Audit of chart of accounts

This query is : Resolved

suchitra (Querist)
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21 February 2012 Dear Experts,

Kindly provide me solutions to the below mentioned queries,

1. what is the audit objective (purpose) of auditing chart of accounts?

2. How do we audit Chart of accounts?

3. what are the key areas of concern?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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22 February 2012 Objective of Chart of accounts audit need to ensure the following point.

1. Ledger heads properly created as per the Accounting policy of the company and Accounting standards

2. Classification of ledger under groups are correctly done

3. Chart of accounts comply with the Schedule VI of the Companies act.

4. Authorisation of admin rights like handling accounts master, creation, alteration of ledger given in the responsible person

5. what is the control over the alteration of master and what log available to check the same

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