hello everybody
i am auditing an organisation which deals with foreign currency they use to import goods and after adding their cost & profit sell them, i would like to xplain it with an example:

LET on 1/5/2007 they sold goods worth $100 then the dollar rate was Rs.40(let)

as the customer pay through credit cards bank credit the amount after 3 days then rate let was Rs.39(let)

the problem is that if they book their sale on 1/5/07 their will be loss due to exchange fluctuation and if the rate i mentioned r changed i.e
1/5/07 Rs.39
3/5/07 Rs.40
their will b profit this is not giving me the correct sale figure and this is effecting the profit

hello experts
plz tell me current bonus act provisions for audit purpose of F.A.2007-08
i have heared that
1.bonus is to b given to each employee whose basic rate is upto rs.10000
2.but bonus is to b calculated on rs.3500
or less than rs3500(if basic is less)
ex.if employee basic rate is rs.8000 then he will b given complusory bonus on rs3500
n ex gratia on rs.4500(if co. wants )
if employee basic rate is rs.12000 then he will not b entitled to cumplsory bonus but only exgratia if co.wants

plz tell me am i correct
thankx

We are Private Ltd. Co. We had appointed Director by Passing resolution in AGM of the company.

But Director wonn't applied for DIN in 2007-2008 & pending till the date.

My Quary is wheather Remmuneration paid to that Director will be allowed as expenditure in 2007-2008 or Not.

For calculating delay in deposit of Provident Fund, Actual Payment Date (as shown on the Challan) or the date of credit in Books which of the aforementioned dates will be taken?

what do you mean by interest accrued but not due?

author : teena banwari
Posted On : 8/27/2008 9:02:50 PM
Is preference share holder of a company can do an audit of same company ?



Expert : Jitender
Posted On : 8/27/2008 11:00:14 PM
yes ,he can do.

Plz Provide Relevant Provision Of Companies Act or Any other Act.

Is preference share holder of a company can do an audit of same company ?

GIVE A BRIEF A NOTE ON CARO
WHETHER IT IS APPLICABLE ON FIRMS
GIVE DETAILS OF VITA POWERS OF DIRECTOR

Suppose A Co. Has Shut Down Its Activity In a Particular Financial Year Because Of Order of Supreme Court And That Year Co. Does Not Have any commercial activity

Whether it is compulsory to charge depreciation

if yes plz provide "relevant areas of co.act" to support the same?

please give the details on how to conduct tax audit of companies in relation to sec 44ab of the Income Tax Act, 1961. Also give me the details about what all documents need to be checked in the process.