function or importance in corporate governance.

Sir/Madam
Please tell me.
What is procedure of LEDGER SCRUTINY in statutory Audit.

Factory worked in a year for 290 days. In which they have worked for 270 days on double shift basis and for 240 days on triple shift basis. Query: Whether depreciation can be charged on plant and machinery at the rate prescribed in Schedule XIV on Triple shift basis or we have to do pro-rata for working for double and triple shift. If to do pro-rata, pl. give a simple equation.

Atul

CASE:

SALES WITHOUT INCLUDING VAT = 59,00,000
VAT (GROUPED IN CURRENT LAIBILITY) ON SALES = 3,00,000

IS HE LIABLE FOR AUDIT


(FOR LIMIT OF 60 LACS SALES SHOULD BE INCLUSIVE OF VAT OR EXCLUSIVE)?

Dear Experts,

I am conducting the Internal Audit of Partnership firms & Ltd. company.
I want to know that:
1. What is the specific diff. between Internal & Statutory Audit?
2. What is the right way to conduct Internal Audit & what areas are to be audited?
3. What is our responsibility towards the clients i.e whether we have to comment on the B/S, P& L A/c etc, due dates of Statutory payments etc.?

Despite our regular efforts, the clients does not seem to be satisfied at the end by the work.How to conduct an efficient & result oriented Internal Audit?

Please reply early as its very urgent.
Thanks in Advance.