Just share your experience..
If you are auditing 44Ab case , what are all the aspects you will verify in common right from auditing accounts to e-filing the case.
Especially how will you deal with Scrutiny norms? What are aspects you will verify for covering scrutiny norms?
Reply guys which will be helpful for many articleship students..
Audit Process / Procedure / Checklist
Name of the Auditee:-
Year Ended: 31st March,
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Sr. No. |
Areas |
Period of checking |
Extent of checking |
Checked by |
Date of checking |
Page no. / Ref. of working page if any |
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Name |
Sign. |
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1. |
Appointment Letter |
Letter Date: |
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Received Date: |
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2. |
NOC Letter |
Letter Date: |
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Sent Date: |
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3. |
Acceptance Letter |
Letter Date: |
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Sent Date: |
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4. |
Inventory of Books and Files received |
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5. |
Prepare brief note on nature of business. |
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6. |
Initial requirements Letter |
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7. |
Get Trial Balance or P & L and Balance Sheet |
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8. |
Get Complete Stock Quantity Tally / Details and its Valuation |
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9. |
Get copy of Form 108 filed with Sales Tax / VAT Authority |
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10. |
Stock statement submitted to Bank, if any, against C. C. etc. |
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11. |
Critically analyze / compare Balance Sheet, P & L with previous year figures including ratios and all details required for audit |
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12. |
Note Down Critical Areas and Requirements, draft a letter and issue letter of requirements to the client. |
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13. |
Decide extent of checking |
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14. |
Applicability of Accounting Standards |
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Use Separate template / sheet |
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15. |
Opening Balance Checking |
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16. |
Closing Balance Checking |
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17. |
Cash Vouching (including Petty Cash) |
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18. |
Bank Vouching |
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19. |
Journal Vouching |
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20. |
Purchase Vouching
- Imported Purchase
- Indigenous Purchase |
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21. |
Sales Vouching
- Export Sales
- Local Credit Sales
- Local Cash Sales
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23. |
Credit Notes
- Raised by Auditee
- Received by Auditee
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24. |
Debit Notes
- Raised by Auditee
- Received by Auditee
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25. |
Ledger Scrutiny & Closing Balance |
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26. |
Qty. Records and Reconciliation |
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27. |
Verification of Excise, Sales Tax, Octroi etc. |
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28. |
Check FBT Return and correctness |
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29. |
If manual books – Posting if specifically instructed |
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30. |
Check Bank Reconciliations |
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31. |
Whether TDS Deducted as per requirement of Law and paid? Check TDS Returns and challans also. |
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32. |
Reconciliation of |
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33. |
Cut off Procedure and provisions of
- Telephones
- Wages & Salaries
- Electricity & Motive Powers
- Professional Fees
- Sales Tax
- Depreciation
- Income Tax
- Purchases
- Job work/Labour Bills
- Leave Salary
- Interest
- Bonus
- P. F.
- E.S.I.
- Excise
- Custom Duty
Property Tax |
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34. |
If Partnership Firm
- Checking of Interest to Partners
- Checking of Remuneration to Partners
As per Partnership Deed |
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35. |
Get Management Representation Letter |
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36. |
Preparation of Tax Audit Reports |
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37. |
Prepare Income-tax Return |
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38. |
Get Partner’s Approval |
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39. |
Get Auditee’s’Signature |
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40.
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Signed by Partner (Name and Date) |
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41.
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Bill Raised Details |
Bill Date: |
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Bill No. |
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Amount:- |
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Supervised by:-
Kindly acknowledge whether useful or not??
Thanks Harpeet,
its very useful and also let me know in detail how you deal with scrutiny aspects and some practical experience.
You can never learn in very fast way. It will take time.
Jaise-2 audit me tumhara time nikalta rahega waisa-2 you will be the expert as per my experience.
CAclubindia
