Reporting of loss of stock by theft in audit report
This query is : Resolved
08 October 2013
Whether it is required to mention in audit report(3CD) that the certain amount of stock lost by theft. Assuming full insurance claim is receivable.
08 October 2013
1)No need of special disclosure unless the theft was material
2)However we need to take a Written representation from the management specifying facts there in
2)However we need to take a Written representation from the management specifying facts there in
08 October 2013
If the theft was material, where to disclose in audit report?
08 October 2013
you can write in clause 11 (d). Disclosure of prior period and
extraordinary items or change in
accounting estimate in Profit &
Loss Account and report the
effect thereof on profit & loss.. its an extraordinary items.
extraordinary items or change in
accounting estimate in Profit &
Loss Account and report the
effect thereof on profit & loss.. its an extraordinary items.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- Form 121 & TDS deduction
- GST Treatment of Insurance Commission for Existing GST Holder
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- LC charges in relation to Asset purchased should be Capitalised ?
- Transporter Declaration form
- Regarding appeal to GSTAT
- Invoice V/S Goods receipt Note Date
- Multiple trade mark
- Requirement of tax deduction at source by individual
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
