Query: What are the external and internal audit evidence available for verification of the amount of brokerage income of a company involved in the business of trading in commodities on behalf of its clients.
31 August 2017
First of all obtain contract to see what % is commission, then see how they bill to client, for samples basis check few invoices. Reconcile commission revenue with TDS and s tax returns Finally send balance confirmation to Parties Also check any provision made for doubtful debts
31 August 2017
Thank you Mr. Vaibhav Singhi for your reply. it is very useful.
one more query: will companies like these issue a report to their clients (individually) for the year end showing the particulars of trading in commodities.
CAclubindia
