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Inviting Suggestions on the Consultation Paper on Statutory Audit and Auditing Standards for Micro, Small and Medium Companies (MSMCs)

Start Date :
Nov 12, 2021
Last Date :
Nov 30, 2021
23:45 PM IST (GMT +5.30 Hrs)
National Financial Reporting Authority (NFRA) was established by the Central Government in October 2018 under Section 132(1) of the Companies Act, 2013. An important function of ...
It is known fact that role of Auditor is of a ‘watchdog’ and certainly not a ‘blood hound’ and a Chartered Accountant play a pre-dominant role in nation building and their suggestions, advice, and role helps the Business entrepreneurs and its stakeholders to comply with the statutory requirement under various laws for the time being in force vigilantly and courteously.
Modiji, Private Chartered Accountants prepare Data for the company benefits shows expenditure&liabilities more than previous year showing reducing turnover figure to the Nation. Moreover to mobilise money from public through public share the bogous exaggerated figures&baseless online propoganda the Chartered Accountants give more support to the Company to show huge profits,against ethics that cheat share value&public.So I request to end useless Private Audit & insist Central Audit by Patriot CAs
Most of the auditors are the advisors to the entrepreneurs on how to escape from tax. Therefore, there should be rigid rules to control the auditors and violators should be disqualified. In my opinion m0re than 50% of the tax payers are excepted from paying tax by auditors. The sale value of 10 crore is also weakening the exchequer. This benefit should be accounted based on the employment the establishment is making. A total refurbishment is the need of the hour to put up India on first.
To restrict black money audit is must.
And this can only be ensured by active participation of MSMEs , stakeholders and business men.
The project team is made up of those people dedicated to the project or borrowed on a part-time basis. As project manager, you need to provide leadership, direction, and above all, the support to team members as they go about accomplishing their tasks. Working closely with the team to solve problems can help you learn from the team and build rapport. Showing your support for the project team and for each member will help you get their support and cooperation.
Some suggestions in dealing with top management are:
Develop in-depth plans and major milestones that must be approved by top management during the planning and design phases of the project.
Ask top management associated with your project for their information reporting needs and frequency.Develop a status reporting methodology to be distributed on a scheduled basis.
Keep them informed of project risks and potential impacts at all times.The project team is made up of those people dedicated
On the minus side, failure can be quite dramatic and visible to all, and if the project is large and expensive (most are), the cost of failure will be more substantial than for a smaller, less visible project.
Project Stakeholders
Top Management
Top management may include the president of the company, vice-presidents, directors, division managers, the corporate operating committee, and others. These people direct the strategy and development of the organization.
On the plus side, you are likely to have top management support, which means it will be easier to recruit the best staff to carry out the project, and acquire needed material and resources; also visibility can enhance a project manager’s
Observed, that generation of bill e-way, during goods delivery & the cancellation after delivery of the goods, has become a practice as a loophole in the tax evasion.
Once the bill generated & cancelled should be PENALISED, The time given for cancellation should be reduced & the reason given should be supported with a correct reason.
Municipal Bond
A bond issued by a local or state government. Municipal bonds are usually used to raise capital for improvements in infrastructure or other aspects of the municipality. For example, a city or school district may issue a bond to build a new school or a new playground. Municipal bonds are exempt from income taxes and sometimes from state local taxes as well. Municipals usually pay lower coupons than corporate bonds, but because the yield is tax-free.