steps of audit
This query is : Resolved
SHANTANU SHARMA
(Querist)
18 February 2009
hello everybody,
i want to ask what are the genuine steps of audit, whether we should start with scrutiny or take it as a last part etc.
i want to ask what are the genuine steps of audit, whether we should start with scrutiny or take it as a last part etc.
CA. B.SRINIVASULU
(Expert)
20 February 2009
Step 1 : Verify opening balances
Step 2 : Verify vouchers sales, purchases, expenses.
Step 3 : Scrutise the big transanctions
Step 4 : TDS payaments and ought to have deducted.
Step 5 : Returns filed eg. vat, pf, tds, etc.
Step 6 : Extract the trial balance.
Step 7 : Prepare p&l and balnce sheet.
Step 8 : Scrutinise p&l with ratios of sales, gp, np , expenses.
Step 9 : Balance sheet - fixed assets, loans has to be scrutined
Step 10: Confirmation balances for debtors and creditors.
Step 2 : Verify vouchers sales, purchases, expenses.
Step 3 : Scrutise the big transanctions
Step 4 : TDS payaments and ought to have deducted.
Step 5 : Returns filed eg. vat, pf, tds, etc.
Step 6 : Extract the trial balance.
Step 7 : Prepare p&l and balnce sheet.
Step 8 : Scrutinise p&l with ratios of sales, gp, np , expenses.
Step 9 : Balance sheet - fixed assets, loans has to be scrutined
Step 10: Confirmation balances for debtors and creditors.
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