One of my client has done Transactions in F & O and wants toget his accounts audited. How to perform this Audit and what will be GTO and Expenses? Plz help me in getting this Audit done.
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Audit of derivatives business
Replies (4)
In case of F&o transaction gross turnover is sum of negetive and positive amount
- exp which can be allowable are brokrage stt service charges etc .... i.e exp related to transactions
- exp which can be allowable are brokrage stt service charges etc .... i.e exp related to transactions
as far as audit is concern
first of all reconcile your ledger with brocker and borker's ledger with your books of accounts
first of all reconcile your ledger with brocker and borker's ledger with your books of accounts
in such case, how we have to report loss under audit report. what will be caomputation of loss. Plz explain it with example.
loss is Treated as normal loss of business in other words, it should be the part of profit and loss account. eg F&o loss is 5cr than we have to report such loss in p&l account and consequently -5cr is shows in computation of income
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