I am doing one of internal audit where i found that cash advance is reversed for the purpose of settlement and new entry passed for the expenses entry. so advance and reverse get cancelled and new entry came in place.

if this is ok please answer the following

1 is it needed to make receipt entry of cash while reversing ?
because the entry is cash -----dr
to advance
2.i have doubt that he practically not receiving the amount of 20000 but passing entry as cash ------dr
to advance
3 what is the effect of this. which is not
practically correct.

is the accounting is wrong or not
what is the correct entry to be made for settlement as universally accepted.

just help me on this line.

please tell me when internal and statutory audit is required to be conducted? tell me their criterias.

pls tell me about extent of auditors independence

will publishing info. about audit firm on a website which brings potential customers audit need and audit firm giving such service amount to professional misconduct on part of the audit firm or is this prohibited under the act ?

eg: xyz needs concurrent auditor, p is a firm providing the service.

a website lists the audit firm name from where xyz can choose a concurrent auditor. Will this amount to prof. misconduct for P or prohibited for the website developer

sir my company a partnership firm has not been audited by the authorities for the yera 2005-06 ,is there atime bar for such audits

can exemploy be appointed as a ca

What is the relevance of calculating D.P.?
And how it is related to stock audit?

what is stock audit? and procedure to do it?
its relevance?

I have done numerous statutory audits but this is my first internal audit. So I dont know the extra steps which should be taken on every particular area.
However, I am doing internal audit of a leasing company for the period 1/4/10 to 30/9/10. So i need to know what extra steps do i take to verify the rental income for the same.
Also, this company has changed its accounting package on 1st July 2010. So, half the entries are in one package & half the entries in other package. So, i have to perform an internal control system audit as well. So, how do I proceed for this?? can i have the checklist for this as well??

cost audit Compulsory for all company or ???....

what are the steps are required for cost audit???...

Thanks