17 June 2018
Have got an assignment of a Education Trust audit, please help me with the statutory compliances need to check as most important for trust, need a checklist and a format to present the findings if any.
26 June 2018
1. Check the resolution passed by the Trust for your appointment as an Auditor and the remuneration fixed. (if appointed by other authorities, then OK).
2. Check financial statements as usual.
3. Audit Report Form 10B as per Income Tax.
4. No other Audit Report form is required.
5. Check all the minute book of Board of Trustees to know who are trustees. Take full details of their relatives and check whether any benefits were given to them by the Trust. (more details are given in Form 10B)
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