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Audit finalisation

sanjay (Student CA Final ) (42 Points)

23 March 2014

what exactly is audit finalisation?? what is done in finalising of accounts?? i want to know the techniques of finalising accounts also..

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4 Replies

CA Raj Doshi (Practising CA) (8944 Points)
Replied 23 March 2014

All wrong entries rectified and all missing entries entered.This is called Finalisation of Accounts.

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CA Raj Doshi (Practising CA) (8944 Points)
Replied 23 March 2014

After finalising , audit is done to check the reliability of the accounts and comply to the statues and standards.

Arvind Sharma (CA Final) (149 Points)
Replied 23 March 2014

during audit finalisation the audit observations are discussed with management and many of them are resolved also by management feedback, then actual report drafting is done, subbmitted and closure is done...

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Manoj Mehta (Head Of Department (Accounts & Finance)) (1479 Points)
Replied 24 March 2014

Dear Sanjay, usually in audit finalization we prepare a report for the c.a (partner incharge) mentioning our observations, weakness in internal control, suggestions, remarks etc. Also me prepare and complete our audit documentation file for peer review purpose. These point are then taken up with management in a meeting and rectified if possible. And after the finalization we go for audit report preparation work. Regards

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