According to Section 226(3)(e) a person who holds any security of the company cannot be appointed as the auditor where security has been defined as an instrument carrying voting rights. Now my question is

Whether a person holding preference share/s in a company can be appointed as the statutory auditor of the Company?

In my view a person holding preference share/s shall not be appointed as the statutory auditor since preference shares also carries voting rights in the matters affecting them. Moreover, if preference dividend is in arrears for a continuous period of two years in respect of cumulative preference shares, the holder will get a right to vote in the meetings in respect of all matters.

sir i need check list of hotel industries

i need the details of documents that can be demanded from the previous auditor in case of change of auditor

a co who has subsidary and operation in foreign . when is employees goes to abroad nad the co gave them foreign currency and after returning the employee settles his account and return the foreign currency to the co. than in that case books main entry treatment kya hoga and can co . froeign currency apane pass rakh sakati hai . if yes to kab tak is there any provision in fema let me plz tell with reference

akhil rastogi
Ca final

Dear Sir,

Can we show the current account in the Balance Sheet under header capital and reserves.

or it is better to show the net amount after deducting from the retained earnings.

my question is :

Is it good to display the properitor drawings in the main first pages of balance sheet.

Which is the better practice?

Please comment.

Sam Koshy

1) Mr T is a partner in XYZ Associates, Chartered Accountants and in ABC & Co., Chartered Accountants;
2) XYZ Associates is an Internal Auditor and is advisory to the management of M/s Wellrun Ltd;
3) Whether M/s Wellrun Ltd can appoint ABC & Co., Chartered Accountants as its statutory auditors u/s 224?

we have deposited TDS amont on 31st march 2007 in the Bank. Being busy day bank gave paying slip asked to collect challan afterwards. after next 2 days of holidays when went to collect challn the bank people for technical reasons not credited challan into IT a/c the took payorder in the name of IT Dept. and cacelled the dd & cr to IT a/c on 3rd April. what are the conseqnces and how to show in audit report.

Can you share few articles on Sarbanes Oxley, Risk Management and COSO frame work?

Hello Friends

My query pertains to Clause 4 of Schedule I to Chartered Accountants Act as amended by Chartered Accountants (Amendment) Act, 2006. Amendment provides that a CA in practice should not enter in to partnership with any person other than CA in practice or any other person who is member of any other professional body having such qualification as may be prescribed.

I want to know whether any such other professionals have been prescribed for the purpose of partnership.

Regards
Hitesh Chhugani

What should be the proper treatment as per AS-10, Accounting for Fixed Assets, for writing off brought forward balance of capital liability against acquisition of a Capital Asset in earlier years, whether it should be adjusted with the respective capital asset or to be charged to Profit & Loss Account as Liabilities no longer required written back,?