Brs
This query is : Resolved
07 January 2015
Dear Sir/Madam,
We are doing Internal Audit of one Private Ltd.Co.,We are Preparing BRS.After providing BRS to the Company,they are posting the missing & wrong transactions in back date.
My question is, is this procedure is right?
I want to explain my question with an example.Suppose we have prepared BRS for the month of April in the month of May.We have submitted the same to management of the company in June.But they made entries in back date i.e. April in August.
Thanks in advance.
We are doing Internal Audit of one Private Ltd.Co.,We are Preparing BRS.After providing BRS to the Company,they are posting the missing & wrong transactions in back date.
My question is, is this procedure is right?
I want to explain my question with an example.Suppose we have prepared BRS for the month of April in the month of May.We have submitted the same to management of the company in June.But they made entries in back date i.e. April in August.
Thanks in advance.
07 January 2015
then you need to seek explanation that why it was not posted before you made BRS and the reason for so late posting.
Moreover management must be asked to discourage such policy as that may lead to frauds in case if it is not taken seriously and if any employees takes its undue advantage.
Moreover management must be asked to discourage such policy as that may lead to frauds in case if it is not taken seriously and if any employees takes its undue advantage.
08 January 2015
Dear Neha..The practice followed is not correct and needs immediate attention.
First of all Preparing BRS is not the task of Internal Auditor. Internal Auditor is supposed to only check the BRS prepared by Accounts Department. So 1st of all you should not prepare the BRS.
Any mistake will come to notice only when BRS is prepared. Since you are preparing the BRS and not the Company employee the mistake is not noticed by them. Further as a good Practice BRS should be completed within 5th of Next month so that mistakes, if any, are found and rectified in time.
Your duty as an Internal Auditor should be limited to only checking the BRS.
First of all Preparing BRS is not the task of Internal Auditor. Internal Auditor is supposed to only check the BRS prepared by Accounts Department. So 1st of all you should not prepare the BRS.
Any mistake will come to notice only when BRS is prepared. Since you are preparing the BRS and not the Company employee the mistake is not noticed by them. Further as a good Practice BRS should be completed within 5th of Next month so that mistakes, if any, are found and rectified in time.
Your duty as an Internal Auditor should be limited to only checking the BRS.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- Gst on travel by air for business purposes
- ITR-Capital Gain
- Taxation on Old jewellery sold
- Reporting in TDS return
- ITR 44AD SECTION
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Residential status of non resident
- GST ISD Query on various AMCs
- TDS refund Indemnity Bond
- ITC BENEFIT ON BROKRAGE PAID
- PF wage ceiling
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
