Dear Sir,
I am a trainee article under CA. and i have appointed as to do stock audit of oil industry which is borrower of Union Bank of India. sir i want to know special considerations while doing stock audit of oil industry. so that i can performs as per requires SA & AS ./...

Thanks & Warm Regards :

Sumit Mangal

kindly share your experiences as to how pvt ltd companies cook their books which are difficult to detect. pls help..

prepaid sim-card cannot be purchased in partnership firm's name.

If; pre-paid mobile bill payments (prepaid sim in partnership firm's partner's name) are made from partnership firm's bank account every-month & a genuine receipt for that is available, Can those expenses be shown as partnership firm's expense ??

N.B. - prepaid sim card is in partner's name not partnership firm's name.
N.B. - payment made from partnership firm's bank account & also a valid receipt is generated in partnership firm's name by the service provider.

N.B. - KINDLY STICK TO THE QUESTION PLEASE. THANK-YOU.

Please look into this query. Your responses would be helpful..

A company being a Hospital was initially managed by a group but eventually, as they did not manage it properly, it came back to the original promoters. The promoters were in a situation such that they had mobilize about 5crores to get the company back on track, through their own funds and through banks. One of the promoters, is a Foreign citizen and has invested about 2.5 cr to take over the management of the company. This money has been used for Renovation of the hospital.
The question is that the company has issued only some amount of shares to this foreign citizen and the other amount that he has invested has been utilized for servicing a loan and renovation purposes. The issue is, should this transaction be reported to RBI or as per FEMA , are there any repercussions? Also, is there any repercussions if the amount invested in this case is repatriable ?
There is a recent news report in Hindu saying that not reporting this kind of share issue will involve hefty Fines and penalties.

Dear Experts, statutory audit is applicable to all company please let me know the due date to conduct this audit and where audit report will be filled weather to MCA or to any other department. Regard Mohit Jain

Are there any amendments for IPCC group 2?

which book should I refer for ca final audit as i m having my final exams in may2016....

At an AGM of a listed co. , Mr. R a retiring auditor after completing the tenure of 5 consecutive yrs of his service claims that he has been reappointed automatically, as the intended resolution of which a notice had been given to appoint Mr. P, could not be proceeded with, due to Mr. P's death. Claim of Mr. R would not hold good. How the vacancy could be filled up??

letter to the previous auditors

q1. How many companies can an auditor audit? is it 20 including all types of companies? or is it 20 excluding dormant, and private companies having share capital less than 100 crores? I don't know which is the latest amendment?

q2. While calculating this number, do we include branch audit and subsidiary companies audit? As per my understanding branch audit will be counted as 1 separately.

Please help me out.
Thanks