Reporting requirement under tax audit u/s 44ab

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 August 2011 Dear friends

I wish to clarify on the matter regarding the Auditor reporting requirement U/s 44AB of Income Tax Act, the fact of the case is as below:

1. In FY 2009-1o the assesse has not maintained the books of account U/s 44AA & submitted I.T.R under presumptive taxation scheme of the IT Act.

2. Now in the FY 2010, same assesse is covered under the Tax Audit U/s 44AB.

Query:
1. What is the reporting requirement of Auditor regarding "OPENING ACCOUNT BALANCE", in ANNEXURE-I & Notes to the account.

2. What precaution should auditor take in such case?

3. What are the Auditor responsibility regarding the matter?

Your earliest reply/suggestion in the matter is highly appreciated and thankful.

Regards

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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11 August 2011 The auditor is required to report u/s 44AB with 3 CD.

For previous year figures a note should be given in the balance sheet that the previous year figures are not verified and are duly certified by the management or partner and are accepted on the basis of the certification.

Other precaution that he should do the audit in true sense of audit and report all violations

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