if i find a loan (liability) or a loan n advance or a creditor or a debtor balance in the balance sheet and it is there for more than 3 years then as an auditor what will be my queries? will i consider it as bad?
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Replies (3)
yes you can ask the query from the client
for considering it as a bad proper procedure should be followed as per income tax act
Dear Arundhathi,
Regarding the debtors you can write off as bad debts after a thoruough enquiry from the debtors confirmation letter. But for liabilities it is to be treated as income that is write back and shown in the income coloumn of the profit and loss account
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