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Recent Questions

Question added Mar 22, 2024 Audit By NAGARAJAN , CA , Tiruchirappalli

answers

1090 views

Q. branch statutory Audit - Has Canara Bank sent Appointment letters for Branch Statutory Auditors

Question added Oct 24, 2023 Audit By Sumir Kumar Aggarwal , CA , Ludhiana

answers

1224 views

Q. Tax Audit in case of Pvt. Ltd. Company - I wish to know that a pvt. ltd. company is providing professional services and its gross receipts is around 9 Lakh during F.Y 2022-23, kindly tell me is this company required to get its books audited u/s 44AB of Income Tax Act 1961. If yes then under which clause i.e. 44AB(b) or 44AB(d).

Question added Jul 03, 2023 Audit By Jemima Aranha , CA , Udupi

answers

1537 views

Q. audit - an extension of a wing worth rs50 crores is to be made to a religious headquarter.the followers are in more numberw and they all are good doners. the main drawbackis the accounts . it is in bad shape.you are appointed as a statutory auditor of the concern. what will be your stand?

Question added Mar 18, 2023 Audit By RANJEEV KUMAR , CA , Patna

answers

2022 views

Q. Special Audit u/s 66 of GST Act - Is there any format for the same available.

Question added Apr 04, 2022 Audit By Latika , CA , Mumbai

answers

3802 views

Q. Non receipt of Bank Statutory Audit since last 4 years - Whom should we contact for non receipt of Bank Statutory Audits for this year....since we are not getting since last 4 years. We are established CA Firm since 35years and have been registered regularly wid CAG and MEF

Anwered By : May I Help You.

Question added Feb 08, 2022 Audit By R R Shrivastava & Associates , CA , Patna

answers

3800 views

Q. STATUTORY AUDIT/CONCURRENT AUDIT - HOW DO WE GET STATUTORY AUDIT/CONCURRENT AUDIT OF PRIVATE BANKS IN INDIA

Question added Aug 22, 2021 Audit By Shashikant Lonikar , CA , Pune

answers

4568 views

Q. Audit - The Society land conveyance deed was executed in favor of the society on 01.Oct 2019 i.e. during the FY 2019-20. The Land now becomes asset of the Society. However, while preparing the financial statements, neither the Managing Committee nor the Auditor considered this fact to include this land as an asset of the Society. There are few more assets which are also not considered while preparing the financial statements. When brought it to the notice of both, the auditor is of the opinion that this is a technical error and will be corrected in future years. My question is that, does this amount to negligence on the part of Auditor? Can it be referred to disciplinary committee? Thanks

Question added Aug 11, 2021 Audit By S Naveen , CA , Visakhapatnam

answers

4571 views

Q. ICAI MEF - Sir/Madam, when will mef for the FY 2021-22 be opened?

Question added May 05, 2021 Audit By RUPSI BEDI , CA , Karnal

answers

944 views

Q. isa - Require project report on topic of 17 outsourced migration audit of public sector banks on urgent basis for disa

Question added Jan 29, 2021 Audit By NAGARAJAN. N , CA , Thanjavur

answers

2018 views

Q. TAX AUDIT - Sir, How should we calculate number of tax audit assignments for FY 2019-20 given the fact turonver limit is 1 crore and above

Question added Oct 27, 2020 Audit By CA Mahesh Kumar

answers

1669 views

Q. UCO BANK CONCURRENT AUDIT - Is UCO bank concurrent audot allotment done?

Question added Oct 17, 2020 Audit By CA Rajesh Mandwariya , CA , Mandsaur

answers

1428 views

Q. Tax Audit report - Dear sir,
CBDT has made some changes in form 3cd w.e.f. 01-10-2020. But till date schema and utility has not been released by the department. In absence on such utility can we upload form 3cd xml files in old format? Will it be valid audit report or not ?

Question added Oct 10, 2020 Audit By s k kapoor , West Delhi

answers

910 views

Q. Audit -

Will the following provision will apply if the wrong balance sheet is signed by a C A
Penalty on professionals for furnishing incorrect information in statutory report or certificate
The thrust of the Government in the recent past is on voluntary compliance. Certification of various reports and certificates by a qualified professional has been provided in the Act to ensure that the information furnished by an assessee under the provisions of the Act is correct. Various provisions exist under the Act to penalize the defaulting assessee in case of furnishing incorrect information. However, there exist no penal provision for the levy of penalty for furnishing incorrect information by the person who is responsible for
certifying the same.
In order to ensure that the person furnishing the report or certificate undertakes due diligence before making such certification, a new section 271J is inserted under the Income-tax Act
w.e.f 1/4/2017 so as to provide that if an accountant or a merchant banker or a registered valuer furnishes incorrect information in a report or certificate under any provisions of the Act or the rules made thereunder, the Assessing Officer or the Commissioner (Appeals) may direct him to pay a sum of Rs. 10,000 for each such report or
certificate by way of penalty.

Question added Oct 10, 2020 Audit By s k kapoor , West Delhi

answers

797 views

Q. Audit - Query:

Bogus input credit claimed. later reversed input and paid with interest. The purchase bill not reversed in the Financials. Knowingly the purchase bills not reversed and the balance sheet is signed by a practicing CA. There is no role of the institute to alert or penalize such practicing CA.

For the purpose of section 271AAD, the false entries to include use or intention to use:
a) Forged or falsified documents such as a false invoice or, in general, a false piece of documentary evidence;
b) Invoice in respect of supply or receipt of goods or services or both issued by the person or any other person without actual supply or receipt of such goods or services or both; or
c) Invoice in respect of supply or receipt of goods or services or both to or from a person who does not exist.

Question added Oct 07, 2020 Audit By s k kapoor , West Delhi

answers

604 views

Q. Audit - In the books of Pvt. Ltd. deduction made by vendor not booked as expenses to keep the profit to avail the credit facility. after 3 years that deductions are being now booked in a huge amount. Is it called a True certified books by a practicing C A.On raising alarm on such activity i am forced to leave the co. I am no more with that co.Institute does not put a question to him. Is it fair.

Question added Oct 07, 2020 Audit By s k kapoor , West Delhi

answers

538 views

Q. Audit - To the best of my knowledge and experience I am confident that there is input credit available on works Contract. On raising my observation working in CA Firm CA has forced me to leave. I am not working now with him. If that of his client is asked by department to reverse the input credit claim and pay the tax with the interest. What the institute penalize such CA.
ITC shall not be available for any work contract services. ITC for the construction of an immovable property cannot be availed, except where the input service is used for further work contract services.

Question added Aug 15, 2020 Audit By DENIS GANDHI , CA , Surat

answers

753 views

Q. co operative society ITR filing - profit of co operative society is exmepted under which section based on concept of mutual benefit

Question added Jul 07, 2020 Audit By CA Mahesh Kumar

answers

500 views

Q. Concurrent Audit allotment - Did Canara Bank, Bank of India and IOB allot branches for Concurrent AUditors?

Question added Jun 26, 2020 Audit By Mittali Sharma , CA , Vadodara

answers

617 views

Q. Bank Empanelment - Whenever i try to login for empanelment it shows me the error of wrong UCN number please solve this ASAP

Question added Jun 19, 2020 Audit By Kalantri@1 , CA , Mumbai

answers

612 views

Q. Not able to fill Bank of India Empanelment Form - I tried atleast 4-5 times to fill the Empanelment of Bank of India for concurrent audit. But it shows error while processing. Please help me in this problem ASAP.

Question added Jun 05, 2020 Audit By ALOK KUMAR DAS , CA , KolkataM.C.

answers

837 views

Q. stock audit - a sample stock audit report for a pvt. ltd. company

Question added May 02, 2020 Audit By DILIP KUMAR PAL , CA , Serampore

answers

1968 views

Q. Concurrent Audit of a Bank Branch - Whether the Concurrent Auditor of a Bank Franch can travel to the Branch within the Orange Zone after 04/05/2020

Question added Mar 19, 2020 Audit By CA. NAVEEN KUMAR , CA , Patna

answers

1103 views

Q. Statutory Bank Branch audit - Can one accept the statutory Bank branch audit if taken housing loan from the same bank.

Question added Jan 22, 2020 Audit By s k kapoor , West Delhi

answers

1474 views

Q. Audit of Debtors - Guidance note is raod map foraudit or is there any statutory compliance on this.I have seen if C A firm has not followed the Direct Communication method ofbalance confirmation with debtors and after a gap a blunder of balance of debtor is noticed any action is taken by the institute or by any other body. Advise accordinlgy.

Experts Panelist

Rambabu Senkarasetti

Accounts, Audit, Corporate Law, Finance, Income Tax, Service Tax, Students, VAT

Answers Posted : 409

CA Satuti Mahajan

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Answers Posted : 291

Vikash Kumar Jha

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Answers Posted : 270

Rishabh Upadhyay

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Ashish Karundia

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Answers Posted : 257

Mrattunjay

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Answers Posted : 220

PRIYANKA

Accounts, Audit, Corporate Law, Excise, Finance, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 136

CA. SURESH Kr. AGARWAL

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, GST, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 131

Vaneet Gupta

Accounts, Audit, Corporate Law, Custom, Excise, FEMA, Finance, IFRS, Income Tax, Service Tax, Shares & Stock, Students, VAT

Answers Posted : 120

Ketan Samdani

Accounts, Audit, Corporate Law, Excise, Finance, GST, Income Tax, Service Tax, Students, VAT

Answers Posted : 117

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