Effective Audit - Excise to hire auditors
Board wants to enhance the effectiveness of audit. The solution? Hire expert Chartered Accountants and Cost Accountants to scrutinize the accounts of high risk assessees. The Chartered Accountants will interpret information contained in the ER-4 Return and help in scrutinizing the balance sheets and for deriving unitwise financial information. Cost accountants will be used for ER-5 and ER-6 Returns and for valuation issues. Two units in each Commissionerate to be picked up for the expert audit in the next quarter. The hired auditor will be paid a fee of Rs. 5,000/- per day. There are a few CAs and ICWAs in the department. Will the Board use them and pay them Rs.5000/- per day? or is it Ghar ki murgi dal barabar? As always?
Circular No. , Dated 7-11-2005