15 caro _some_issues_for_ca_final

ISSUES ON COMPANIES (AUDITOR’S REPORT) ORDER,2003 CA DHRUV AGRAWAL GLOBAL ACADEMY OF PROFESSIONALS

Manner of reporting in cases of companies exempt by the Order ,[object Object]

Manner of reporting in case of a private limited company to which Order is not applicable ,[object Object],[object Object]

Manner of reporting in case some of the clauses of the Order are not applicable ,[object Object],[object Object]

Reporting responsibilities of the auditor of a branch of a private limited company ,[object Object],[object Object]

Applicability of Order to a Liaison Office, branch office or project office of a foreign company ,[object Object],[object Object]

For examining the applicability of Order, whether position at the close of the year is to be seen? ,[object Object],[object Object]

What constitute proper records of fixed assets? ,[object Object],[object Object]

Records of fixed assets maintained electronically- Whether constitutes compliance? ,[object Object],[object Object],[object Object]

What constitutes “ substantial part of fixed assets” disposed off? ,[object Object],[object Object],[object Object]

Disposal of substantial part of fixed assets and its effect on “the going concern” ,[object Object]

What should “Inventory” consist of? ,[object Object],[object Object],[object Object],[object Object]

Maintenance of Stock Register for work-in-progress ,[object Object],[object Object],[object Object]

Loans granted or taken during the year or the opening balances of such loans also to be considered ? ,[object Object]

Loans taken or given without stipulation of repayment ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Reporting when the company has not maintained/updated Register as required by section 301 ,[object Object]

Related parties as per AS- 18 and parties listed in Register maintained under section 301- differences ,[object Object],[object Object]

Reporting responsibility in case loan repayable on demand and demand has not yet made ,[object Object]

“ the above loan is interest free loan and no condition as to repayment of principal amount have been stipulated.” ,[object Object],[object Object],“ whether the rate of interest and other terms and conditions of loans taken by the company, secured or unsecured, are prima facie prejudicial to the interest of the company and whether payment of principal amount and interest are also regular.”

What constitute “continuous failure” to correct major weaknesses in internal control? ,[object Object],[object Object],[object Object]

How to examine “ reasonableness of prices” paid to parties listed in Registered maintained under section 301? ,[object Object],[object Object],[object Object]

“ the transactions, referred to in Section 301, entered into during the financial year were made at prevailing market rates at the relevant time.” ,[object Object]

Deposit from public – how to treat deemed deposits? ,[object Object]

What constitute “statutory dues” and “ any other statutory dues”? ,[object Object],[object Object]

Reporting responsibility in case of bonus and gratuity payable under respective Acts ,[object Object]

Reporting responsibility in case of statutory dues not recognised in books of the company ,[object Object],[object Object]

Reporting in case of delay of one or two days in depositing statutory dues ,[object Object],[object Object],[object Object]

What are disputed dues? ,[object Object],[object Object]

procedure for computing “cash losses” ,[object Object]

Implications in the cases of a trading or a consulting company whose accumulated losses are more than 50% of its net worth ,[object Object]

What are the reporting responsibilities of the auditors under this clause in case the company does not have cash losses in both the years (that is, the current financial year and the preceding financial year) but only in one of these years? ,[object Object]

whether the guarantee given by the company on behalf of others can be prejudicial to the interests of the Company? ,[object Object],[object Object]

Whether term loans obtained from entities/persons other than banks/financial institutions are also covered? ,[object Object],[object Object],[object Object],[object Object]

whether reporting is to be made on the term loans obtained during the year or outstanding as at the end of the year irrespective of the year in which they are obtained? ,[object Object],[object Object]

What procedures to be adopted in case of term loans from banks, raised against title deeds, long term FDRs, NSCs etc., where the bank is not concerned with the purpose for which it is being obtained? ,[object Object]

How to comply with reporting requirement under clause 4(xvii)? ,[object Object],[object Object],[object Object]

Whether a situation, where a limited company has already issued shares at a premium to outsiders and later on issued shares(at par or book value) to parties listed under section 301 of Act, the latter issue of share would be treated as being prejudicial to the interests of the company? ,[object Object],[object Object]

Where a private limited company having four shareholders (being relatives )holding 25per cent each of the share capital of the company , are allotted shares in equal proportions at a value of , say, Rs.10 while the book value of shares is, Rs. 50, would it be reportable under this clause? ,[object Object]

Will issue of ESOPs by private companies be considered as preferential allotment? ,[object Object],[object Object]

whether reporting is required to be done in respect of debentures issued during the year or outstanding as on the year end irrespective of the year in which they were issued? ,[object Object]

If the debentures have been issued towards the end of the year and the securities are created subsequently, what are the reporting responsibilities of the auditor under this clause? ,[object Object],[object Object]

How to report in a case where the company has invested surplus funds, not immediately required, in short-term loans/investments? ,[object Object]

Does this clause apply to monies raised by public issues during the year or even earlier years? ,[object Object]

What are the reporting responsibilities in case where frauds have been committed by the directors of the company but are not reported by the company and come to the knowledge of the auditors from private sources? ,[object Object]

Whether the total amount of frauds and the each major can be clubbed and disclosed? Whether individual amount involved in each fraud is to be separately listed out with the corresponding nature of fraud? ,[object Object],[object Object]

Manner of reporting in the main auditors’ report in case any of the reply to any of the clauses under the Order is in adverse ,[object Object],[object Object]

15 caro _some_issues_for_ca_final

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