in London and bank limited case law for audit(ipcc), the auditor was punished for wrongly reporting the balance sheet as 'full and fair', and was ordered to pay the dividend wrongfully paid.

The primary objective of an auditor being expression of opinion, was the auditor penalized specifically for expression of an incorrect opinion? The assets in the signed balance sheet in this case were overvalued.

In my opinion, overvaluation may be due to fraud or error, and the auditor can not be punished for subsequent detection of fraud or error.

Kindly advise..

How much time to wait for NOC/any communication from previous auditor after sending letter to him.

CAN A CA DO AUDIT OF A FIRM WHOSE PROPRIETER IS HIS GRANDFATHER AND HIS FATHER IS EMPLOYED THERE GETTING SALARY FROM THERE.

if i have tow proprietory concern having turnover 45 lac & 50 lac & profit 11% in both firm is income tax audit applicable for me

As per Income Tax Act, TDS rules is to be followed by an individual, if he comes under audit u/s.44AB. However, TDS rules are not applicable in the first year of audit.

In our client's case, it was a partnership firm and the client was following the TDS rules. Due to removal of a partner, it became a proprietorship firm. The business of the proprietorship concern exceeds Rs. 60 Lakhs.

My query is whether the proprietorship concern is
1. liable to deduct TDS
or
2. not liable to deduct TDS as it is first year of business/tax audit of the proprietorship concern

A lecturer has been given 20000 for some research . Now he has to give the details of expenses to his authority attested by CA after which balance sum will be alloted to him.He has prepared in detail the expenditure statement along with supporting vouchers and want certificate from CA .
Plz tell me as a CA what will be the form of report which will be given .

Dear all
The audit done U/s. 44 AD i.e. the net income shown less than 8% . The provision of section 44 AD says that the books of accounts are get audited U/s. 44 AB.
Such audit is counted to the limit of 45 Tax audit or not?

Hi
I want to get clarification regarding allotment of bank branch statutory audit. After the holiday period, i got the statutory branch audit last year. Many banks asked for my availability and i chose one bank. I want to know whether the same bank will allot audit for the next year or else, will i get enquiry from all the banks

The circular on the ICWAI website regarding the revision in the cost audit fees , stated as approved by the council cost audit fees have been revised.Is it that the cost audit fees have been increased.and if not what is the present cost audit fees ? Can any one share the present schedule of cost audit fees

and the cost audit fees should be approved by the Ministry of Corporate affirs

In case of Private Limited Company whose manufacturing plant is under installation Stage & satisfying the Following Conditions as under:-
i) The Paid up Share capital & Reserves(being Share premium Account) as on 31.03.2011 is Rs.9 lacs & Rs.32 Lacs respectively.
ii) The outstanding Term Loan from Bank Balance is Rs.80.49 lacs.
iii) As the Plant is under Installation Stage hence the Turnover is NIL.

Now query is whether CARO is applicable to said company for the purposes of Statutory Audit Report.