Auditing :
6. State with reasons whether the following statements are True/False (any six)
i) Auditing, in India can be traced back to the days of Vedas .
ii) The concept of evidence is fundamental to auditing.
iii) Test check approach and random sampling approach are same
iv) By obtaining inventory valuation certificate from management, the auditor is
no longer responsible for verifying Closing Stock.
v) Indirect expenditure relating to construction of a project should not be capitalized.
vi) National Advisory committee on Accounting Standards may be constituted by
Central Government u/s 210A.
vii) An Auditor is always appointed by passing a special resolution to this effect.
viii) When separate Branch Auditors are appointed, the company auditor may not
visit the branches.

A stipulation may be a condition though called warranty in the contract

Delivery of goods under Bailment may be actual or constructive

respected members

how to attempt practical problems in examination?
IS it compulsary to quote section nos in examinations?

Can a Partnership Firm accept Inter Corporate Deposits (?) Is there any restriction on it (?)

Query 1: Can a minor be appointed as a director in public company / pure private company ?

Query 2 : Can a manager and MD co-exist simultaneously in a pure private company ?

Query 3 : Can a company issue unsecured debentures ? if yes, how ?

Query 4 : Do executive director comes into the ambit of "managerial person" for determining managerial remuneration ?

Answers with relevant provisions and case laws will be appreciated.
thanks in advance.

A person is doing share trading business. He is not a broker nor he does any share broking business.

this person trades over phone or internet through his home.

Now the society is raising objection that the person is making commercial use of his property. Pls note. This person is not having any board on his flat. Further the person carrys business on his personal name no, firm etc.

How should the person deal with the society.

A company sells goods to SEZ Unit. Law says sell to SEZ unit is export of the supplier under SEZ act, Excise act and in Custom act.

But will that would be MERCHANT EXPORT of supplier company or would it be Actual Export of supplier.

I am confuse between Merchant Export and Export.

Please provide me the legal definition, if any, of Merchant export and export.

Many thanks for investing your valuable time to my query.

What is ex-gratia payment? Is such payment is taxable?

whether partnership firm can be a partner of the another partnership firm