if Co.ABC has invested Rs.75lakh on May,09 as a debenture application money in it's group company, and has received back from them on Jan,2010. (i.e. during the year it self)
The ABC co. has shown this transaction as Investment in it's Books of accounts.
and no income is generated on this investment.

query:
whether above transaction covered under sec.372A i.e inter corporate deposit or in any other section of co. act?

since as per my judgment it is just manipulation of accounts.

i am appointed as a audit clerk for a concurrent audit. But have no experience in it. from tomorrow onwards i will go for it. any can give me some tips about concurrent audit? what are all the documents should i ask the bankers? what type of documents should i verify, how and what is the supporting papers for that?

Hi,
I have a doubt relating to professional ethics of CA's. I will explain it with an example. AB and associates is a firm of Chartered Accountants. Mr.A signs the audit report of few clients for example x pvt ltd. Here Mr.A retires from the firm and starts his on sole proprietary concern named A and associates. Now he signs for the audit report of x pvt ltd under his new concern name A and associates. Does nt he need to communicate to the old firm about this as the old auditor is AB and Associates. If he does nt communicate will it lead to professional misconduct as the new auditor needs to communicate to the old auditor who had signed the report.

Here my doubt is as Mr.A himself signing in both the cases, is he exempt from informing to AB and Associates.

Since he is taking one of the clients from AB and Associates which belongs to it. It becomes a professional misconduct. So he is Liable to communicate it to AB and Associates. Is'nt it?

Please let me know.

If An Indian co. having subsidiary outside India, e.g. In USA, while consolidating is it necessary to convert the subsidiary accounts from US GAAP to IGAAP & get audited in India again,Please also let me know the necessary documentation.....

Hello Experts
I m a pcc student and have been failing in audit for the previous two attempts. please suggest me some good book from where i can do audit.
Thanks

There is the limit on the total number of Company audits u/s. 224 (1B), I would like to ask whether the Audit of a NON PROFIT MAKING COMPANY will be counted for the purpose of Ceiling under above mentioned saction.

For audit U/s 44AB the term sales or gross turnover means including all taxes or vat or only sale amount

Respected Sir/Mam

Plz give me the Clarification on Pre Operative Expenses.Luxmi Ind(Parnership Firm) expends the money on diff. ways i.e. for land,building,labour charges for building,Bank Charges, Brokage for rent,salary for adminetc.

Production start Date 01-09-2009.
First Sale invice Date 11.09.2009.

Pls give me solution for expenses for the year Apr08 to March09 and Apr09 to March10.

Thanks in advance...

Dear sir/seniors

Can u plz suggest me the impact of a board meeting in the said case

1. The name of the director appears on board meeting but the same director at the same time was out of india.
Actually in most of the small companies board meetings are conducted in a paper only no actual BM conducts by them.
I came across the situation where i found that one of their directors name appeared in the board meeting but the same director was out of india.
As a auditor what is my responsibility under-
1. CARO
2. Cos Act
3. SEBI
4. any other statute/act

your answers must be supported with evidence with reference to act

We are appointed as auditor of prop. business concern, when we contacted the previous auditor for getting NOC, he refused to give in writing. We had sent the letter through speed post, which is also returned.Now what we do?