By P. N. Shah, H. N. Motiwalla
Chartered Accountants
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(i) Empanelment to carry out circulation Audits of Publications
Audit Bureau of circulations which certifies figures of Member Publications desires to empanel firms of Chartered Accountants in the States of
(a) Assam & North Eastern States,
(b) Bihar,
(c) Chhatisgarh,
(d) Goa,
(e) Haryana,
(f) Himachal Pradesh,
(g) Madhya Pradesh,
(h) Punjab,
(i) Orissa,
(j) Uttaranchal and
(k) UP.
The criteria for empanelment and other details are given on page 691.
(ii) Tax Audit Reports
It is reported that according to the CBDT, in respect of financial year 2010-11, total number of Tax Audit Returns filed is about 16 lac. These tax audits were conducted by about 59000 audit firms. The data is further being processed with regard to fake membership numbers, members who have exceeded specified number (ceiling) of tax audit assignments, etc. In order to prevent misuse of membership numbers of tax auditors, it is proposed that, from next year, the uploading of tax audit reports along with digital signatures of auditors may be made mandatory. If members have any suggestions in this regard, the same may be forwarded to ICAI.
(iii) ICAI publications
(a) Compendium of Auditing Standards and Auditing Guidance Notes Vol. 1 and 2. (As on 1-10-2011)
(b) Guide to Audit of Complex Financial Instruments.
(c) Guidance Note of XBRL Financial Statements.
(d) Study on Manner of IFRS Implementation in EU and General Status of IFRS Implementation in Selected Countries. (Refer pages 787-788)
