Vat revised return
This query is : Resolved
02 July 2010
Can anyone tell me howmany times can form 704 be revised. I was asked this in an interview.
03 July 2010
dear smrity, please mention the vat act about which you are making enquiry, please mention your state
05 July 2010
Dear Smirty,
There is no express provision under MVAT act to revise audit report,
However find attached extracts for WIRC guide to MVAT Audit
"Once an audit report u/s 61 is submitted to client, normally, it should not be revised. However, in certain cases the vat auditor may be called upon to revise audit report on the ground such as:-
1. Revision of the final accounts after submission of vat audit report.
2. Change of law for e.g. retrospective amendments.
3. Change in interpretation for e.g. Government Notification, Clarification, Judicial Pronouncement etc..
The VAT Auditor may be called upon to give a revised report,
1. after submitting the report to the client but before submitting the same to the department or
2. after submitting the report to the department.
In both the cases, if the vat auditor has revised the audit report then, it should be mentioned that the report is revised report and also a reference should be made to the earlier report. In the revised report, reasons for revising the report should also be mentioned. The revised
Audit Report should be given in the manner suggested by the Institute in SA 560 after proper disclosure. The attention is invited
that two Guidance notes on the issue viz. a Guidance Note on Revision/Rectification of the Financial Statement and a Guidance Note on Auditor’s Report on Revised Accounts of the Companies before circulation to the shareholders, stand withdrawn after issuance of SA 560."
There is no express provision under MVAT act to revise audit report,
However find attached extracts for WIRC guide to MVAT Audit
"Once an audit report u/s 61 is submitted to client, normally, it should not be revised. However, in certain cases the vat auditor may be called upon to revise audit report on the ground such as:-
1. Revision of the final accounts after submission of vat audit report.
2. Change of law for e.g. retrospective amendments.
3. Change in interpretation for e.g. Government Notification, Clarification, Judicial Pronouncement etc..
The VAT Auditor may be called upon to give a revised report,
1. after submitting the report to the client but before submitting the same to the department or
2. after submitting the report to the department.
In both the cases, if the vat auditor has revised the audit report then, it should be mentioned that the report is revised report and also a reference should be made to the earlier report. In the revised report, reasons for revising the report should also be mentioned. The revised
Audit Report should be given in the manner suggested by the Institute in SA 560 after proper disclosure. The attention is invited
that two Guidance notes on the issue viz. a Guidance Note on Revision/Rectification of the Financial Statement and a Guidance Note on Auditor’s Report on Revised Accounts of the Companies before circulation to the shareholders, stand withdrawn after issuance of SA 560."
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