Statutory Audit
This query is : Resolved
11 April 2009
Respected Experts
Could you please give me idea about what are normal audit steps of a company (private)? In other words, How should we start it and where should we end it?
Please guide.
Thank you.
Could you please give me idea about what are normal audit steps of a company (private)? In other words, How should we start it and where should we end it?
Please guide.
Thank you.
11 April 2009
Dhanraj, Statutory Audit requires the following basic steps..however it needs to be planned based on the Company and Business..
1) Know the Business and understand Company profile
2) Make out an Audit Plan and Audit Programme. Obtain management representation letters.
3) Compile the PY working papers for reference
4) Approach the Audit based on the Internal Control Assessment and adopt Test or detail Method as required
5) Ensure that all processes are covered and links are established to the final TB numbers
6) Complete mandatory statutory verifications like Cash,Stock, STatutory registers etc
7) Prepare Points for discussions with Management
8) Obtain the satisfactory explanations and arrange for finalisation
9) Finally Reporting and working paper check
1) Know the Business and understand Company profile
2) Make out an Audit Plan and Audit Programme. Obtain management representation letters.
3) Compile the PY working papers for reference
4) Approach the Audit based on the Internal Control Assessment and adopt Test or detail Method as required
5) Ensure that all processes are covered and links are established to the final TB numbers
6) Complete mandatory statutory verifications like Cash,Stock, STatutory registers etc
7) Prepare Points for discussions with Management
8) Obtain the satisfactory explanations and arrange for finalisation
9) Finally Reporting and working paper check
Message likes :
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11 April 2009
please go through the link
for details of statutory audits
https://www.caclubindia.com/forum/message_display.asp?group_id=27784
for details of statutory audits
https://www.caclubindia.com/forum/message_display.asp?group_id=27784
11 April 2009
for details of statutory complainces
https://www.caclubindia.com/forum/message_display.asp?group_id=26700
https://www.caclubindia.com/forum/message_display.asp?group_id=26700
11 April 2009
agree
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