We are in the audit practice for over the last 30 years. We mainly practice in the following areas -
- Tax Audits under Income Tax act
- Statutory Audit under Companies Act
- Internal and concurrent Audits
- Pre-investment management audits
- Bank and Government Audits
We at Mohammad A Zaman - Chartered Accountants, Dhaka conduct the audits of Banks, government institutions
(appointed by Controller and Auditor General – CAG), District
Co-operative Banks (empaneled by NABARD), Multi-National Companies
(MNCs), Partnership firms, proprietary concerns, NGOs, Societies and
Trusts.
We have been working
with clients from different industries such as Information Technology
(IT), ITES, manufacturing, garments, pharmaceuticals, Ecommerce,
automobiles, real estate, etc. We are also providing extensive services
to startup ventures, incubators, etc. In case you need these services,
we would be glad to assist you. Please write to ceo@mazamanca.com.
Secondly, based on our
past experience, we have short listed the most commonly asked questions
by the companies regarding Auditing in India. We are sure the following
FAQs will answer most of your questions!
+ Is statutory Audit compulsory?
In term of section
139(1) of the Companies Act, 2013 read with rule 3 of Companies (Audit
and Auditors) Rules, 2014 every company shall appoint an individual or a
firm as an auditor.
Section 139(6) of the
Act stipulated that the first Auditor of the Company shall be appointed
within 30 days of its date of registration.
+ Is Audit under Income Tax Act mandatory?
As per Section 44AB of the
Income Tax Act, 1961, certain persons carrying on business or
profession have to get their books of accounts audited by a practicing
Chartered Accountant.
In case of business, if
the total sales, turnover or gross receipts, as the case may be, exceed
or exceeds 1 Crore BDT in any previous year.
In case of profession, if the gross receipts in profession exceed Tk 50 lakh BDT in any previous year
are compulsorily required to get their books of accounts audited by a Chartered Accountant.
This apart, under certain
circumstances, even if the turnover is less than the limits specified
above, books of accounts have to be audited by a CA.
The applicable entities
have to get their accounts audited by a Chartered Accountant before the
specified date and furnish the report of such audit.
+ Is IFRS applicable to private companies?
IFRS refers to
International Financial Reporting Standards which are applied while
preparing the financial statements of the company. Different countries
have different accounting standards. In order to remove the discrepancy
in Accounting across the Globe, countries world over decided to adopt
uniform standards called IFRS.
In Bangladesh, BD AS (Bangladesh Standard converged with IFRS) has been introduced in 2014. The
applicability of BD AS to companies is as under –
- Listed and Unlisted companies with net worth in excess of Tk.500
Crore (w.e.f. 1st April 2016) and holding, subsidiary or associate and
JV of the above companies.
- Listed (irrespective of the turnover) and Unlisted companies
(private limited and closely held public companies) with net worth in
excess of Tk.250 Crores (w.e.f. 1st April 2017) and holding, subsidiary
or associate and JV of the above companies (irrespective of the
turnover)
Once the company starts
following BD AS, it shall be required to follow for the subsequent
financial statements even if any of the criteria specified above does
not subsequently apply to it.
+ What is ICDS? For whom it is applicable?
ICDS refers to Income
Computation and Disclosure Standards. The Central Government has
notified ten ICDS applicable with effect from Assessment Year 2017-18
for the purpose of computation of Income under the head “Profits and
gains of business or profession” and “Income from other Sources”
ICDS is applicable to all
taxpayers, irrespective of turnover, including firms, AOP, Resident or
Non-Residents, etc.,) who have income from business or profession or
Income from other sources.
