Qualification in auditors report

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 October 2012 My client ( Turnover 95 crs. and Net profit after tax 2 crs.) has recongnised refund of tax Rs. 12 lacs as income and has created a current asset as Tax refundable. In my(auditor) opinion it is not an income and therefore both income and current asset can not be taken to the P & L A/c and Balance Sheet respectively.

Que. - Is it a 'material' thing for qulification? if yes how and where to give the qualification?

Plese provide the specimen of qualification.

Amol S Joglekar

Amol S Joglekar (Expert)
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01 October 2012 The company has shown the refund due as the income of the previous year, which in my/our opinion is a current asset to be grouped under the same. Subject to above.... the balance sheet........ Put this in the main audit report itself; after the paragraph of it is the responsibility of management ... my/our duty is to express opinion etc etc.

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