Hi My name is viren.I just wanted to know that while doing stock audit of one client I found following issue.
1. Party values it's good on LIFO Basis. SO it is correct or not. and other thing is that why FIFO method is prevail over LIFO Method.

2. Party also take Input Exise duty while inventory valuation. As per my thought if Party got excise input than it should not become part of inventory valuation in statement submitted to bank

2.A power project in the construction stage raised funds for it project through a public issue and placed a part of the the funds in a fixed deposit with a nationalised bank.Interest on such F.D. for the year ended 31.3.2011 is Rs.7000000.The A.O. proposes penalty againt the company for not subjecting the Accounts to tax audit u/s44AB.

Sir
In connection with the statutory audit of bank branch would request someone to clarify on the following:

1. Is audit engagement letter is a must to be issued by the branch auditor.

2. Is representation letter is mandatory to be collected from the branch management.

3. Is LFAR to be filled up by the branch or by the branch auditor.

kindly clarify
regards

If an individual have 10 trucks and having turnover over 40lacs in Section 44AE, then should he liable for audit?

Dear

Sir

My Self Samit das, One of my client dealings with Manpower recruitment Agency, contract with one organiastion under section 194c, and paid service tax on whole amount @ 10.3% and during the Financial year 2009-10 total receipts is 15,00,000/-. My question is that it is reqiured to audit under section 44ab

From

Samit das

hi pls suggest me what does black money means?... black money only consist of tax unpaid or will the money incurred from the theft also comes into the account?
how to audit black money?
if black money s converted into white money then wt entry v hav to state in the books of accounts and where it will be accounted?... is there any accounting standards or IFRs dealing with conversion of black money to white money? help me out friends

whether ms office software purchased should be capitalised with the computer or seprately?

Dear Experts,
1)Can anyone explain me how is the internal audit done for purchase, sales and expenses in a manufacturing industry (in real)?
2)Can anyone provide me a proforma report which can be given to the management as an internal audit report for the above.
3)Pls. explain me about Organisation Chart
Thank you and regards,
Rajesh.

Sir

Can anyone please clarify whether the concerned bank branch will provide the formats of the various reports and certificates to be provided by the auditor in case of bank branch audit or do we have to take it with us before the comencement of audit.

kindly clarify

Thanks.

Sir
Could you please provide the format of letter to previous auditor in case of bank branch audit under clause 8 of CA Act,1949.