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MD salary

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(Querist)
16 July 2010 Can sum1 suggest me that what is to be checked in the audit, regarding the salary of the Managing Director in a Pvt Ltd company.
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CA. Anoop Gadia

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CA. Anoop Gadia (Expert)
16 July 2010 in pvt. ltd. there is no need to disclosed CARO provisions

but for safe guard auditor should mention the salary and other exp. relating to MD on which he want to comment.
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Srikant

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Srikant (Expert)
16 July 2010 Go for the Resolutions passed for approving MD's Salary Man.

See what constitues his salary ,

What sort of Perquisites he is allowed and what he is drawing actually.

Check the re-imbursements given to salary, any Foreign Trip, etc.

See Any disclosure given by him regarding his interest, Place of Profit U/S 314 of Companies Act if any.

See Any Relatives of him are any way interested in the affairs of the Company.

Check out AS 18 applicability and see last year balance sheet disclosures in the Audit Report.
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