Statutory audit

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Querist : Anonymous (Querist)

02 August 2011 As an auditor, what are the things to be seen while doing a statutory audit of a big company

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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02 August 2011 This module is very brief to answer your querry. But still, what you need to see is whether the books of accounts and the financial statement show the true and fair view of the financial results and financial position of the company. If you notice the words 'financial position' and 'financial results', these respective are depicted from balance sheet and profit and loss account. So, you need to check all the items affecting balance sheet and profit and loss account (whether or not there are closing balances of the same) keeping in view the law, the accounting standards and the auditing standards. I hope, if you understand the meaning of this, you can on your own plan your audit.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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02 August 2011 Big or small is not material. The immateriality is that you must see whether all statutory provisions have been made or not whether proper TDS has been deducted or if deducted whether the same has been deposited or not in time. Lot many works verification of debtors confirmation from creditors, Banks, charges and so on and so forth

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