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SEMINAR – NGOS–AN EMERGING SECTOR

SEMINAR – NGOS–AN EMERGING SECTOR. SUB: AUDIT & APPLICABILITY OF ACCOUNTING STANDARDS ISSUES FOR DISCUSSION: 1. ACCRUAL SYSTEM OF ACCOUNTING vis-a-vis CASH BASIS OF ACCOUNTING.

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SEMINAR – NGOS–AN EMERGING SECTOR

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  1. SEMINAR–NGOS–AN EMERGING SECTOR SUB:AUDIT & APPLICABILITY OFACCOUNTING STANDARDS ISSUES FOR DISCUSSION: 1. ACCRUAL SYSTEM OF ACCOUNTING vis-a-vis CASH BASIS OF ACCOUNTING. 2. DEPRECIATION OF FIXED ASSETS – METHOD OF APPROACH-SIGNIFICANCE OF TRANSFER TO CAPITAL FUND, OF ASSETS ACQUIRED OUT OF OWN SOURCES.

  2. 3. NEED FOR OPTIMUM DISCLOSURE 4.ACCOUNTING/IDENTIFICATION OF: (a)DONATION IN KIND (b) DONATION SPECIFIED TOWARDS CORPUS BY DONORS, AS AGAINST CORPUS CREATED OUT OF OWN SOURCES. 5.ACCOUNTING COMPLIANCE RELATING TO FERA AND INCOME TAX PROVISIONS.

  3. 6. A FEW OF SIGNIFICANT SHORTCOMINGS NOTICED AT THE/TIME OF AUDIT: • AUTHORITY FOR APPROVING THE EXPENSES b) PERIODICAL/ACCOUNTING/ RECONCILIATION,MORE SPECIFICALLY IN RELATION TO: • BANK RECONCILIATION • STATUTORY PAYMENTS • CORRELATING INVESTMENTS AND INCOME EARNED THEREFROM

  4. 7. DONOR – TO ENSURE THAT THE RECIPIENT DOES NOT RECEIVE GRANT FROM MORE THAN ONE SOURCE FOR THE SAME EXPENDITURE. 8. HIGH LEVEL OF EXPECTATION FROM AUDITORS

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