What is the criteria for allotment of bank audits by RBI?

Are there any conditions to do Internal Audit compulsory?

Whether capital advances is to be included in CWIP or it needs to be shown seperately?

kindly make me understand Audit Trail in easy language.

Dear All,

My Company has purchased Gas Cyclinder for cooking purpose? my query is whether this gas cylinder is to be capitalised or not? and if yes then in which head?

Just Reply soon........

Dear Sirs...
as you all would know... the Standards on Auditing has changed. am a pcc student.. is this change relevant for me? should i buy a guide for these and study the revised SAs??? or is it enough that i study the chapters of auditing which would cover all SAs...???

The DD processing charges paid incase of preparation of Bank Guarantees whose period extends to more than a financial year, whether the onetime DD charges paid should be transferred to prepaid expenses and amortised over the benefit / useful life of the Bank Guarantee ?

Sr, does the applicability of revenue stamp on above 5000 applies to Advance and payment to agent(for disbursing the payment to the 3rd person) also?

If employee has charged TA (like 1800)for traveled in another city for purchasing item of500 . and he is deputed by company. and ta was charged in line with his authorisation. Is it payable or not and what type supporting required if there is no prescribed rule in organisation.

thanks

Purchase for financial year 2010-2011 is 50 lakhs ,closing stock of previous year brought into profit lost statement is 6 lakhs and profit is say 5-6 lakhs(excluding indirect expenses).

Sales say 43 lakhs and closing stock for this year somewhere around 15-25 lakhs.

I am confused regarding purchase part as i have seen too many topics on forum where people suggest even if purchase surpasses the limit audit becomes necessary though sales to be lower than that.