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CA.Sonia (Querist)
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28 November 2009 1.Can we carry on both tax audit and statutory audit for an organsiation?

2.The major issues to be considered while carrying on the statutory audit?

3.While carrying on the statutory audit if we come across the tax related issues such payment made in cash exceding Rs.20000 and tds related issues how should we consider it?

Manish Soni

Manish Soni (Expert)
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28 November 2009 1. Yes we can carry on both tax audit n statutory audit for an orgn.
2. There is to be an audit program like checking of opening balances with last years audited financial statements, cash n bank vouching, compliance with accounting priciple and accountng standards at ledger scrutiny, BRS, due entries for prepaid n provisions on closing date, consideration relating...so it depends on ur exposure to practical field
3. These matters are considered only in tax audit to be mentioned on form 3CD

Regards
Manish Soni

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