Dear All

I am not aware to which form I should post this question but want to know why cant the CA Institute put a cap on this Big 4 audits. By joining / taking CA's they are eating away bread from fresh and really talended people in profession.

I read one article today in one of the web sites where E&y agreed to pay US$ 8.5 Million to SEC for failing to disclose fraudulent financial accounting.

Though the incident happend in US it is the same firm which has numerous audits of companies in India.

Why can it be put under watch list like PWC for satyam in CA website


The link is added from where I read may be memebers could put in the adress bar and have a look on the situation

Thx
Jayaram

http://www.taxguru.in/chartered-accountant/ernst-young-and-six-of-its-current-and-former-partners-charged-for-failing-to-disclose-fraudulent-financial-accounting.html

In stock audit of bank, generally it is mentioned that only paid stock are to be financed. While debtors for 90 days are only to be financed. My question is in arriving at paid stock for drawing power whether all creditors in the books are to be deducted from the stock or whether stock for which payments are outstanding is to be deducted from the stock?

For Ex. Total Stock is 80 lacs,
Total Debtors are 30 lacs ( outstanding for less than 90 days )
Total Creditor are 70 lacs (all creditors which are outstanding for a particular period )
Total Creditors 50 lacs ( which are outstanding for less than 90 days )
Margin on stock is 25 % and on book debts is 30 %
Please guide me in arriving at drawing power.

Thanks

Form 3CA shall be applicable
(i). in the case of a person who carries on business or profession and who is required by or under any other law to get his accounts audited

Form 3CB shall be applicable
(ii). in the case of a person who carries on business or profession, but not being a person referred to in the above clause.

I have a Private Limited Company which qualifies to be a Level 1 entity.

Which form is applicable to me ??

what points should be kept in mind while vouching,specially about revenue stamp?

Dear sir,

i want to know that whether
a CA can give his artcled assisstant detail in his profile and
whether he can give his client detail and services offered in his profile.

The profile is for registering with empanelament of Banks and Companies.

To inflate the turnover one has added excise duty in sales figure and to nullify the same excise duty is debited to trading account. (it has been done for the purpose of cc limit bank requirement.

What are the consequences?

What are the doucments required for trust to claim exemption in Income Tax?

2.The Relevant provisions applicable to a trust?

what steps should be followed in audit of stores & records ........ans me soon plz......

What all kind of insurance policies a manufacturing unit must take.

What should be basis for insurance coverage value.

Please, can anyone explain the meaning of the term "Turnover" in Income Tax Act, 1961????????????