Brokerage income

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Ravi Teja (Querist)
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31 August 2017 Hai,

Query: What are the external and internal audit evidence available for verification of the amount of brokerage income of a company involved in the business of trading in commodities on behalf of its clients.

I hope my query will be solved.

Thank you.

vaibhav singhi

vaibhav singhi (Expert)
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31 August 2017 First of all obtain contract to see what % is commission,
then see how they bill to client, for samples basis check few invoices.
Reconcile commission revenue with TDS and s tax returns
Finally send balance confirmation to Parties
Also check any provision made for doubtful debts

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Ravi Teja

Ravi Teja (Querist)
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31 August 2017 Thank you Mr. Vaibhav Singhi for your reply. it is very useful.

one more query: will companies like these issue a report to their clients (individually) for the year end showing the particulars of trading in commodities.

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