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 :
1 times
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
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Taxation of crypto futures in India Fy 2026- 2027
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- Issuing of delivery challan by seller of goods
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
