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Queries On Auditing ( C.A Final New Course)

C.A Manish Arya (C.A, M.B.A) (408 Points)

07 June 2010

Hey Guys.... Enclosed here with is a file containing 'Queries on Auditing "....

Plz respond to them as soon as possible...

Regards...

Manish Arya

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1 Replies

CA Ghanshyam Joshi (CA, Dip IFR (ACCA UK)) (3229 Points)
Replied 18 July 2010

The attachment of Manish contains ==>

Dear Sir/Mam....

Seasons Greetings...

Folloing are the Queries that i need to be sort out For Audting (C.A Final New Course)

In Ref to The Chartered Accountant Act 1949 & Professional Ethics

1) A member is not allowed to retain the Cliemt's Books of account except for Reasonable cause,What are causes for which he is allowed to do that...

Can it also includes retention of clien't records for Non receipt of Audit Fees? and also if he 's not allowed to retain then Wouldn't it be contrary to the Auditors Right of LIEN ( as empowered by the Co. Act 1956.)?

2) A memeber can write to the Govt. dept. for empaneling himself in the "Panel of Auditors" as maintained by the concerned Dept....CAN HE ,(if he does not know about the aforementioned Panel whether maintained by the Dept. or not) ENQUIRE from the Dept. ?

3) Can a member name be printed with C.A as a Prefix on his Marriage Card?

In Ref to Special Audit

1) In Mutual Fund Audit while verifying the Investnments of the Mutual Fund , Bonus shares/Right Shares are recognised only when the origial shares are listed or Traded on a stock exchange? WHY So

In Ref to "Audit of member of Stock Exchange"

1) In a Bought Out Deal ,When co. places it's Share to the Authorosed members of OTCEI or Merchant Banker,Do the Co. attract the Provisions regarding "Prospectus"..?

In Ref to "Appointment of Tax auditor u/s 44 AB"

1) Does Disqualifications u/s 226 of the Co. ACT also applies here?

In Ref to "Audit of Banks"

1) While auditing the "Cash in hand " of a Bank , Why the Forign Curreny notes with the Bank is Converted inti Domestic Currency at the Prevailing Market rate , at the end . Is it a requirement under Banking Regulation ACT to do the same?.....And for Audit Aspects ISn't it sufficient enough to Check the Market rate only, instead of actually converting them .

2) What is Corporate Debt Restructuring ? and how can we audit the same..Plz take some Example for better understanding.

3) What is Moratorium? / Advances with Moratorium.

In Ref To Company Audit

1) Do the Co. need to pass any resolution for appointing a person other than the company auditor as an Auditor for the Branch of the Co.?

2) As per the ICAI Notification 53/2001 Total no. of Audit Assignments that a C.A can taje is 30 which also includes the Private Companies,,,Doesthis limit also includes "Other Excluded Audits Like Foreign Company , Guarantee Co. Corporation audit ETC.?

Please Respond to the Above mentioned Queries at the Earliest Possible

Thanks for all ur Support...

Regards....

Manish Arya

C.A Final Student.