Requirements of a Chartered Accountant - Small Summary

SN	Act	Details	Section	Requirements
1	Company Ac, 1956	Statutory Audit	224(1)	Every company, whether it is public or private, shall have an auditor to audit its accounts. This audit is called statutory audit and through it the Companies Act ensures that the persons carrying on business with others money are accountable to them. The Appointment of Statutory Auditor should be approved at AGM and auditor must be provided with appointment letter and copy of Board resolution.
2	Income Tax Act, 1961	Tax Audit	44AB	Form 3CD is required to be signed by a practicing Cain case the turnover of the company crosses Rs. 10 Mn.
3	Income Tax Act, 1961	Transfer Pricing	92E	The company is required to submit Form 3CEB duly certified by a Chartered Accountant in respect of transfer pricing.
4	Service Tax	CENVAT Refund	Rule 5	CA Certificate required in respect of details of exports made by the company
5	STPI	APR		CA Certificate required for submitting Annual Performance return
6	CARO 2003	Internal Audit		After the enactment of the CARO,2003 it is obligatory on the part of the companies to have internal auditing in terms of paragraph 4(vii) of the said order which is reproduced below : In the case of listed companies and/or other companies having a paid-up capital and reserves exceeding Rs.50 lakhs as at the commencement of the financial year concerned, or having an average annual turnover exceeding five crores rupees for a period of three consecutive financial years immediately preceding the financial year concerned, whether the company has an internal audit system commensurate with its size and nature of its business.
7	Income Tax Act, 1961	Foreign Payments	195(6)	Requires the person responsible for making payment to a non-resident to furnish information relating to such payments in forms to be prescribed. The Central Board of Direct Taxes (“CBDT”) has now, by notification No 30/2009 dated March 25, 2009, prescribed a new rule 37BB in the Income Tax Rules, 1962 (“the rules”) prescribing Form 15CA and Form 15CB to be filed in relation to remittances to non-residents under section 195(6) of the Income Tax Act, 1961