This Guidance Manual for Audit Quality deals with a firm’s responsibilities for its system of quality control for audits and reviews of cost / financial statements, and other assurance and related services engagements. This Manual is to be read in conjunction with the requirements of the Cost and Works Accountants Act, related Regulations, the Code of Ethics and other relevant pronouncements of the Institute.

It is known that proceedings under section 397/398 of the Companies Act, 1956 are always complicated. There will often be criticism that the jurisdiction of Company Law Board (CLB) under section 397/398 of the Companies Act, 1956 is being misused.

We recently come through a company which providing free software for creation XBRL file. While in Market all companies are charging from Six thousand to thirty Thousand for one year for the software. Software Name is ‘Apex Xbrl Maker Free Edition’ and it is developed by a Kolkata based Software and Web Development Company namely Saltlake Infosolutions Private Limited. The Key Features of Apex Xbrl Maker 2011 Free Edition (Applicable only for MCA Taxonomy 2011) are as follows:

As all of us are aware about the MCA has made it compulsory vide General Circular No.11/2011, New Delhi Dated 07.04.2011 to inform PAN of every Director/Person holding Director Identification Number (DIN) up to 31st May, 2011 if not informed/furnished earlier at the time of applying DIN by such Director . The circular also made it mandatory for all new DIN Applicants to mention their PAN No. in DIN-1 eform

General Circular No: 32/2011 dated 31 /05/2011 read with 66/2011 Dated 4/10/2011, Ministry of Corporate Affairs has mandated providing Income-tax Permanent Account Number (Income-tax PAN) for obtaining Director Identification Number (DIN) in case of Indian nationals. All existing DIN holders who have not furnished their PAN earlier at time of obtaining DIN are also required to furnish PAN details by filing DIN-4 form on MCA21 by 15th December, 2011.

The Ministry of Corporate Affairs introduced an Early Warning System” (EWS) in 2009 based on certain financial and non-financial indictors to ensure, as far as possible, that there is no recurrence of cases similar to Satyam Case. The criteria of EWS are used for online examination of Balance Sheets and other records of all listed companies and unlisted companies [(a) with a turnover of Rs. 100 crore or more, (b) with a paid up capital of Rs. 50 crore or more, and (c) having 1000 or more shareholders.] to generate early alerts of possible violations which could lead to commitment of frauds.

The Union Cabinet on Thursday cleared the Companies Bill, 2011 and decided to take up the Bill in the Winter Session itself for approval by Parliament. Once approved by Parliament, it will replace half-a-century-old Companies Act. The Cabinet has cleared Companies Bill, 2011. It is likely to be tabled (for consideration and passage) in the ongoing Winter Session, a Corporate Affairs Ministry official said after the Cabinet meeting.

General Circular No: 69/2011 , Dated 30.11.2011 In partial modification of Para 1 of the Ministry’s Circular no. 57/2011 dated 28.07.2011, the last date for filing financial statements in XBRL mode without any additional fee due to delay by those Phase-I class of companies (excluding exempted class) whose Balance Sheet date for FY 2010-11 is on or after 31.03.2011, has been extended up to 31.12.2011 or within 60 days of their due date of filing, whichever is la

General Circular No. 68/2011 In connection with the recently issued circulars/notifications concerning cost accounting records and cost audit, following clarifications are issued: (a) That the companies covered under Companies (Cost Accounting Records) Rules, 2011 shall only file a simple compliance report as per the notified Form-B (copy enclosed) and no other details of cost records are required to be filed with the Government. If all the products/activities of a company, excluding the exempted categories, are covered under cost audit, then the company will not be required to separately file the compliance report.

General Circular No. 67/2011, That the Companies (Cost Accounting Records) Rules, 2011 are not applicable to: (i) Wholesale or retail trading activities. (ii) Banking, financial, leasing, investment, insurance, education, healthcare, tourism, travel, hospitality, recreation, transport services, business/professional consultancy, IT & IT enabled services, research & development, postal/courier services, etc. unless any of these have been specifically covered under any other Cost Accounting Records Rules.