if any pvt ltd co. paid for petrol of motorcar(ownership of co.) which used by director.
whether it should be debited to repair & maintenance of motorcar a/c or convyance a/c.

telephone bill raise on company name
but use by director personally
and company recover these exp. from director.
is company approch right.

HI,
I REQUIRE SUGGESTIONS AND GUIDANCE NOTES ON HOW TO CONDUCT BANK AUDITS BOTH CONCURRENT AS WELL AS STATUTORY AUDITS.
PLZ PROVIDE ME WITH SUCH REQUIREMENTS AT THE EARLIEST .
THANK YOU,,,,,

Respected Experts

Could you please give me idea about what are normal audit steps of a company (private)? In other words, How should we start it and where should we end it?

Please guide.

Thank you.

Hi,
I am going to appear june pcc 2009 exam.please let me know whether ASS or SA is applicable for audit paper.

Need ASAP answers.

Thanks & Regards,
Dibya Ranjan Dash.

Sir,

If assessee is individual salaried person having salry less than 300000/- P.A.

He also having short term capital gain from share market by trading in to share market online more in intra day .

Now qyery is

The total intra day transactions sale amt total is more tha 40 Lacs in a financial year but profit is between 50000 - 150000 in year.
i.e. he is doing transactions in numbers of times so his sale total increases more than 40 lacs.

then can U tell me assessee is liable for Tax audtit.

hi............

This is venkat doing 3 rd year of articleship in a medium size audit firm. I wanted to get terminated from my articleship.

I heard that the rules of termination are changed ( Introduced strict rules). Can any one help me in this regard.

What is Undisclosed Reserve included in TierII capital? All reserves are disclosed then how can TierII capital is calculated?

The assessee does not maintain a detailed stock record. however monthly stock statement is given to bank for maintaining CC limit. The stock declared to bank is very high as compared to the actual stock (the stock declared is very high to maintain high CC level)....in such a case while auditing the books can we adopt an altogether different valuation than what is given to the bank? as mentioned earlier no stock records are maintained by the dealer....only record available w.r.t. stock is the statement given to the bank...can we entirely ignore that statement?

M/s XYZ PVT LTD. AS INCORPORATED IN 1980. COMPANY FILED INCOME TAX AND ROC RETURNS UPTO 1991. THE OPERATIONS OF THE COMPANY CEASED FROM 1991-92. THE ACCOUNTS WERE NOT AUDITED AND NO RECEORDS ARE AVAILABLE FOR LAST 15 YEARS. THE EXISTIG DREICTORS ARE INTERESTED TO START THE OPERATIONS AFTER DUE COMPLIANCES. HOW AN AUDITOR SHOULD PROCEED? SHOULD THE AUDITOR TAKE THE OPENING BALANCES AS OF 01.04.2008 DULY CERTIFIED BY THE DIRECTORS AND SHOULD IGNORE THE AUDIT OF EARLIER YEARS?