Tax audit

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Querist : Anonymous

Querist : Anonymous (Querist)

14 June 2014 UNDER TAX AUDIT IT IS REQUIRE TO STOCK AND ASSET VERIFICATION

Nitin Bhuta

Nitin Bhuta (Expert)
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14 June 2014 If you think it is absolutely necessary then you should do in case of non corporate concerns whereas in case of corporate concern s you must verify the stock as per excise /VAT /MAOCARO etc. If not verified then suitable note should form part of financial statements to disclose your fundamental assumption for framing of your opinion on the audited financial statements.

Querist : Anonymous

Querist : Anonymous (Querist)

14 June 2014 MY DOUBT IS :
IF I START TAX AUDIT OF ONE COMPANY SAY ON 1-SEPT. THEN HOW CAN I VERIFY STOCK AS ON 31ST OF MARCH

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Nitin Bhuta

Nitin Bhuta (Expert)
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14 June 2014 Then you should state the fact clearly in your audit and also by considering the profile of the company and risk profile under the audit you need to carry out substantive tests checks while framing your opinion so as to discharge your attest function to the best of your ability and skills.

Querist : Anonymous

Querist : Anonymous (Querist)

14 June 2014 I THINK MAJORITY TAX AUDIT START AFTER 31 OF MARCH SO VERIFICATION NOT POSSIBLE SO WHAT IS IMPORTANT OF VERIFICATION