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Voucher statutory requirement or not

Jyothis (Article) (1127 Points)

25 July 2015

Is attachment of voucher along with a supportive document of a bill is a statutory requirement or not, especially incase of case of bank payments certain companies don't attach a voucher along with invoices such as telephone bill,purchase,etcc...

Again no supporting documents are not attached with certain petty cash payment.

Plz comment on its statutory impact.

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Rajagopalakrishnan R (PARTNER) (1417 Points)
Replied 25 July 2015

There is nothing "statutory" about a voucher and its supporting documents. A payment voucher is made to propse and authorise a proper paymemht for an incurred expenditure. The supportings will prove the nature of the payment, to whom it should/has been paid and also whether the amount paid tallies with the amount incurred. A voucher and its supportings will establish the existence of a good internal control process for a payment.

The audit effect of Abscence of a voucher and/or its supportings will have to veiwed on a case to case basis, depending on the nature, size etc of the payment. It also depends on the Internal control levels which are supposed to be in place in the organisation.

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