Fixed asset purchase quotation

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2012 Our Statutory Auditor marked in Audit Report that for purchase of Fixed Assets their should be minimum 3 quotation taken from different vendor

i wana to ask that under whihc law or rule this is mentioned to take minimum 3 quotation

CA CS Amit S. Kedia

CA CS Amit S. Kedia (Expert)
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21 September 2012 Statutory auditor can not comment on the financial statement unless he does not have conclusive evidence to substantiate the transaction.
There is no rule/law as such for quotations for puchase of fixed assets. However, it is very imortant document for internal control. he can put his remarks in the CARO for weakness in the internal control.