Rent bill for monthly rental payments
This query is : Resolved
17 December 2013
Dear experts,
One of my auditee company had entered into a leasing agreement for using building with outside party for a term up to 2 years. monthly payment is Rs.2,00,000. the company is paying rent monthly on due date basis without obtaining rental bill and receipt. While doing internal audit we found it. Should we accept or not?
Client is saying that it's my practice and Rental agreement is enough , no need of further documents. tell me is it correct practice or not?
One of my auditee company had entered into a leasing agreement for using building with outside party for a term up to 2 years. monthly payment is Rs.2,00,000. the company is paying rent monthly on due date basis without obtaining rental bill and receipt. While doing internal audit we found it. Should we accept or not?
Client is saying that it's my practice and Rental agreement is enough , no need of further documents. tell me is it correct practice or not?
17 December 2013
You can check the bank statements and the copies of cheque payment made for the same.
Rental agreement on non judicial stamp paper is enough proof but the mode of payment should be from bank as its huge money on monthly basis.
Rental agreement on non judicial stamp paper is enough proof but the mode of payment should be from bank as its huge money on monthly basis.
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