reg internal audit

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Querist : Anonymous

Querist : Anonymous (Querist)

29 August 2010 what are all the books of accounts to be verified during internal audit of a private limited companies? pls guide me.

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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29 August 2010 Cash Book, Bank Book, sales register, purchase register, pf and esi returns, vat returns, and excise returns and cash flow statement.

Guest

Guest (Expert)

29 August 2010 Internal audit is not just limited to verification of books of accounts. You also have to verify following;
1. Verification of Manufacturing / trading records
2. Compliance of Employment Rules
3. Rules made for Delegation of powers if any
4. Taxation compliance
5. Compliance with various government dept.
6. Renewals of various licenses etc.
etc.

Thrissurkkaran Ishtan

Thrissurkkaran Ishtan (Expert)
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30 August 2010 The approrpriate books of account to be verified will depend on the "scope of the audit"

For e.g. If you are doing the internal audit of the secretarial dept or HR there is no chance that you will verify the books on inventory / fixed assets.

Moreover, internal audit report issued should specify the books of accounts verified under the heading called scope of audit.

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