Form 3CB

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

27 September 2010 In Form 3CB some auditors make disclosure like

Balance of sundry debtors and sundry creditors are subject to confirmation.

Value of inventory is taken as valued/certified by proprietor

Value of bank and cash balance are taken as certified by partner.

Whether by doing so auditor can limit liability?

Please participate in discussion?

A. Sankaranarayana

A. Sankaranarayana (Expert)
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27 September 2010 Dear Sir,

1. Assessing Officer cannot check each and every entry and thourghly examine the Books of Account.

2. They depend upon the Tax Audit Report - If the C.A.'s mention this sentence, - they particularly digging the point and try to find anything is there....

3. However, every assessee's responsibility to convince the Auditors - whatever in the Books of account is true and correct - there is no manipulation etc., not there...

4. Assessee got a time till 15th Oct. to make the payment of Statutory Dues like tDS etc., - Filing Return also the same date - they make the payment in the Last date and come to Auditor for signing - how can they check thourghly.

Querist : Anonymous

Querist : Anonymous (Querist)

29 September 2010 Please enlighten in view of standards.

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