Performing an Manufacturing Company Audit!!
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 May 2010
Please guide me on how to perform a
Company Audit which is a manufacturing one.Give me Detailed answers since i am a beginner i would appreciate if the answers are given detailedly by the expert.
Thanks for the all the experts who give the reply!!!
Company Audit which is a manufacturing one.Give me Detailed answers since i am a beginner i would appreciate if the answers are given detailedly by the expert.
Thanks for the all the experts who give the reply!!!
25 May 2010
In case of manufacturing audit or any audit first u prepare the audit planning......based on the planning u start the audit.......in case of manufacturing audit while comparing with other u have to stress mainly on the Excise duty and customs duty....these two points will additionally......
Audit procedure.....
1.Take the previour year Audited financial statements and compare the opening balances of the current year with the audited financial statements.
2.Check the cash payments/receipt vouchers and note incase of any violation of sec 43A and sec 269ss/t.and internal control regarding the payment process.
3.Check the bank payments/receipts along with the supprting invoices or vouchers and the check the bank reconcilation statements......regarding stale cheques etc.....
4.Check the purchases for the they are preparing the purchase oreders/work orders and the authorisation for the process and control process regarding payment....
5.check the sales and rate of vat charging....
6.check the aging of debtors/creditors
7.Statutory payments:-- check whether they are paying it in intime or not or the rate of tax they charged correct or not regarding the following;
VAt,service tax, customs,excise,pf,esi,tds,pt, ete.....
check the monthly and quarterely returns...
8.Check the CARo compliance
9.Check the company law procedures...in case of intercorporate laws and loans to directors......
10.Check the salay.....payslips and attendence records....
11.finally do the ledger scrutiny......
Audit procedure.....
1.Take the previour year Audited financial statements and compare the opening balances of the current year with the audited financial statements.
2.Check the cash payments/receipt vouchers and note incase of any violation of sec 43A and sec 269ss/t.and internal control regarding the payment process.
3.Check the bank payments/receipts along with the supprting invoices or vouchers and the check the bank reconcilation statements......regarding stale cheques etc.....
4.Check the purchases for the they are preparing the purchase oreders/work orders and the authorisation for the process and control process regarding payment....
5.check the sales and rate of vat charging....
6.check the aging of debtors/creditors
7.Statutory payments:-- check whether they are paying it in intime or not or the rate of tax they charged correct or not regarding the following;
VAt,service tax, customs,excise,pf,esi,tds,pt, ete.....
check the monthly and quarterely returns...
8.Check the CARo compliance
9.Check the company law procedures...in case of intercorporate laws and loans to directors......
10.Check the salay.....payslips and attendence records....
11.finally do the ledger scrutiny......
Message likes :
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25 May 2010
In case of manufacturing audit or any audit first u prepare the audit planning......based on the planning u start the audit.......in case of manufacturing audit while comparing with other u have to stress mainly on the Excise duty and customs duty....these two points will additionally......
Audit procedure.....
1.Take the previour year Audited financial statements and compare the opening balances of the current year with the audited financial statements.
2.Check the cash payments/receipt vouchers and note incase of any violation of sec 43A and sec 269ss/t.and internal control regarding the payment process.
3.Check the bank payments/receipts along with the supprting invoices or vouchers and the check the bank reconcilation statements......regarding stale cheques etc.....
4.Check the purchases for the they are preparing the purchase oreders/work orders and the authorisation for the process and control process regarding payment....
5.check the sales and rate of vat charging....
6.check the aging of debtors/creditors
7.Statutory payments:-- check whether they are paying it in intime or not or the rate of tax they charged correct or not regarding the following;
VAt,service tax, customs,excise,pf,esi,tds,pt, ete.....
check the monthly and quarterely returns...
8.Check the CARo compliance
9.Check the company law procedures...in case of intercorporate laws and loans to directors......
10.Check the salay.....payslips and attendence records....
11.finally do the ledger scrutiny......
Audit procedure.....
1.Take the previour year Audited financial statements and compare the opening balances of the current year with the audited financial statements.
2.Check the cash payments/receipt vouchers and note incase of any violation of sec 43A and sec 269ss/t.and internal control regarding the payment process.
3.Check the bank payments/receipts along with the supprting invoices or vouchers and the check the bank reconcilation statements......regarding stale cheques etc.....
4.Check the purchases for the they are preparing the purchase oreders/work orders and the authorisation for the process and control process regarding payment....
5.check the sales and rate of vat charging....
6.check the aging of debtors/creditors
7.Statutory payments:-- check whether they are paying it in intime or not or the rate of tax they charged correct or not regarding the following;
VAt,service tax, customs,excise,pf,esi,tds,pt, ete.....
check the monthly and quarterely returns...
8.Check the CARo compliance
9.Check the company law procedures...in case of intercorporate laws and loans to directors......
10.Check the salay.....payslips and attendence records....
11.finally do the ledger scrutiny......
26 May 2010
continuing ...
check whether cost accounting record Rules Sec 209 (1) (d)of companies Act 1956 is applicable on that manufacturing company, if yes whether it is made as per CAS
check whether cost accounting record Rules Sec 209 (1) (d)of companies Act 1956 is applicable on that manufacturing company, if yes whether it is made as per CAS
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