Internal Audit

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CA Prabhakar Dubey (Querist)
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27 November 2007 Respected Members,

Please any one can provide me the guiduance on working ares of Internal Auditing which have more and substantional focus on organisation.

Regards,

Prabhakar

CA. Vineet Grover

CA. Vineet Grover (Expert)
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27 November 2007 Hi Prabhakar,

I am sending a file in the share file containing Standards on Internal Audit

Rgds/

Vineet

R.V.RAO

R.V.RAO (Expert)
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27 November 2007
INTERNA AUDIT CHECK LIST
VERIFICATION

CASH BOOK

BANK BOOKS

JOURNAL ENTRIES

SALES

STORES & SPARES PURCHASES

LEDGER VERIFICATION

AGREEMENTS

STATUTORY OBLIGATIONS
STATUTORY ,RETURNS, RECORDS AND REGISTERS LIKE BOARD AND SHARE HOLDER MEETING MINUTES,EXCISE,PLA RG 23 ,RG-1 REGISTER
REGISTER OF CHARGES ( COMPANY'S ACT),FIEXED ASSETS REGISTER, INSURANCE REGISTER
SHORT BILLING details
AGREEMENTS WITH SUPPLIERS AND CUSTOMERS
LONG OUT STANDINGS (AMOUNTS TO BE COLLECTED)

BANK ACCOUNTS-bank recociliation statements
CLOSED bank ACCOUNTS
OPERATIVE bank ACCOUNTS

OBLIGATIONS UNDER VARIOUS STATUTES AND COMPLIANCE LIKE Service tax ,EXCISE,INCOME TAX, SALES TAX/VAT,COMPANY'S ACT
BANK RECONCILIATION STATEMENTS
SECURITY ARRANGEMENTS
AMC register of the computeres, weigh bridges etc.,
Salary register along with their eligibility
Details of output for input RATIOS
Total production
Daily stock statements
occupancy of storage tanks for each month and tank wise
Sale confirmations of various brokers
List of Direct sales and sales through brokers
purchase register and party confirmations with invoices to verify
ratio of out put and input per ton/ltr/kg
gross profit rate of last 3 years and current year
% rise or fall in exp. in relation to sales
deposits and interst on deposits confirmation with outsider evidence
insurance claims register
reconcile excise production and actual prod. records and also with sales tax /vat returns filed
details of other icncome /scrap/misc. income and compare with last year
stocks valuation and physical stocks random verification.

FOCUS ON METHODS AND SYSTEMS

GROSS PROFIT RATIO.( compare with industry ratios and competitors)
NET PROFIT RATIO. (-do-)
CURRENT RATIO. (-do-)
ADEQUACY OF INTERNAL CONTROLS.
DELEGATION OF AUTHORITY.
VARIANCE ANALYSIS(BUDGETS vs ACTUALS).
input out put ratio in production process.
norms of process losses whether within stipulated norms and camparable with industry standards.
compliance with regulatory regime.
conversant with new laws(like serv. tax/vat/tds new stricter laws).
updation of board and share holder minutes.
NEW INVESTMENTS IF ANY MADE WITH PROPER AUTHORITY AND RETURNS ACTUAL OR EXPECTED.
COMPLIANCE REPORT AGAINST PREVIOUS INTERNAL AUDIT REPORT.
SERIOUS FRAUDS OR IRREGULARITIES-FINANCIAL /OTHERWISE.
NOTICES SLAPPED BY REGULATORY/ OTHER AGENCIES.
THESE LISTS ARE ONLY GENERAL. AS PER ACTUAL SITUATION AND PRACTICAL REQUIREMENTS AS DEMANDED BY APPLICABLE SITUATIONS , YOU MAY COVER /LIMIT AREAS .
R.V.RAO

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