Real Estate Audit

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This query is : Resolved

BANDARI (Querist)

14 November 2008 Sir,
i am the one and only articled assistant in my firm.My firm is newly established firm
from monday onwards i am going to internal audit of one real estate company.this first audit for me
please advice in which areas i have to be focus and which types of expenditure we have and which acts and taxes will be applicable please advice me.

thanks and
regards
bandari.

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

14 November 2008 What are the activities of that company? What are the terms of appointment of Internal audit? What is the scope as per the letter? Does your firm not give an audit program? If so why? How are you expected to audit without a program by your manager or principal?

BANDARI

BANDARI (Querist)

14 November 2008 As per our agreement we need to verify each and every a/c,he simply says do audit as per normal procedure but for my acadamic and future practical purpose i would like to do indebth
what is the procedure please explain me.

thanks and
regards
bandari.

Nirav Vora

Nirav Vora (Expert)

15 November 2008 Take into considaration that all the ccounting standared like as-7,9,10,16,19(if applicable) etc. is applied. See whether all provision is made for escalation of contract prise and cost.verify contract deed, terms and condition etc.