Audit engagement
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2014
Dear Sir,
I am an Chartered Accountant.I have been approached by an Client,who is having an registered Political Party.They need to submit Statement of election Expenditure to Election Commission of India and the same statement need to be certified by an chartered accountant.Where as they are not maintaining any books of Accounts not even an Bank Account is maintained. As per them no monetary transaction has happened.So can you please suggest me how to proceed further.Can we accept the assignment .if so what documentation need to be taken from client.
I am an Chartered Accountant.I have been approached by an Client,who is having an registered Political Party.They need to submit Statement of election Expenditure to Election Commission of India and the same statement need to be certified by an chartered accountant.Where as they are not maintaining any books of Accounts not even an Bank Account is maintained. As per them no monetary transaction has happened.So can you please suggest me how to proceed further.Can we accept the assignment .if so what documentation need to be taken from client.
12 December 2014
You can very well accept the assignment.
The election commission has given the FORMAT in which the details of the expenditures are required to be furnished. Ask the same to the concerned political party. Applying the usual auditing techniques, you can then proceed to give the certificate.....
The election commission has given the FORMAT in which the details of the expenditures are required to be furnished. Ask the same to the concerned political party. Applying the usual auditing techniques, you can then proceed to give the certificate.....
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