Tax And other statutory Audit
This query is : Resolved
Hitendra K. Agrawal
(Querist)
20 March 2008
Suppose firm named ABC (partnership firm)
has following palses of bussiness
1)Ahmedabad (H.O.)
2)Vadodara (Branch)
3)Bihar(Branch)
4)Jaipur(Branch)
then for the purpose of tax and other statutory audit how the audit will be conducted.i.e.Seperate audit for seperate branch and H.O. as per the criteria specified (like turnover) in the Act or we go by cosolidation of all the accounts and conduct audit only of H.O.
What would be the situation in case of company.(i.e. statutory audit under the Companies Act,1956.
has following palses of bussiness
1)Ahmedabad (H.O.)
2)Vadodara (Branch)
3)Bihar(Branch)
4)Jaipur(Branch)
then for the purpose of tax and other statutory audit how the audit will be conducted.i.e.Seperate audit for seperate branch and H.O. as per the criteria specified (like turnover) in the Act or we go by cosolidation of all the accounts and conduct audit only of H.O.
What would be the situation in case of company.(i.e. statutory audit under the Companies Act,1956.
CA.Aman Dugar
(Expert)
20 March 2008
Irrespective of no. of branches since the entity is filing a single return, there4 consolidated audit needs to done
Chintan Gajjar
(Expert)
20 March 2008
Consolidated accounts are to be audited and Consolidated balance is nothing but total of balances of Branches hence it is necessary that branch audit should be undertaken.
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