special audit

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shivaji

shivaji (Querist)

16 July 2017 why special audit conduct some of industry

Nischit Sanghavi

Nischit Sanghavi (Expert)

16 July 2017 A special audit is a limited-scope examination of financial records and other information designed to investigate allegations of fraud, theft or misappropriation of funds – or to quantify the extent of such losses Section 142(2A) of the Income-tax Act, 1961 empowers the assessing officer to direct a tax payer to have his accounts subjected to special audit. This power can be exercised if the assessing officer is of the opinion that this is necessary having regard to the nature and complexity of the accounts. It is important to note that the special audit can be directed even if the accounts have already been audited under any other law

shivaji

shivaji (Querist)

16 July 2017 who will conduct special audit ???

shivaji

shivaji (Querist)

16 July 2017 special audit limited scope of f/s it shows true and fair view ????

RAJA P M

RAJA P M (Expert)

16 July 2017 Section 142(2A) of the Income-tax Act, 1961 empowers the assessing officer to direct a tax payer to have his accounts subjected to special audit.

shivaji

shivaji (Querist)

16 July 2017 my question about auditing...ipcc... why special audits conducted only some industries???

RAJA P M

RAJA P M (Expert)

16 July 2017 Because, any fraudulent in that company's account then ll be find and short out....

shivaji

shivaji (Querist)

16 July 2017 what is difference between normal audit and special audit audit carried by external auditor??

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