what are the document which should be check while auditing export sale
valji
(Accounts manager-MBA)
(2150 Points)
Replied 14 September 2011
Shipping bill ,bill of leding ,export invoice ,custom invoice
check of date of export ,duty drawback
ARUN KUMAR
(Financial Consultant )
(992 Points)
Replied 14 September 2011
FOREIGN EXCHANGE TRANSACTION CONVERSION RATE
INCENTIVE RECEIVED DUE TO EXPORT ETC.
ABHINANDAN JAIN
(CA Student)
(886 Points)
Replied 14 September 2011
In case of Export sales, the most vital document is Bill of Lading. It is being issued by the transporting agency to both Buyer and seller. The date of issue of this Bill is main thing to be checked.
As becoz when the sale is generated, the sale should be recorded rather converted in to INR taking rate prevailing on the date of issue of Bill of lading not the rate as on the date when is sale is actually made.
Sometimes there is one or two days difference between the date when the sale is actually made and the date when the bill of lading is issued.
For this u must obtain the RBI's rate list and then see the date of issue of Bill of lading of each sale generated.
Actually u will find many documents such as Certificate of Origin (which certifies that the product which are being exported is belongs to which country , i mean manufacturing of those products was proceesed in which country. This certificate is must for every kind of Export), Certificate of Quality of the product. But these documents is not the subject matter of Auditing. But ofcourse for general knowledge it must be known.
I agree with Valji for mentioning documents to be checked but most importantly the Bill of lading.
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