Your attention is drawn towards a need of the hour that Tax Audits allotment be monitored through the department. It is certain that the tax audit reports shall be more qualitative and certainly result in achieving the objective of the Tax Audits. The said allotment may be monitored through your field offices under the 40 Principal CIT spread over to throughout the country.
Objectionable Condition No. 1- On receipt of audit report, department may call the auditor for seeking any clarification or ask them to complete audit, if it is found that particular area has not been examined properly.
15th August is approaching fast and feelings of patriotism shall be at its peak among us. Patriotism is the great and a selfless passion of love for one’s country. To an Indian patriot his mother and motherland are superior even to heaven. An Indian Patriot has been ever ready to lay down his life in the service of his country, India.
Application For Concurrent / Revenue Audit ( Year 2015-16 )- 1. Allahabad Bank invites applications in the under noted prescribed format from practicing firms of Chartered Accountants of India who are willing to have their firm empanelled as Concurrent / Revenue Auditor in the Bank.
As far as Hindu Law is concerned, there is no qualification to act as Karta of a HUF. So a Chartered accountant can act as KARTA of a HUF under Hindu Law however, he is subject to restriction as per respective enactment governing our right of practice.
I. Tendering has been prohibited in the exclusive areas of practice of chartered accountants like audit and attestation services. i.e. those areas where the assignments can be performed only by chartered accountants. II. In those areas, where along with chartered accountants, the other professionals can also apply for the tender, there is no restriction for the chartered accountants to respond to the tenders floated by authorities from time to time.
A Chartered accountant in practice can also practice in corporate form. The Council permits a Chartered Accountant in practice to practice in Corporate Form also subject to compliance of Guidelines for Practice in Corporate Form. He can operate both the entities simultaneously. This is to empower the members to face the emerging challenges in the service sector as well as to equip themselves for the opportunities in the non-audit service area.
Thank you tax guru for carrying the sentiments of CA fraternity & congratulation for supporting a move to eliminate tenders, which are reality now. Considering our suggestions ICAI has come with a Mechanism to curb the Menace of Tendering.
The third-party report over Toshiba Corp’s marked the most damaging event to their brand in 140 year history by breaking an accounting scandal of overstatement of profits going back to the 2008 financial year. The chief executive Tanaka and a string of other senior officials resigned on Tuesday for their roles in the country’s biggest accounting scandal in years.
A Chartered Accountant can be insurer surveyor & loss assessor. So in addition to the traditional fields of Statutory Audit, Internal Audit and Tax Audit there is vast scope for CAs in providing such services to the upcoming insurance sector .He can provide the services as Surveyors, Loss Assessors, Claim Assurors, Claim Negotiators etc.
