07 September 2007
CHECK LIST FOR STATUTORY AUDIT FOR THE YEAR ENDING 31-MARCH-2007 Sl. No. Particulars Requirements 1 Share Capital Pl. Confirm that is there any change in Shareholders pattern. If so, Provide a certified copy of list of share holders and their shareholding position as on 1-4-2006 & 31-3-2007 2 Share Application Money Pl. Confirm that is there any receipt of Share Application Money. Pl. Produce copies of Share Application Forms evidencing the receipt of Share Application Money if any. 3 Secured Loans: Pl. Produce the following documents:1) Bank Statements and Bank Reconciliation Statements (BRS) for the loans availed for full year. 2) Also produce Balance confirmations from the Bankers/Financial Institutions.3) Produce copies of sanction letters evidencing rate of interest being charged and the rate of interest as per sanction letters.4) Also produce interest workings/Reconciliations.5) If any bank accounts have been closed during the year then pl confirm are there any charges created, if so pl produce the relevant forms for satisfaction of charge filed with ROC. 4 Unsecured Loans: 1) Pl. Produce copies of documentation such as agreements with the parties evidencing the particulars of receipt of loans and rate of interest and other terms and conditions.2) Also produce interest workings/Reconciliations. 5 Current Liabilities:Ø Sundry CreditorsØ Statutory Dues 1) Pl. Produce the break-up of Sundry Creditors.2) Produce the confirmation copies from the parties for which closing balance exceeds Rs. 5 lakhs. Also produce ledger copies in the parties books, if there are any deviations then also produce Reconciliations for such deviations. 3) Produce ledger copies and balance confirmations of related party transactions irrespective of the outstanding balance as on 31-3-2007:4) Pl. Produce a detailed note on the nature of relationship with such related parties in the day to day business operations and agreements if any evidencing the price at which the transactions are settled.5) Please confirm is there any need to write-off of any long outstanding balances. If so produce a list of parties to be written-off and reasons for such long outstandings.1) Please produce the ledger copies for the Statutory dues such as:a) TDS Payableb) Professional Tax Payablec) Provident Fund Payabled) Sales Tax Payablee) Provision for Fringe Benefit Taxf) Provision for Income Taxg) Excise Dutyh) Service Tax and any other applicable Statutory Dues.2) Produce copies of challans evidencing the payment of the above statutory dues.3) Also produce detailed statements for the above statutory dues having details of Month-wise credits/payable, Due date for the payment, Date of actual payment, delay if any etc.,4) Produce copies of Quarterly TDS Returns, Sales tax returns. Also produce Sales Tax and Excise Duty Reconciliation statements.5) Workings for Provision for Income tax/MAT calculations.6) Produce quarter-wise workings for Fringe Benefit Tax (FBT). Also produce payment of advance tax challans for FBT. 6 Fixed Assets 1) Pl. confirm are there any additions to fixed assets, if so produce copies of invoices along with workings for capitalisation of assets.2) Produce depreciation workings both book purposes and I.T. purposes.
7 Inventories 1) Produce closing stock valuation statements along with the details of cost and market value of inventories.2) Produce Reconciliation statements with Excise Records.3) Produce copies Quantitative details of daily production and sales of Raw-materials, consumables and finished goods . 8 Sundry Debtors 1) Produce break-up of Debtors.2) Produce Age-Wise analysis of Debtors.3) Produce confirmation copies and account copies in the other parties ledger accounts for amounts exceeding Rs. 5 lakhs. Also produce reconciliation statements if there are any difference. 4) Produce copies of agreements with the parties.5) Confirm is there any need to write-off any balances outstanding if so the reasons for such provision. 9 Cash & Bank Balances 1) Produce a list of payments made in cash for more than Rs. 20,000/-2) Produce Bank statements and Bank Reconciliation Statements for the whole period.3) Also produce bank statements and details of subsequent dates of clearance of cheques pending in BRS at the year end.4) Produce copies of FDRs and statements of interest workings.5) Also confirm that are there any new bank accounts opened during the period if so produce copies of Board Resolution authorizing the same. 10 Deposits 1) Produce copies of deposit receipts.2) Also produce corresponding agreements for such deposits3) Produce confirmation copies. 11 Sales: 1) Produce break-up for Sales & Other income2) Produce relevant agreements with the parties which are not covered above.3) Produce Sales Reconciliation with Sales Tax/VAT Returns.4) Produce interest workings and copies of dividend warrants if any included in Other income along with workings for Dividend received.5) Produce break-up of Miscellaneous income along with detailed workings if any. 12 Manufacturing Expenses 1) Produce break-up for Manufacturing Expenses 2) Produce relevant agreements with the parties which are not covered above. 13 Administrative Expenses 1) Produce Rental agreements and ledger copy.2) Produce donation receipts if any which are eligible for deduction U/s. 80 G of Income Tax Act, 1961 14 Finance Charges 1) Produce break-up of Finance Charges along with detailed workings for interest charged. 15 Statutory Records 1) Produce copies of board & general body minutes2) Pl . confirm are there any new charges created if so produce copies of relevant forms filed with the ROC.3) Please confirm whether the statutory records are updated and also furnish the same for verification. Apart from above you may be asked to provide cashflow statement and division wise balance sheet if applicable besides contingent liabilities, notes on accounts and internal auditors report, income tax provision,fringe benefit tax provision and deferred tax provisions DEPRECIATION SCHEDULE UNDER IT AND COMPANY LAW. status of vat, service tax ,cst and excise details if applicable. firstname.lastname@example.org