Which opinion if company has calculated depn as per ca 1956?
This query is : Resolved
05 October 2015
Dear Sir,
Greetings of the day.
One of our client has calculated depreciation in Financial Year 2014 - 15 as per Companies Act, 1956 instead of Companies Act, 2013.
My Question is which opinion shall be framed in audit report, i.e. Adverse Opinion or Qualified Opinion?
Can anyone send me the link for format of such audit report??
Thanks and Regards,
Nihal Joshi.
Greetings of the day.
One of our client has calculated depreciation in Financial Year 2014 - 15 as per Companies Act, 1956 instead of Companies Act, 2013.
My Question is which opinion shall be framed in audit report, i.e. Adverse Opinion or Qualified Opinion?
Can anyone send me the link for format of such audit report??
Thanks and Regards,
Nihal Joshi.
05 October 2015
It is by way of a NOTE in main audit report.
In caro you can give the details.
In caro you can give the details.
05 October 2015
Sorry Mr. Amol but this answer given by you is not upto the satisfaction level. Thank you.
05 October 2015
You are most welcome.
And please, satisfation is something which is in addition to LAW.
Attributes are NOT to quantified, they are to be dealt with in a diligent manner.
e.g. many a times, many auditors write "debtors and creditors balances are subject to confirmation"..... This comes in main audit report page... subject to this...balance sheet and P&L portray a true and correct view...
You can do the same for depreciation under Companies Act 1956.
(Your views please)
And please, satisfation is something which is in addition to LAW.
Attributes are NOT to quantified, they are to be dealt with in a diligent manner.
e.g. many a times, many auditors write "debtors and creditors balances are subject to confirmation"..... This comes in main audit report page... subject to this...balance sheet and P&L portray a true and correct view...
You can do the same for depreciation under Companies Act 1956.
(Your views please)
05 October 2015
It is a misstatement, mostly material but not pervasive hence 'qualified opinion' is required.
Ref:- https://icai.org/post.html?post_id=11194
Ref:- https://icai.org/post.html?post_id=11194
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
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- TDS on rent received on hardship compensation being rent on redevelopment of building
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- Missed TDS
- IT returns for fresh job holders
- F&O reporting in ITR
- CASH GIFT FROM BLOOD RELATIVE
- TDS offline utility
- Due Date Clarity
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
