Audit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 May 2013 statutory Audit is going to be started in my company. I am newly employed in a compny & will be for the first time handling the auditors.
can anyone please tell me what arrangements should be made by me.
do i need to make audit file in which i need to file all documents, or different file is mainted for different items in company shall leave it like that only.
what particulars things does auditors demand and what things i should keep in mind & ready.

please expert revert back.

deepali agarwal

deepali agarwal (Expert)
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15 May 2013 U need not take tension...
Auditors are just for checking the mistakes done in the accounting and finding frauds.
U need to get your data updated till 31st march 13, all purchase registers sales registers in order, excise duty returns, income tax returns set accordingly year wise or monthwise as the case may be

Querist : Anonymous

Querist : Anonymous (Querist)

16 May 2013 for audit purposes which is going to be started in my company by monday-for bank loan taken & bank balance do i need to arrange for any balance confirmation certificate & do i get this from bank for both loan & current account balances.
can anyone send me the format of the letter to be send for asking for balance confirmation certificate.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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25 June 2013 In case of statutory audit you have to take into consideration all the statutory points. First you must see whether your appointment is in order or not then the fee has been finalised or not. Then you see that all the required books have been maintained properly or not and the transactions are recorded properly or not and all other things which Deepali has suggested.

You are also required to see whether proper BOD meeting and statutory deeming has been held or not. In addition to this you should also see the BRS and other documents. If I explain you every thing then it will take my whole day and minths.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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