Beruflich Dokumente
Kultur Dokumente
SUBMITTED BY
MR YOGESH ARJUN SAHANI
ROLL NO: 6052
M.Com. SEM- II
(ADVANCE ACCOUNTANCY)
ACADEMIC YEAR: 2016-17
Mulund (West) 400080, studying in M.Com Part- II hereby declare that I have completed
the project on Income Tax Audit under the guidance of project guide Prof. Nikhil
Karkhanis during the academic year 2016-17. The information submitted is true to the
best of my knowledge.
Date: Signature
Place:
I, Prof. Nikhil Karkhanis, hereby certify that Mr Yogesh Sahani Roll No. 6052 of Mulund
College of Commerce, S. N. Road, and Mulund (West), Mumbai 400080 of M.com Part I
(Advanced Accountancy) has completed his project on Income Tax Audit during the
academic year 2016-17. The information submitted is true and original to the best of my
knowledge.
____________________ ___________________
_____________________ ___________________
Co-coordinator Principal
Date:
of Commerce DR. (Mrs.) Parvathi Venkatesh, Course - Coordinator Prof. Rane and
gratitude to the non - teaching staff of our college. I sincerely thank to all of
them in helping me to carrying out this project work. Last but not the least, I wish
friends and my beloved parents for their mutual support, strength, help and for
everything.
PLACE: Signature
DATE:
TAX AUDIT
1.1. MEANING:
A tax audit is an examination of your tax return by the IRS to verify that your income and
deductions are accurate. A tax audit is when the IRS decides to examine your tax return a
little more closely and verify that your income and deductions are accurate.
Section 44AB provides for the compulsory audit of accounts of certain persons carrying
on business or profession. Section 44AB reads as under:
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case
may be, in business exceed or exceeds one crore rupees in nay previous year; or
(b) carrying on profession shall, if his gross receipts in profession exceed twenty-five
lakh rupees in any previous year; or
(c) carrying on the business shall, if the profits and gains from the business are
deemed to be the profits and gains of such person under section 44AD or section
44AE or section 44AF or section 44BB or section 44BBB, as the case may be, an
he has claimed his income to be lower than the profits or gains so deemed to be
the profits and gains of hi business, as the case may be, in any previous year,
Provided that this section 44 BBA, on and from the 1st day of April,1985 or, as the
case may be, the date on which the relevant section came into force, whichever is
later:
Provided further that in a case where such person is required by or under any other
law to get his accounts audited, it shall be sufficient compliance with the provisions
of this section if such persons gets the accounts of such business or profession audited
under such law before the specified date and furnishes by that date the report of the
audit as required under such other law and a further report by an accountant in the
form prescribed under this section.
An Assessee is liable to get his Tax Audit done by a Chartered Accountant mandatorily,
if in the previous year,
1. The Person is carrying on business and his Total Sales/Turnover exceeds Rs. 1
Crore (Limit increased wef 1st April 2012) or
2. The Person is carrying on Profession, and his Gross Receipts exceed Rs. 25
Lakhs (Limit increased wef 1st April 2012) or
3. The Person is carrying on business or profession and is covered under the provisions
of section 44AD, 44AE, 44AF, 44BB or 44BBB and claims that his income from the
said business is lower than the deemed profits and gains computed under the relevant
section
The Due Date of filing the Tax Audit Report under Section 44AB is 30thSeptember of the
Assessment Year. However, for AY 2014-15 the due date for filing Tax Audit Report
has been extended from 30th Sept 2014 to 30th Nov 2014.
For all other assessees who are not liable to get their Tax Audit done under Section 44
AB the Due Date of filing of Income Tax Return is 31st July.
As per Notification No. 34 dated 1st May 2013, efiling of Tax Audit report is now
mandatory from the assessment year 2013-14 onwards.
As per Rule 6G, tax audit report is to be furnished in Form 3CA & Form 3CB and the
particulars required to be furnished along with these tax reports should be in Form 3CD.
1. Form 3CA & Form 3CD- These Forms are used in case where the Accounts of the
business or profession of a person have already been audited under any other Law.
2. Form 3CB & Form 3CD These Forms are used in case where the Accounts of the
business or profession have not been audited earlier.
ICAI has further clarified that the amount received from the following items shall not be
included while computing the Total Sales/Total Turnover/ Gross Receipts:-
However, Section 273B states that no penalty shall be levied under section 271B if there
is a reasonable cause for such failure. Some instances which have been accepted by the
Tribunals/Courts as Reasonable Cause are:-
1. Revision of Accounts of a Company after its adoption in the Annual General Meeting
2. Change in Law with Retrospective effect
3. Change in Interpretation of Law
In case the Tax Audit report efiled is revised, the Auditor shall state that its a Revised
Report and shall also state the reasons for the same.
TAX AUDITOR
Tax auditors ensure that individuals and companies comply with local, state and federal
tax laws. They also advise their clients on tax issues and assist with tax filings. A college
education is usually required, and professional certification can improve employment
potential.
The term accountant has been defined in sub-clause (i) of Explanation to Section 44AB
as under: Explanation: For the purposes of this section, accountant shall have the same
meaning as in the Explanation below sub-section (2) of Section 288.
The provision to Section 44AB also lays down that where the accounts of an assessee are
required to be audited by or under any other law, it shall be sufficient compliance with
the provisions of this section, if such person gets the accounts of such business or
profession audited under such other law before the specified date and furnishes by that
date the report of the audit as required under such other law a further report by an
4. Firm of CA:
Though the section refers to the accounts being audited by an accountant which means a
chartered accountant as defined above, the statement of audit can also be done by a firm
of chartered accountants. This has been a recognized practice under the Act. In such a
case, it would be necessary to state the name of the partner who has signed the audit
report on behalf of the firm. The member signing the report as a partner of a firm or in his
individual capacity should give his membership number below his name.
Tax audit under Section 44AB being a recurring audit assignment, for expressing
professional opinion on the financial statements and the statement of particulars, the
member accepting the assignment should communicate with the member who had done
tax audit in the earlier years as provided in the Chartered Accountants Act.
6. Letter of Appointment:
The tax auditor should obtain from the assessee a letter of appointment for conducting the
audit as mentioned in Section 44AB. It is advisable that such an appointment letter
should be signed by the person competent to sign the return of income in terms of the
provisions of Section 140.
The tax auditor should get the statement of particulars, as required in the annexure to me
audit report, authenticated by the assessee before he proceeds to verify the same.
The tax auditor is required to submit his report to the person appointing him viz. the
assessee.
10. Removal:
There is no specific procedure for removal of a tax auditor appointed under section
44AB. IT is, how3evr, possible for the management to remove a tax auditor where there
are any valid grounds for such removal. This may arise where the tax auditor has delayed
the submission of audit report under Section 44AB for an unreasonable period and if it is
found that there is no possibility of getting the audit report before the specified date. In
such cases, the assessee may be justified in removing the tax auditor.
1. Internal Auditors
Internal audits are performed by an employee within an organization. These audits can
serve multiple purposes, including the identification of fraud, wasteful spending and
mismanagement of funds. Internal auditors could be responsible for assessing records
and recommending improvement for efficiency, compliance and data security.
2. External Auditors
External audits are performed by an impartial third party, often a Certified Public
Accountant (CPA) from an accounting firm. For the purpose of tax audits, the auditor
might advise the client on tax advantages and file tax forms for the company.
3. Government Auditors
Government employees, such as those that work for the Internal Revenue Service (IRS),
ensure the accuracy of governmental records and provide random tax audit services for
companies, nonprofit organizations and individuals. They evaluate corporate and
individual tax returns, expenditures, receipts and bookkeeping practices to ensure
compliance with tax codes and regulations.
Federal law requires those who submit reports to securities exchanges must earn CPA
certification. The licensure exam is administered by a State Board of Accountancy.
Usually, applicants need a degree to qualify for testing, though some states allow
experience in the field to substitute for educational requirements. Those with CPA
certification often must complete a determined number of continuing education courses
or credits to maintain the designation.
2. Maintain all procedure manual and ensure efficient corporate procedures for same and
prepare quarterly reports for same.
3. Administer all internal audits and ensure compliance to all transaction tests and
documents.
4. Ensure compliance to all statutes and analyze accounting systems and evaluate all tax
controls to assist to reduce taxes.
5. Ensure adherence to all code and assist to manage all data develop from audits and
provide required training to all auditors and evaluate all audit files as per requirement.
6. Analyze all pre audits and develop required audit plans according to procedures and
establish appropriate guidelines.
7. Provide support to all activities and maintain implement of all audit plans and
supervise implementation of all tax audits within required timeframe.
8. Prepare and submit various comprehensive reports and administer all tax statutes and
assist tax payer to complete all audits.
11. Evaluate all refunds and perform required calculations for all tax assessment and
participate in all closing conference and prepare audit reports.
12. Maintain knowledge on all tax laws and strategies and prepare reports for same.
Audit procedures are techniques and steps that corporate reviewers use to assess a
company's operating performance. Auditors keep a close eye on internal controls,
financial systems and corporate accounting principles. Closely monitoring financial
mechanisms helps auditors ensure that employees record operating data in accordance
with accounting norms. In modern economies, "cooking the books" is a phrase that
makes corporate management's blood run cold. Cooking the books, also known as
fraudulent financial reporting, causes a firm to incur losses resulting from investor
lawsuits and regulatory penalties.
In the case of an audit the tax auditor is required to express his opinion as to whether the
financial statements give a true and fair view of the state of affairs of the assessee in the
case of the balance sheet and in the case of the profit and loss account or income and
expenditure account, of the profit and loss or income/expenditure.
3. Audit Tests:
In giving his report the tax auditor will have to use his professional skill and expertise
and apply such audit tests as the circumstances of the case may require, considering the
contents of the audit report.
He will have to conduct the audit by applying the generally accepted auditing procedures
which are applicable for any other audit.
5. Materiality:
The tax auditor will also have to keep in mind the concept of materiality depending upon
the circumstances of each case.
6. SA:
He would be well advised to refer to the standards on Auditing and Assurances issued by
ICAI, the Statement on Auditing Practices as well as the Guidance Note on Audit
Reports and Certificates for Special Purposes while determining the extent of test checks
and materiality in each particular case.
If the statutory auditor is also appointed to undertake Tax audit, it is advisable to carry
out both the audits concurrently.
Section 227 of the Companies Act gives certain powers to the auditors to call for the
books of account, information, documents, explanations, etc. and to have access to all
books and records. No such powers are4 given to the tax auditor appointed under Section
44AB. However, since the appointment of the tax auditor is made by assessee, it will be
in the interest of the assessee to furnish all the information or explanation, the tax auditor
will be required to report the same and qualify his report.
9. Working papers:
The audit report given under Section 44AB is to assist the income-tax department to
assess the correct income of the assessee. In order that the tax auditor may be in a
position to explain any questions which may arise later on, it is necessary that he should
Such working papers should include his notes on the following, amongst other matters:
If the accounts of the business or profession of a person have been audited under ant
other law by the statutory auditors, it is not necessary for the tax auditor appointed under
Section 44AB to conduct the audit once again in the matter of expression of true and fair
view of the state of affairs of the entity and of its profit and loss for the period covered
by the audit. The tax auditor has only to annex a copy of the audited accounts and the
auditors report and other documents forming part of these accounts to his report and
verify the particulars in the prescribed form for expressing his opinion as to whether these
are true and correct.
He can apply the technique of test check dep3ending on the type of internal control
procedures followed by the assessee. The tax auditor may be require to apply reasonable
tests on the total information to be prepared by the assessee in respect of certain items in
the prescribed form, e.g., in verification of payments for purchase/expanses exceeding
Rs.20,000 in cash. While the entity may have to prepare the details for the entire year, the
tax auditor may have to ensure that no items have been omitted in the information
furnished and a reasonable test check would reveal whether or not the information
furnished is correct. The extent of check undertaken would have to be indicated by the
12. E-filing:
The Tax Audit report is to be submitted electronically (e-filed) w.e.f. the current
assessment year 2013-2014.
There are three different types of audit procedures: data selection, reliability validation,
and relevance confirmation. The selection of the procedures used typically depends on
the type of audit, the scope, and the level of internal control. An audit procedure is
defined as the specific tests that the auditor performs when gathering the evidence
required to evaluate if the audit objectives are met.
The primary purpose of an audit usually is to evaluate the level of compliance with
internal and external policies, identity the effectiveness of internal controls, and provide a
report to external and internal audiences. There are a range of different types of audit,
from financial to health and safety. The purpose of the audit procedures, however,
remains the same.
Typically, the method used to select the data depends on the characteristics of the data
itself. For transactional data that is available electronically, a random selection program
typically is used. It can be very important for the data selection to be random within a
specific classification of data. For example, an audit of safety-report completion over a
three-year period should include the random selection of reports filed throughout the
period, and not a series of sequential reports filed in a short time frame.
Validating the reliability of the data typically requires a series of audit procedures that
focus on tracking the original source of the data, identifying who generated the original
data, and how it was completed. It is important to use an independent verification
method, preferably one that cannot be altered to provide proof that the data is reliable.
Skills typically required to conduct an audit include attention to detail, precision, and a
full understanding of business rules and requirements. Financial statement audits must be
conducted by a licensed accountant who has completed a certification program. Auditors
working in other areas, such as workplace safety or information technology, typically
have significant education and experience in these fields. Written communication skills
usually are very important, as auditors are required to provide a written report at the end
of the audit process.
1. Provisions:
Section 44AB requires the tax auditor to submit the audit report in the prescribed form
and setting forth the prescribed particulars. Sub-rule 1 of rule 6G provides that the report
of audit of accounts of a person required to be furnished under Section 44AB shall
Sub-rule (2) of Rule 6G further provides that the particulars which are required to be
furnished under Section 44AB shall be in Form No.3CD.
2. Part I of Report:
It may thus be noted that the audit report is in two parts. The First part requires the tax
auditor to give his opinion as to whether or not the accounts audited by him give a true
and fair view:
In case of the balance sheet of the state of affairs as at the last date of the
accounting year.
In case of the profit and loss account, of the profit or loss of the assessee for the
relevant accounting year.
3. Part II of Report:
The second part of the report states that the statement of particulars required to be
furnished under section 44AB is annexed to the audit report in Form No. 3CD. The tax
auditor is required to give his opinion whether the prescribed particulars furnished by the
assessee are true and correct.
In paragraph 3 of Form no.3CB the auditor has to report that the financial statements
audited by him give a true and fair view. The requirement in paragraph 3 of Form
No.3CA and paragraph 4 of Form no.3CB relating to particulars in Form No. 3CD are
true and correct. The terminology true and fair is widely understood though not
defined even by the companies Act, 1956. on the other hand, the words true and correct
lay emphasis on factual accuracy of the information. IN this context reference is invited
to AS-1 and AS (IT)-1 relating to disclosure of accounting policies. These standards
5. Statutory Audit:
In the case of a person whose accounts of the business or profession have been audited
any other law; it is not required for the tax auditor appointed under section 44AB to give
his opinion, as to whether or not the accounts give a true and fair view as indicated herein
above. It would only be necessary for him to annex a copy of the audited accounts as well
as copy of the audit report given by the statutory auditor with his report in Form NO.3CA
along with Form no.3CD.
In the case of a person who carries on business and also renders professional services but
who is not required by or under any other law to get his accounts audited, report should
be given in From No. 3CB. The statement of particulars should be given in Form
No.3CD. Even where separate sets of accounts are maintained in respect of business and
profession activities Form no. 3CB and Form No.3CD should be used.
7. Accounting year:
In the case of person having their accounting year which is different from the financial
year, accounts of the financial year are required to be prepared and audited. The audit
report shall be in Form NO.3CB.
Audit Report is a formal statement usually made after an inquiry, examination or review
of specified matters under report and includes the reporting auditors opinion thereon.
The auditor should review and assess the conclusion drawn from the audit evidence
obtain and express an opinion on the financial statements. The auditors report contains
the written expression of opinion on the financial statements taken as a whole.
1. Unqualified opinion.
2. Qualified opinion.
1. Unqualified Opinion:
The financial statements have been prepared using the generally accepted
accounting principles which have been consistently applied.
The Financial statements comply with relevant statutory requirements and
regulations.
There is adequate disclosure of all material matters relevant to the proper
presentation of the financial information subject to statutory requirements.
2. Qualified Opinion:
A Qualified opinion is expressed when the auditor concludes that an unqualified opinion
cannot be expressed. In other words, the financial statements are not True and Fair.
However, the disagreement with the management is not so material and pervasive so as to
require an adverse opinion. A Qualified opinion is expressed as subject to; or; except
that for.
A) Disclaimer:
A disclaimer of opinion is expressed when the auditor is unable to obtain audit evidence.
Therefore, he is not able to express an opinion on the financial statements. Such a
situation may arise, if
B) Adverse:
This form is to be used in a case where the accounts of the business or profession of a
person have been audited under any other law.
The first part of the report refers to the fact that the statutory audit of the assessee was
conducted by a chartered accountant or any other auditor in pursuance of the provisions
of the relevant Act, and the copy of the audit report along with the audited profit and loss
account and balance sheet and the documents declared by the relevant Act to be part of or
annexed to the profit and loss account and balance sheet, are annexed to the report in
Form No.3CA
3. Different Auditors:
In a case where the tax auditor carrying out the audit under Section 44AB is different
from the statutory auditor, a reference should be made to the name of such statutory
auditor.
4. Same Auditors:
In case the statutory auditor is carrying out the audit under section 44AB, the fact that he
has carried out the statutory audit under the relevant Act should be stated.
5. Particulars in 3CD:
6. Qualification:
Where any of the requirements in his form is answered in negative or with qualification,
the report shall state the reasons therefore. The tax auditor should state this qualification
in the audit report so that the same becomes a comprehensive report and the user of the
audited statement of particulars can realize the impact of such qualifications.
If the audit under section 44AB of branches is carried out by branch auditors or other
chartered accountants, they should submit the report in Form No.3CA to the management
or the principal tax auditor appointed for the head office under section 44AB. SA 600
Using the Work of Auditor discusses the procedures in this regard as well as the
principal tax auditors responsibility in relation to his use of the wor5k of the branch
auditor. The principal tax auditor should submit his consolidated report on the registered
office head office and branch accounts and report in his tax audit report as under.
I/We have taken into consideration the audit report and the audited statements of
accounts, and particulars received from the auditors, duly appointed under the relevant
law, of the branches not audited by me/us. If the assessee is unable to obtain relevant
information in respect of the overseas branches duly certified by the overseas auditor, the
relevant facts should be suitably disclosed and reported upon.
8. Membership No.:
Item No.4 of the notes to Form No.3CA requires that the person, who signs this audit
report, shall indicate reference of his membership No. with ICAI and the status such as
proprietor or partner under which he has signed the report.
In the case of a person who carries on business or profession but who is not required by
or under any other law to get his accounts audited the audit report has to be given in Form
No.3CB.
The tax auditor has to state whether he has examined the balance sheet as at 31st March of
the relevant previous year and the profit and loss account/income expenditure account for
the year ended on the date. Further, such a balance sheet and the profit and loss account
must be attached with the audit report.
The tax auditor has to certify that the balance sheet and the profit and loss account
income and expenditure account are in agreement with the books of accounts maintained
at the head office and branches. He has also to mention the total number of branches.
he has obtained all the information and explanations which, to the best of his
knowledge and belief, were necessary for the purposes of the audit;
in his opinion proper books of accounts have been kept by the head office and
branches of the assessee so far as appears from his examination of the books;
in his opinion and to the best of his information and according to the explanation
given to him the said accounts, read with notes thereon, if any, give a true and fair
view;
a) in the case of the balance sheet of the state of the affairs of the assessee as
at 31st March, and
b) in the case of the profit and loss account/income and expenditure account
of the profit/loss or surplus/deficit of the assessee for the year ended on
that date.
The tax auditor should make his opinion subject to such observations which are of
qualificatory nature. Any other observations may form port of the notes to accounts
forming part of the accounts. In case the tax auditor has no observation to report which
are of qualificatorly nature, the relevant portion may be deleted.
Paragraph 4 of Form No. 3CB provides that the prescribed particulars are furnished in
Form No.3CD annexed to the report and whether in his opinion and to the best of his
information and according to the explanations given to him, they are true and correct. The
auditor may have a difference of opinion with regard to the particulars furnished by the
assessee and he has to bring these differences under various clauses in Form No.3CD.
The auditor should make a specific reference to those clauses in Form No. 3CD in which
he has expressed his reservations, difference of opinion, disclaimer etc. in this paragraph.
If the assessee has branches he can request the tax auditor appointed under section 44AB
to audit the head office and branch accounts. In the alternative, the assessee can appoint
separate tax auditors for branches. The branch tax auditor in such a case will have to give
an audit report in For No.3CB to the management or the tax auditor appointed for the
audit of head office accounts. The tax auditor appointed for the audit of head office cab
rely on the report of branch tax auditors subject to such checks and verifications as he
may choose to make and shall submit his consolidated report on the head office and
branch accounts. He should make suitable reference to the audit conducted by separate
branch tax auditors in the same manner as stated above.
If the tax auditor is called upon to give his report only in respect of one or more
businesses carried on by the assessee and the books of accounts of the other businesses
are not produced as the same are not required to be audited under the Act. The tax auditor
should mention the fact that audit has not been conducted of those businesses whose
1. Provision:
The statement of particulars given in Form No.3CD as annexure to the audit report
contains thirty two clauses. The tax auditor has to report whether the particulars are true
and correct. This Form is a statement of particulars required to be furnished under section
44AB.Thesame is to be annexed to the reports in Forms Np3CA and 3CB in respect of a
person who carries on business or profession and whose accounts have been audited
under any other law and in respect of person who carries on business or profession but
who is not required by or under any other law to get his accounts audited respectively.
2. Preparing 3CD:
The tax auditor should obtain from the assessee, the statement of particulars in Form
No.3CD duly authenticated by him. It would be advisable for the assessee to take into
consideration the following general principles while preparing the statement of
particulars.
(a)Case Law:
He can rely upon the judicial pronouncements while taking any particular view
about inclusion or exclusion of any items in the particulars to be furnished under
any of the specified clauses. It there is conflict of judicial opinion on any
particulars issue, he may refer to the view which has been followed while giving
the particulars under any specified clause.
If there is any difference in the opinion of the tax auditor and that of the assessee
in respect of any information furnished in Form No. 3CD, the tax auditor should
state both the view points and also the relevant information in order to enable the
tax authority to take a decision in the matter.
If any particular clause in Form No.3CD is not applicable, he should state that the
same is not applicable.
(d)Law Applicable:
(e)Qualification:
In case the prescribed particulars are given in part or piecemeal to the tax auditor
or relevant form is incomplete and the assessee does not give the information
against all or any or the clauses, the auditor should not withhold the entire audit
report. In such a case, he can qualify his report on matters in respect of which
(f)Basis:
4. is it a Certificate?
The tax audit report is in two parts. The first part requires the auditor to give his
opinion as to whether or not the accounts audited by him give a true and fair view
and the second part of the report is in the form of an Annexure containing
statement of particulars in respect of certain specified matter. The tax auditor has
to report whether particulars are true and correct.
C. Certificate on 3CD:
Strictly speaking, having regard to the usage of the word true and correct, these
particulars require definitive information compiled from the books of account.
Hence, it can be said that an auditor conducting tax audit certifies the
information contained in the statement of particulars.
5. Valuation of Stock:
For instance, clause 12 dealing with valuation of closing stock would require the auditor
to examine and opine on the basis adopted for ascertaining the cost and, thus, to ensure
that method followed for valuation of stock results in disclosure of correct profits and
gains.
6. Depreciation:
Thus, there are several matters on which the auditor is required to exercise judgement
while giving his report on various amounts included in the statement of particulars. No
doubt that the auditor obtains the statement of particulars in Form No.3CD duly
authenticated by the assessee, it does not merely involve checking the corresponding
figures with the documents and books of account by requires the auditor to exercise his
judgement which may at times lead to different figures by different figures by different
persons reporting thereon. There can also be situations leading to difference of opinion
between the tax auditor and the assessee.
Therefore, it can be said that an auditor conducting tax audit reports on certain
information, apart from certifying certain factual information contained in the statement
of particulars annexed to the tax report under section 44AB of the Income-tax Act, 1961.
a) the audited * profit and loss account/income and expenditure account for the year
ended on 31st March..
b) the audited balance sheet as at 31st March.and
c) documents declared by the said Act to be part of, or annexed to, the * profit and
loss account/income and expenditure account and balance sheet.
3. In *my/our opinion and to the best of* my/our information and according to
explanation given to* me/us, the particulars given in the said Form No. 3CD are true and
correct.
***Signed
Place. Name :
Date Address:
*I/We have examined the balance sheet as at 31st March and the *
profit and loss account/income and expenditure account for the year ended on that date,
attached herewith, of.(mention name and address of the
assessee with permanent account number)
2. *I/We certify that the balance sheet and the * profit and loss account/income and
expenditure account are in agreement with the books of account maintained at the head
office at and**.branches.
*I/We obtained all the information and explanations which, to the best of *
my/our knowledge and belief were necessary for the purposes of the audit.
In *my/our opinion, proper books of account have been kept by the head office
and branches of the assessee so far as appears from*my/our examination of the
books.
In *my/our opinion and to the best of *my/our information and according to the
explanations given to *me/us, they said accounts, read with notes thereon, if any,
gives true and fair view:-
i. in the case of the balance sheet, of the state of the affairs of the assessee as
at 31st Marchand
..
****Signed
Place: Name:
Date.. Address.
WEBSITES:
www.google.com
BOOKS: