Checklist for Statutory Audit - Documents to be obtained

Statutory audit refers to an independent examination of the financial records, statements, and accounts of an organization or entity to ensure their accuracy, completeness, and compliance with applicable laws, regulations, and accounting standards.

In this article author has tried to brief the procedures to be followed while conducting a statutory audit in a brief manner:

There are lots of audit procedures which are required to be followed as per various standard on auditing. Please refer Standard on Auditing and Guidance Note issued by ICAI for different audit procedures. Some of them are as follows:

1. Please read audit assertion as given in SA 315 for which link is given below.
2. Complete set of financial statements in accordance with Accounting Standard including BS, P&L, CFS, notes to accounts and Accounting policies
3. Copy of All information's sent to ROC during the period till March 2023 and all filings made.
4. List and transactions with Related parties for the FY 2022-2023. Please map these to ledgers of the respective related parties to demonstrate completeness.
5. Last year Statutory & Tax Audit report and ITR
6. Management representation letter, Cash certificate, Bank Statement signed from respective banks
7. Assets and Inventory physical verification report
8. Direct confirmation as per SA 505 from third parties Banks, Debtor & Creditors
9. List of additions and deletions during the year in Fixed Assets
10. Advance Tax Challan if any
11. 26 AS- reconciliation of TDS assets appearing in the books with Form 26AS. And explanations for variances
12. Aging of debtor and creditors
13. Bank reconciliation statement for all the banks along with the subsequent clearance date as per the bank statement
14. Fixed Deposits Schedule and All FD Certificates.
15. Details of capital structure of the Company during the year, along with the copies of statutory forms filed
16. Repayment schedule of loan from banks or financial institution
17. Ageing details of trade payables
18. Statutory dues payable- Challans for subsequent payment, Reconciliation with the returns filed and trial balance and Returns filed with respective authorities
19. Details of all contingent liabilities along with supporting documents
20. Reconciliation of sales and purchase from GST portal and duties and taxes
21. Vouching of Various account balances and transaction
22. List of all debit and credit notes
23. Salary sheets, reconciliation and working of ESI, PF, Gratuity etc. with challan deposited and return filed with respective authorities
24. CARO and IFC will cover in another article

Please refer page number 40 & 41. Link for Audit Assertion is given below:
Click Here

The author can also be reached at ramanujan.ca@gmail.com

Disclaimer: The information provided by the author in the article is for general informational purposes only. All information provided is in the good faith, however we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability or completeness of any information in the article.