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