Wages (Audit)
This query is : open


I LOVE MY CA COURSE
( Author )
06 June 2010


Whether in a Audit Report a qualification is required for the following:

when there is a delay in payment of Wages say in terms of 4 months or even 8 months.

Whether land development cost , like filling of sand and soil in the land , is to be capitalised or to be written off completely in the same year ?
Further will it make any difference if development work has been done along with the purchase of the land or subsequent to its acquisition ?

Please clarrify my doubt with good supportings. Thanks/Regards

Please send me audit acceptanc letter format as earlier as possible....

As per AS-11,exchange rate for any transaction should be the rate on the transaction date.But many don't adhere to this rule. i.e they either take the rate mentioned in shipping bill or book sales as per payment advice recd from bank & thus no question of exchange gain or loss.This is because either they are not aware or find it difficult to get the rate as on transaction date.So how should we verify that the rate is of the transaction date ? What sources or proof is available as an auditor to verify the transaction rate?

PLEASE LET ME KNW FROM WHICH YEAR CEILING FOR TAX AUDIT HAS INCREASED FROM 30 TO 45

A firm raised bill for difference in price for sales made in yearlier years. Then how to treat it?

Is there any requirement as per Co,s Act to w/off asset in the year of acquisition if amt @ which it is purchased is less than or equal to Rs. 5,000/-, If so, can you tell me the Sec No./Rule No. etc

Dear Sir,
Please consider the example:
XYZ is a private Ltd company,who follows the Depreciation method's according to the Income tax Act and not as per Companies Act from the date of Incorporation of Company itself. This is the Third year of company in operation.
Query:
1.If management not willing to provide Depreciation as per companies Act, How should Auditor Quantify and Qualify the Audit Report?
2. As a statutory Auditor how should deal this issue according to CARO? Assume CARO is applicable to this company?
3. If company willing to provide Depreciation at the inception of operation itself What is the effect of Adjustmnet in Opening Reserve and Deferred tax Adjustment?

Dear all, pls treat this query as urgent..
if an entity is holding 100% in its subsidiary...and in the current year, makes additional equity investment still holding 100%, will goodwill on consolidation arise?

Note 1: Goodwill did not arise during 1st investment
note2: shares are issued at par

urgent pls

WHETHER WE HAVE TO REPORT IN CARO YEAR WISE,I.E. E.G. COMPANY HAS NOT RAISED ANY LOAN IN THE C.Y. BUT HAS OUTSTANDING LOAN OF LAST YEAR, SHOULD WE HAVE TO REPORT ON UTILISATION OF THAT LOAN?

WHETHER WE HAVE TO FOLLOWE CARO WORD BY WORD ORIGINALLY WRITTEN OR WE CAN USE OUR LANGUAGE?

IS IT COMPULSORY TO FOLLOW SEQUENCE IN CARO?